Company registration number 05292634 (England and Wales)
URBAN VISION PARTNERSHIP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
URBAN VISION PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
D Seager
E Bell
A W Parfitt
(Appointed 21 August 2023)
N Garfield
(Appointed 21 August 2023)
Secretary
Capita Group Secretary Limited
Company number
05292634
Registered office
65 Gresham Street
London
England
EC2V 7NQ
Banker
Barclays Bank PLC
1 Churchill Place
London
United Kingdom
E14 5HP
URBAN VISION PARTNERSHIP LIMITED
CONTENTS
Page
Directors' report
1 - 2
Income statement
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 11
URBAN VISION PARTNERSHIP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The Directors present their Directors' report and financial statements for the year ended 31 December 2023.
Principal activities
Urban Vision Partnership Limited (“the Company”) is jointly owned by Capita Business Services Limited (50.1%), Salford City Council (19.9%) and Galliford Try Infrastructure Limited (30%). The Company operates within the Public Service division of Capita Plc, of which Capita Business Services Limited is a subsidiary. Capita plc along with its subsidiaries are hereafter referred to as “the Group”.
The principal activity of the Company was that of planning, design, maintenance and management of property and infrastructure schemes and the implementation of highway works. The Company’s main contract expired at the end of January 2020 and following that date, the Company has taken steps to orderly wind down its affairs. Based on this, after careful review of future business, the Directors have concluded that a going concern basis of accounting is not appropriate.
As shown in Company's income statement on page 3, the Company's profit before tax has reduced from £580,090 in 2022 to £78,299 in 2023. The profit in 2022 was due to final accounts all being settled.
The balance sheet on page 4 of the financial statements shows the financial position at the year end. Net assets increased from £2,001,408 in 2022 to £2,061,752 in 2023 on account of profits earned by the Company during the year.
Details of the amounts owed by/to its parent company and fellow subsidiary companies are shown in notes 6, 8 and 12 to the financial statements.
Results and dividends
The results for the year are set out on page 3.
No dividend was declared or paid during the year (2022: £nil).
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
D Seager
E Bell
A W Parfitt
(Appointed 21 August 2023)
N Garfield
(Appointed 21 August 2023)
Environment
Capita plc recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the Group’s activities. The Company operates in accordance with Group policies, which are described in the Group’s annual report which does not form part of this report. Initiatives designed to minimise the Company’s impact on the environment include safe disposal of waste, recycling and reducing energy consumption.
Qualifying third party indemnity provisions
The Company has granted an indemnity to the Directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Directors' report.
Political donations
The Company made no political donations and incurred no political expenditure during the year (2022: £nil).
Post balance sheet date events
There are no significant events which have occurred after the reporting period.
URBAN VISION PARTNERSHIP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement of Directors' responsibilities
The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
as explained in the note 1.1 of the financial statements, the Directors do not believe the going concern basis to be appropriate and these financial statements are not prepared on that basis.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
N Garfield
Director
18 September 2024
URBAN VISION PARTNERSHIP LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Administrative (expenses)/ income
3
(39)
566,442
Net finance income
4
78,338
13,648
Profit before tax
78,299
580,090
Income tax charge
5
(17,955)
(2,593)
Profit and total comprehensive income for the year
60,344
577,497
The income statement has been prepared on the basis that all operations have been discontinued.
The notes and information on pages 6 to 11 form an integral part of these financial statements.
URBAN VISION PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
Current assets
Trade and other receivables
6
84
74
Cash and cash equivalents
7
2,108,664
1,679,198
Income tax receivable
349,747
Total assets
2,108,748
2,029,019
Current liabilities
Trade and other payables
8
25,978
27,611
Income tax payable
21,018
Total liabilities
46,996
27,611
Net assets
2,061,752
2,001,408
Capital and reserves
Issued share capital
9
1,000
1,000
Retained earnings
2,060,752
2,000,408
Total equity
2,061,752
2,001,408
The notes and information on pages 6 to 11 form an integral part of these financial statements.
For the financial year ended 31 December 2023, the Company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements were approved by the board of directors and authorised for issue on
18 September 2024
18 September 2024
and are signed on its behalf by:
N Garfield
Director
Company registration number 05292634 (England and Wales)
URBAN VISION PARTNERSHIP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Share capital
Retained earnings
Total equity
£
£
£
At 1 January 2022
1,000
1,422,911
1,423,911
Profit for the year
-
577,497
577,497
At 31 December 2022
1,000
2,000,408
2,001,408
Profit for the year
-
60,344
60,344
At 31 December 2023
1,000
2,060,752
2,061,752
Share capital
The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital, comprising 1000 ordinary shares of £1 each.
Retained earnings
Net profits accumulated in the Company after dividends are paid.
The notes and information on pages 6 to 11 form an integral part of these financial statements.
URBAN VISION PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
1.1
Basis of preparation
Urban Vision Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is 65 Gresham Street, London, England, EC2V 7NQ.
In determining the appropriate basis of preparation for the annual report and financial statements for the year ended 31 December 2023, the Company’s Directors ('the Directors') are required to consider whether the Company can continue in operational existence for the foreseeable future, being a period of at least twelve months following the approval of these accounts.
The principal activity of the Company ceased in January 2020 when company’s main contract expired. The Directors have therefore prepared the financial statements on the basis that the Company is no longer a going concern.
The financial statements have been prepared on a breakup basis as at 31 December 2023. Consequently, the Directors have considered the adjustments required to prepare the financial statement on a breakup basis. The expected realisable and settlement values for assets and liabilities are not considered to be materially different from their carrying value at the balance sheet date. Therefore, the Directors have considered that no further adjustments are required as a result of preparing the financial statements on a breakup basis.
1.2
Compliance with accounting standards
The Company has applied FRS101 – Reduced Disclosure Framework in the preparation of its financial statements.
The Company has prepared and presented these financial statements by applying the recognition, measurement and disclosure requirements of international accounting standards in conformity with the requirements of the Companies Act 2006.
The Company's ultimate parent company, Capita plc, includes the Company in its consolidated statements. The consolidated financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and with UK-adopted International Financial Reporting Standards ('IFRSs') and the Disclosure and the Transparency Rules of the UK's Financial Conduct Authority. They are available to the public and may be obtained from Capita plc’s website on https://www.capita.com/investors .
In these financial statements, the Company has applied the disclosure exemptions available under FRS 101 in respect of the following disclosures:
A cash flow statement and related notes;
Comparative period reconciliations for share capital, tangible fixed assets and intangible assets;
Disclosures in respect of transactions with wholly owned subsidiaries;
Disclosures in respect of capital management;
The effects of new but not yet effective IFRSs;
Disclosures in respect of the compensation of key management personnel
Since the consolidated financial statements of Capita plc include equivalent disclosures, the Company has also taken the disclosure exemptions under FRS 101 available in respect of certain disclosures required by IFRS 7 Financial Instrument Disclosures and certain disclosure exemptions as permitted by IFRS 13 Fair value measurement.
URBAN VISION PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.3
Change in accounting policies
The Company has adopted the new amendments to standards detailed below but they do not have a material effect on the Company's financial statements.
New amendments or interpretations | |
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts | |
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) | |
Definition of Accounting Estimates (Amendments to IAS 8) | |
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) | |
International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12) | |
1.4
Financial instruments
Trade and other receivables
The trade and other receivables have been measured and presented at their expected realisable values.
Trade and other payables
The trade and other payables have been measured and presented at their expected settlement values.
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with original maturities of three months or less that are readily convertible in to known amounts of cash and which are subject to an insignificant risk of change in value. Bank overdrafts are shown within current financial liabilities.
1.5
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.
URBAN VISION PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2
Significant accounting judgements, estimates and assumptions
The preparation of financial statements in accordance with generally accepted accounting principles requires the Directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the Directors’ best knowledge of the amount, events or actions, actual results may differ.
3
Profit before tax
Notes
2023
2022
Profit before tax is stated after (crediting):
£
£
Other payables written back
(566,788)
4
Net finance income
2023
2022
£
£
Interest income
Interest income on bank balance
78,338
13,648
Total finance income
78,338
13,648
URBAN VISION PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5
Income tax
The major components of income tax charge are:
2023
2022
£
£
Current tax
UK corporation tax
17,955
2,593
The reconciliation between tax charge and the accounting profit multiplied by the UK Corporation tax rate for the years ended 31 December 2023 and 2022 is as follows:
2023
2022
£
£
Profit before taxation
78,299
580,090
Expected tax charge based on the weighted average Corporation Tax rate of 23.52% (2022: 19.00%)
18,416
110,217
Impact of changes in statutory tax rates
33,986
Movement in deferred income tax recognition
6
(141,610)
Adjustments in respect of current income tax of prior periods
(467)
-
Total adjustments
(461)
(107,624)
Total tax charge reported in the income statement
17,955
2,593
A change to the main UK corporation tax rate was substantively enacted on 24 May 2021. The rate applicable from 1 April 2023 increased from 19% to 25%. The deferred tax asset at 31 December 2023, and at the end of the prior period, has been calculated based on this rate.
As at 31 December 2023, the Company has gross fixed asset timing differences of £2,019k (2022: £2,019k) in respect of which no deferred tax assets have been recognised due to the uncertainty of future use.
6
Trade and other receivables
Current
2023
2022
£
£
VAT recoverable
83
74
Amounts due from Group companies
1
84
74
Amounts due from Group companies are repayable on demand and are not chargeable to interest.
URBAN VISION PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
7
Cash and cash equivalents
2023
2022
£
£
Cash at bank and in hand
2,108,664
1,679,198
2,108,664
1,679,198
8
Trade and other payables
Current
2023
2022
£
£
Trade payables
1,144
Amount due to Group companies
136
143
Accruals
25,842
26,151
Other payables
173
25,978
27,611
Amounts due to group companies are repayable on demand and are not chargeable to interest.
9
Share capital
2023
2022
2023
2022
Numbers
Numbers
£
£
Allotted, called up and fully paid
Ordinary A shares of £1 each
199
199
199
199
Ordinary B shares of £1 each
501
501
501
501
Ordinary C shares of £1 each
300
300
300
300
At 1 January and 31 December
1,000
1,000
1,000
1,000
The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital, comprising 1000 ordinary shares of £1 each.
10
Employees
There were no employees during the year apart from the Directors (2022: nil).
11
Directors' remuneration
For the year ended 2023, all Directors are paid by other companies within the Capita Group or Joint venture partners. The Company has not paid any fees or other remuneration to the Group based Directors related to the directorship role they provided to the Company as a part of their Group-wide executive management role. The Company has estimated that allocation of the qualifying services that these Group based Directors provided to the Company is inconsequential.
URBAN VISION PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
12
Related party transactions
During the year the Company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2023
2022
2023
2022
£
£
£
£
Group companies
Capita Business Services Ltd
-
-
522
-
Capita Shared Services Limited
1,380
-
2,826
-
Capita Property & Infrastructure Limited
172
-
86
-
Agitto Limited
-
-
86
-
1,552
-
3,520
-
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Capita Shared Services Limited
99
143
13
Controlling party
The Company is controlled by its immediate parent company, Capita Business Services Limited, a Company incorporated in England and Wales with a share holding of 50.1%.
Salford City Council hold 19.9% of the Company's shares and Galliford Try Infrastructure Limited hold 30% of the Company's shares.
The ultimate parent company is Capita plc, a company registered in England & Wales. The accounts of Capita plc are available from the registered office at 65 Gresham Street, London, England, EC2V 7NQ.
14
Post balance sheet date events
There are no significant events which have occurred after the reporting period.
2023-12-312023-01-01D SeagerE BellA W ParfittN GarfieldCapita Group Secretary LimitedfalseCCH SoftwareiXBRL Review & Tag 2022.20The members have not required the Company to obtain an audit of its financial statements for the year in questionFor the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.052926342023-01-012023-12-3105292634bus:Director12023-01-012023-12-3105292634bus:Director22023-01-012023-12-3105292634bus:Director32023-01-012023-12-3105292634bus:Director42023-01-012023-12-3105292634bus:CompanySecretary12023-01-012023-12-3105292634bus:RegisteredOffice2023-01-012023-12-3105292634bus:Agent12023-01-012023-12-31052926342023-12-31052926342022-01-012022-12-3105292634core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105292634core:CurrentFinancialInstruments2023-12-3105292634core:CurrentFinancialInstruments2022-12-31052926342022-12-3105292634core:ShareCapital2023-12-3105292634core:ShareCapital2022-12-3105292634core:RetainedEarningsAccumulatedLosses2023-12-3105292634core:RetainedEarningsAccumulatedLosses2022-12-3105292634core:ShareCapital2021-12-3105292634core:RetainedEarningsAccumulatedLosses2021-12-31052926342021-12-310529263412023-01-012023-12-3105292634bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105292634bus:FRS1012023-01-012023-12-3105292634bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3105292634bus:EntityNoLongerTradingButTradedInPast2023-01-012023-12-3105292634bus:FullAccounts2023-01-012023-12-3105292634bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP