Company registration number 05478560 (England and Wales)
UTOPIA CAPITAL INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
UTOPIA CAPITAL INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr D W Conn
Mr I W Hall
Company number
05478560
Registered office
Utopia House
Springvale Avenue
Springvale Business Park, Bilston
Wolverhampton
West Midlands
WV14 0QL
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
Crown Bank
Hanley
Stoke on Trent
Staffordshire
ST1 1DA
UTOPIA CAPITAL INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 8
UTOPIA CAPITAL INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
10,634,427
10,639,784
Current assets
Debtors
6
3,563,238
3,499,534
Cash at bank and in hand
684,281
848,485
4,247,519
4,348,019
Creditors: amounts falling due within one year
7
(5,808,406)
(5,704,978)
Net current liabilities
(1,560,887)
(1,356,959)
Total assets less current liabilities
9,073,540
9,282,825
Provisions for liabilities
8
(443,775)
(444,895)
Net assets
8,629,765
8,837,930
Capital and reserves
Called up share capital
9
1,002
1,002
Non-distributable profits reserve
11
3,869,824
3,869,824
Distributable profit and loss reserves
4,758,939
4,967,104
Total equity
8,629,765
8,837,930
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr D W Conn
Director
Company registration number 05478560 (England and Wales)
UTOPIA CAPITAL INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
1,002
3,869,824
4,912,280
8,783,106
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
54,824
54,824
Balance at 31 December 2022
1,002
3,869,824
4,967,104
8,837,930
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(208,165)
(208,165)
Balance at 31 December 2023
1,002
3,869,824
4,758,939
8,629,765
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Utopia Capital Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Utopia House, Springvale Avenue, Springvale Business Park, Bilston, Wolverhampton, West Midlands, United Kingdom, WV14 0QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover, represents the value of rents, service charges and recharges of applicable property expenditure received, net of value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Revaluation model
Improvements to property
10% on cost
Plant and machinery
20% on cost
Fixtures and fittings
15% on cost
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
7,660
167,083
5
Tangible fixed assets
Land and buildings Freehold
Improvements to property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023 and 31 December 2023
10,630,000
17,308
380,872
38,224
11,066,404
Depreciation and impairment
At 1 January 2023
11,395
377,074
38,151
426,620
Depreciation charged in the year
1,486
3,798
73
5,357
At 31 December 2023
12,881
380,872
38,224
431,977
Carrying amount
At 31 December 2023
10,630,000
4,427
10,634,427
At 31 December 2022
10,630,000
5,913
3,798
73
10,639,784
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,792,268
2,768,120
Other debtors
770,970
731,414
3,563,238
3,499,534
At 31 December 2023 a provision of £1,951,401 continued to be in place against a debtor due from a fellow group company.
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,472
624
Amounts owed to group undertakings
4,921,603
4,357,854
Taxation and social security
46,070
Other creditors
885,331
1,300,430
5,808,406
5,704,978
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
443,775
444,895
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,000
1,000
1,000
1,000
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
1,002
1,002
1,002
1,002
Ordinary A shares have voting rights and voting rights in respect to dividends.
Ordinary B shares and Ordinary C shares have no voting rights. Ordinary B shares and Ordinary C shares have dividends rights only.
10
Profit and loss reserves
Profit and loss reserves represent accumulated realised profits less accumulated realised losses net of dividends paid.
11
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
3,869,824
3,869,824
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Non-distributable profits reserve
(Continued)
- 7 -
The non-distributable profits reserve represents unrealised revaluation surpluses relating to revaluation of investment properties, less deferred tax.
As at 31 December 2023, non-distributable reserves included:
unrealised revaluation surpluses of £4,313,489 (2022: £4,313,489); less
deferred tax of £443,775 (2022: £443,665).
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Colm McGrory FCA
Statutory Auditor:
Ormerod Rutter Limited
Date of audit report:
19 September 2024
13
Financial commitments, guarantees and contingent liabilities
The company is party to a standard security with HSBC on 18th February 2010. The security is charged against 15th Naysmith Road, South Hillington Industrial Estate.
The company is party to a debenture with HSBC on 24th December 2009. The debenture is a fixed and floating charge secured against 'all money and liabilities, whenever incurred by the company whether now or in the future.
The company is party to a mortgage with HSBC on 17th December 2009. The mortgage is charged against 2 Newlyn House, Millfields Road.
The company is party to a mortgage with HSBC on 17th December 2009. The mortgage is charged against Plot D. Springvale Business Park.
Although all of the charges are listed as outstanding on Companies House, the liability for each charge has been settled.
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
14
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Transactions with other entities under common control
At the year end, a loan balance of £686,147 (2022: £686,146) was owed to the company by related parties under common control.
Transactions with directors
Loan repayments made to directors of the company, and other transfers to and from the directors during the year ended 31 December 2023 totalled £382,511 (period ended 31 December 2022: £456,388).
At the year end, amounts owed to directors of the company totalled £870,989 (2022: £1,247,280) and are included within, Other creditors.
15
Parent company
The immediate parent company is Utopia Capital Investments Group Limited by right of their ownership of greater than 75% of company's share capital.
The ultimate controlling parties are Mr David William Conn and Mr Ian William Hall through their shareholdings in Utopia Capital Investments Group Limited.
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