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  UC BUILD LIMITED
   
   
   
  FINANCIAL STATEMENTS
   
   
  FOR THE YEAR ENDED 31 DECEMBER 2023
   
   
   
   
  COMPANY NUMBER 10382117
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
BRADLEY & CO  
   
CHARTERED ACCOUNTANTS  
  FINANCIAL STATEMENTS
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
       
  DIRECTORS
       
  Mr R Carpenter
  Mr D Underwood
  Mr R Gott
  Mr A Turner
       
       
  REGISTERED OFFICE
       
  4B Christchurch House
Beaufort Court
Medway City Estate
Rochester
Kent
ME2 4FX
       
       
  COMPANY REGISTERED NUMBER
       
  10382117
       
       
  BANKERS
       
  NatWest
       
       
       
       
  AUDITORS
       
  Magee Gammon Corporate Limited
  Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Ashford
Kent
TN24 8DH
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
  page 1
  UC BUILD LIMITED
  FINANCIAL STATEMENTS
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
       
  CONTENTS
       
  Pages
       
  3 Strategic Report  
       
  4-5 Directors' Report  
       
  6-8 Independent Auditors' Report  
       
  9 Income Statement  
       
  10 Statement of Financial Position  
       
  11 Statement of Changes in Equity  
       
  12 Statement of Cash Flows  
       
  13-21 Notes to the Financial Statements  
       
     
  The following do not form part of the statutory financial statements:
     
       
  21 Trading and Profit and Loss Account  
       
  21 Profit and Loss Account Summaries  
       
       
  page 2
  UC BUILD LIMITED
  STRATEGIC REPORT
  FOR YEAR ENDED 31 DECEMBER 2023
         
         
  The directors present their strategic report for the year ended 31 December 2023.
         
  UC Build Limited is a construction company operating across the UK in various sectors including Retail, Living Space, Hospitality, Commercial and Distribution and are specialist in Construction Management, Design and Build and Traditional Contracting.
         
         
  REVIEW OF THE BUSINESS
         
  The business saw a small reduction in turnover from 2022 of 0.97% to £22,327,534 with an overall operating profit of £942,605 representing 4.2% (2022 - 7.1%), as a result of an increase in tendered opportunities and working with new clients which provided lower margins and also a reduction in Construction Management projects to more Design and Build. Going forward the plan is to work on more Design and Build and increase the client based. The forecast turnover for 2024 is £42M and similar for 2025 with a marginal increase in the Gross Profit from the fixed element of the business salaries covered by a increased turnover. Investment has been made over the last two years to put the company into a position to substantially increase turnover. The directors took advantage of the higher interest rates and deposited funds into term deposit accounts paying interest rates of 4% which generated interest of £90,578 in the year. This resulted in an overall profit before tax of £1,033,183 and a profit after tax of £783,131. The directors proposed dividends of £510,000 being 66% of the profit after tax to retain 34% within the business.

The Balance Sheet has increased in value by £273,131 (2022 £ 579,594) and it has been the Directors policy to retain at least 25% of the retained profits each year to support the continued growth planned in the company and to remove any requirement for external funding. The Directors plans are to run the projects with a positive cash flow which has been maintained except for a couple of projects where the Employers agents/PQS were slow to deal with applications but on the whole this has been maintained. This did not affect cash flow though as there are always significant reserves to cover and late approvals or applications/invoices along with higher terms than normal from new clients.
         
  PRINCIPAL RISKS AND UNCERTAINTIES
         
  Margin Erosion :- As the market hardens the directors are expending a slight improvement in margins for 2024 from the increased turnover and economies of scale. The increased business coming from working with new clients and larger projects generally with the reduction in smaller works.
Resources : the company has maintained and supported staff and marginally increased numbers and additionally made use of contract staff to fill the busy periods when there are more projects on but these are in an operational basis rather than managerial or supervisory. This is expected to continue and recruit additional staff as the preference is to utilise full time staff employed by the company rather than appoint contractors for short term periods but this does depend on the trend of the work over the year. With the change in client basis it has been important to maintain staff with the skills required for those clients so there has been some change in the staff with some of them moving away and being replaced with staff capable to support the new projects.
         
         
  ON BEHALF OF THE BOARD:
         
         
  Mr R Carpenter
  Financial Director
         
  Date: 24 September 2024
  page 3
  UC BUILD LIMITED
  DIRECTORS' REPORT
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
  The directors present their report and the audited financial statements of the company for the year ended 31 December 2023.
       
       
       
  PRINCIPAL ACTIVITIES
       
  The principal activities of the company is project management and construction of buildings.
       
  FUTRUE DEVELOPMENTS
       
  The Company continues to main a good position within the industry as a contractor with strong relationships with their customers and the ability to bring on new customers. The Directors expect the Company turnover to grow from 2023 to £40M+ in 2024 and marginally increase margins from economies of scale.
       
       
  FINANCIAL INSTRUMENT RISK
       
  The Company has no risk or exposure under Financial Instruments in respect of currency, credit, interest rate risk and liquidity risk.
       
  RESULTS AND DIVIDENDS
       
  Dividends paid during the year amounted to £510,000 (2022: £575,000). No final dividends are proposed.
       
    2023 2022
    £ £
  Profit after tax for the year 783,131 1,305,167
  Interim dividends 510,000 575,000
       
       
  DIRECTORS
       
  The directors who served during the year were as follows:
       
  Mr R Carpenter
  Mr D Underwood
  Mr R Gott
  Mr A Turner
       
  FINANCIAL INSTRUMENTS
       
  The Company has no risk or exposure under Financial Instruments in respect of currency, credit, interest rate risk and liquidity risk.
       
  POST BALANCE SHEET EVENTS
       
  There were no Post Balance Sheet events that affect the understanding of these financial statements.
       
  EMPLOYEES
       
  The Company has a recruitment policy to ensure that all applications for employment, including those made by disabled persons, are given full and fair consideration in light of the applicants' aptitudes and abilities. There is also an equal opportunities policy to ensure that all employees are treated equally in terms of employment, training, career development and promotion. Where employees develop a disability during their employment, every effort is made to continue their employment and arrange for appropriate training as far as is reasonably practicable
       
       
  page 4
  UC BUILD LIMITED
  DIRECTORS' REPORT (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
  STATEMENT OF DIRECTORS RESPONSIBILITY
       
  The directors are responsible for preparing the Strategic Report, 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 on a going concen basis. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'). 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 and profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
       
  The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company 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 also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
       
  The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
       
  DISCLOSURE OF INFORMATION TO AUDITOR
       
  The directors of the company who held office on the date of approval of the annual report confirm that:

a) so far as each director is aware, there is no relevant audit information ( information needed by the company's auditors in connection with preparing their report) of which the Company's are unaware, and
b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
  AUDITOR
       
  The auditor A4G Audit Limited, was removed as auditor and the auditors Magee Gammon were appointed in accordance with section 485 of the Companies Act 2006.
       
     
       
       
  This report was approved by the board on 24 September 2024 and signed on their behalf.
     
     
     
     
  Signed
  Mr R Carpenter
  page 5
  INDEPENDENT AUDITORS' REPORT
  TO THE SHAREHOLDERS OF
  UC BUILD LIMITED
  FOR THE YEAR ENDED 31 DECEMBER 2023
     
  Opinion
     
  We have audited the financial statements of UC Build Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Income, the Statement of Financial Activities, the Statement of Cash Flows, the Statement of Changes in Total Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
- give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
 
  Basis for opinion
     
  We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
  Conclusions relating to going concern
     
  In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
  Other information
     
  The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.
     
     
     
  page 6
  INDEPENDENT AUDITORS' REPORT (CONT.)
  TO THE SHAREHOLDERS OF
  UC BUILD LIMITED
  FOR THE YEAR ENDED 31 DECEMBER 2023
     
     
  Opinions on other matters prescribed by the Companies Act 2006
     
  In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Directors Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors Report have been prepared in accordance with applicable legal requirements.
  Matters on which we are required to report by exception
     
  In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
     
  Responsibilities of directors
     
  As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
  Auditors' responsibilities for the audit of the financial statements
     
  Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Auditors Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
  Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
     
     
     
  page 7
  INDEPENDENT AUDITORS' REPORT (CONT.)
  TO THE SHAREHOLDERS OF
  UC BUILD LIMITED
  FOR THE YEAR ENDED 31 DECEMBER 2023
     
  Capability of the audit in detecting irregularities including fraud
     
  Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the audit team included:

-Discussions with management regarding known or suspected instances of non compliance with laws and
-regulations;
-Evaluation of controls designed to prevent and detect irregularities; and
-Assessing journal entries as part of our planned audit approach.

There are inherent limitations in the audit procedures described above, and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
     
  Use of our report
     
  This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
     
  Joshua Conlon FCCA ( Senior Statutory Auditor)
  for and on behalf of
Magee Gammon Corporate Limited
  Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Ashford
Kent
TN24 8DH
     
  24 September 2024
  page 8
  UC BUILD LIMITED
  INCOME STATEMENT
  FOR THE YEAR ENDED 31 DECEMBER 2023
           
           
    Note 2023 2022
      £ £
           
  TURNOVER 2 22,327,534 22,949,721
           
  Cost of sales   20,148,782 19,436,074
  GROSS PROFIT   2,178,752 3,513,647
           
  Distribution costs and selling expenses   260,857 203,493
  Administrative expenses   981,242 1,715,385
  Other operating income   (5,952) (28,754)
       
  OPERATING PROFIT 3 942,605 1,623,523
           
  Other interest receivable and similar income 5 90,578 -
  PROFIT BEFORE TAXATION   1,033,183 1,623,523
           
  Taxation 6 250,052 318,356
  PROFIT AFTER TAXATION   783,131 1,305,167
           
  PROFIT FOR THE FINANCIAL YEAR   £783,131 £1,305,167
       
  The notes on pages 13-21 form part of these financial statements
   
  page 9
  UC BUILD LIMITED
  Company registered number: 10382117
  STATEMENT OF FINANCIAL POSITION AT 31 December 2023
           
    Note 2023 2022
      £ £ £
  FIXED ASSETS
  Property, plant and equipment 7 44,430 15,649
  CURRENT ASSETS    
  Debtors 8 3,784,882 3,136,836
  Cash at bank and in hand   5,914,947 7,063,789
      9,699,829 10,200,625
  CREDITORS: Amounts falling due within one year 9 5,651,789 6,405,070
  NET CURRENT ASSETS   4,048,040 3,795,555
  TOTAL ASSETS LESS CURRENT LIABILITIES   4,092,470 3,811,204
           
  PROVISIONS FOR LIABILITIES 11 (11,110) (2,975)
  NET ASSETS   £4,081,360 £3,808,229
       
  CAPITAL AND RESERVES
  Called up share capital 12 1,000 1,000
  Retained earnings   4,080,360 3,807,229
  SHAREHOLDERS' FUNDS   £4,081,360 £3,808,229
       
           
  The directors acknowledge their responsibilities for:
  1) ensuring that the company keeps accounting records which comply with Sections 386 and 386 of the Companies Act 2006, and
  2) preparing financial statements that give a true and fair view of the state of affairs of the company at the end of each financial year and of its profit or loss for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements, so far as they are applicable to the company.
           
           
           
  The accounts were approved by the board of directors on 24 September 2024
 
 
 
       
  Mr A Turner, Director
  The notes on pages 13-21 form part of these financial statements
   
  page 10
  UC BUILD LIMITED
  STATEMENT OF CHANGES IN TOTAL EQUITY
  FOR THE YEAR ENDED 31 DECEMBER 2023
         
    Called-up Retained Total
    share earnings equity
    capital    
    £ £ £
  At 1 Janaury 2023 1,000 3,077,062 3,078,062
         
         
  Profit for the year - 1,305,167 1,305,167
  Dividends paid - (575,000) (575,000)
  At 31 December 2022 and 1 January 2023 1,000 3,807,229 3,808,229
         
  Profit for the year 783,131 783,131
  Dividends paid (510,000) (510,000)
  At 31 December 2023 1,000 4,080,360 4,081,360
   
  The notes on pages 13-21 form part of these financial statements
   
  page 11
  UC BUILD LIMITED
  STATEMENT OF CASH FLOWS
  FOR THE YEAR ENDED 31 DECEMBER 2023
           
      2023 2022
      £ £
           
  Cash flows from operating activities
           
  Profit before taxation   1,033,183 1,623,523
  Adjusted for:
  Depreciation and amortisation   6,677 15,750
  Loss on sale of property, plant and equipment   4,483 -
  Investment income   (90,578) -
  (Increase)/Decrease in trade and other receivables   (648,046) 8,268,008
  Decrease in trade and other payables   (681,776) (4,359,538)
  Cash generated from operations   (376,057) 5,547,743
  Income taxes paid   (313,422) (183,952)
  Net cash generated from operating activities   (689,479) 5,363,791
       
  Cash flows from investing activities
  Interest received   90,578 -
  Purchase of property, plant and equipment   (43,941) -
  Sale of property, plant and equipment   4,000 -
  Net cash from investing activities   50,637 -
       
  Cash flows from financing activities
  Dividends paid   (510,000) (575,000)
  Net cash used in financing activities   (510,000) (575,000)
       
  Net (decrease)/increase in cash and cash equivalents   (1,148,842) 4,788,791
  Cash and cash equivalents at the beginning of the year   7,063,789 2,274,998
           
           
  Cash and cash equivalents at the end of the year   5,914,947 7,063,789
       
  The notes on pages 13-21 form part of these financial statements
   
  page 12
  UC BUILD LIMITED
  NOTES TO THE ACCOUNTS
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
 
1. SIGNIFICANT ACCOUNTING POLICIES
       
         
1a. Statement of compliance
         
  UC Build Limited is a Private Limited Company incorporated in England and Wales with the registered number 10382117.
         
  Principal place of Business:
  Vinters Business Park
New Cut Road
Maidstone
Kent
ME14 5NZ
         
  Registered office:
  4B Christchurch House
Beaufort Court
Medway City Estate
Rochester
Kent
ME2 4FX
         
1b. Basis of accounting
         
  These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
  The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.
         
1c. Basic financial assets
         
  Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
         
1d. Basic financial liabilities
         
  Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
  page 13
  UC BUILD LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
1e. Revenue recognition
         
  Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-the amount of revenue can be measured reliably:

-it is probable that the Company will receive the consideration due under the contract:

-the stage of completion of the contract at the end of the reporting period has been measured reliably:
and
-the costs incurred and the costs to complete the contract can be measured reliably.
         
         
1f. Borrowing costs
         
  Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
         
 
         
1g. Taxation
         
  Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
         
 
         
 
       
1h. Property, plant and equipment
       
  Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
       
  Vehicles 25% on cost  
  Equipment 25-33% on cost  
  page 14
  UC BUILD LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
1i. Short term debtors and creditors
         
  Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.
         
         
1j. Cash and cash equivalents
         
  Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of six months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. For the purpose of statement of cash flows, bank overdrafts which are repayable on demand form an integral part of the Company's cash management are included as a component of cash and cash equivalents.
         
 
         
1k. Interest bearing borrowings
         
  All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. Any difference between the amount initially recognised and redemption value is recognised in profit and loss together with any interest and fees payable.
         
         
1l. Leased assets
         
  Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Company are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful life. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.
         
 
         
         
1m. Employee benefits
         
  The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.
         
         
1n. Provisions
         
  Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
         
  page 15
  UC BUILD LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
         
2. Revenue from contracts with customers
         
  All revenue was generated from activities in England.
         
      2023 2022
  Revenue   £ £
  Construction related activities   22,216,400 21,454,867
  Construction management   111,134 1,494,854
      22,327,534 22,949,721
     
       
3. OPERATING PROFIT
    2023 2022
    £ £
  Profit on ordinary activities is stated after charging:
       
       
  Auditors' remuneration
  Audit services 22,565 12,000
       
  Depreciation, amortisation and impairment
  Property, plant and equipment: owned 6,677 15,750
  Loss on disposal of property, plant and equipment 4,483 -
  Operating Leases 49,643 38,288
  Directors' remuneration 373,988 335,196
   
  and after crediting:
       
  Other operating income 5,952 28,754
   
  page 16
  UC BUILD LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
       
4. DIRECTORS AND EMPLOYEES
       
  Employee costs during the year amounted to: 2023 2022
    £ £
  Wages and salaries 1,345,109 1,016,921
  Pension costs 127,784 104,032
    £1,472,893 £1,120,953
  The average weekly number of employees during the year were as follows:
    2023 2022
    No. No.
  Management and administration 25 23
   
  Directors' remuneration:
    2023 2022
    £ £
  Remuneration 373,988 335,196
       
       
       
       
  Employees
       
  The Company operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administered by an independent pensions provider. Pension payments recognised as an expense during the year amount to £127,784 (2022 - £104,032).
       
  The Average number of employees including directors during the year was as follows;-
       
  '2023 '2022
  Construction 16 14
  Administration 9 9
  Total 25 23
       
       
       
  Directors Remuneration
       
  The aggregate remuneration of the directors was £373,988 (2022: £335,196).
The Company paid £30,000 (2022: £17,000) into defined contribution pension.
During the year retirement benefits accrued to two directors (2022: two) in respect of defined contribution pension.
The Highest paid director received remuneration of £143,158 (2022 : £124,043).
       
       
       
       
       
       
5. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME 2023 2022
    £ £
  Bank interest receivable 90,578 -
    £90,578 £-
   
  page 17
  UC BUILD LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
6. TAX ON PROFIT ON ORDINARY ACTIVITIES
       
    2023 2022
    £ £
  UK Corporation tax
  Current tax on profits for the year 242,798 308,469
  Impact of adjustments 7,172 12,878
  Deferred tax
  Origination and reversal of timing differences 7,198 (2,991)
  Changes to tax rates 937 -
    258,105 318,356
  Adjustment of current taxation in respect of prior years (8,053) -
    £250,052 £318,356
   
  Factors that may affect future tax charges
  In the 2021 Spring Budget, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25%. This was substantively enacted in 2021 and is therefore used to measure UK deferred taxes in both 2021 and 2022, to the extent the related timing differences are expected to reverse in 2023 or later.
       
       
  UK corporation tax has been charged at 23.5%
       
       
         
7. PROPERTY, PLANT AND EQUIPMENT
      Fixtures &  
    Vehicles Equipment Total
    £ £ £
  Cost
         
  At 1 January 2023 14,540 60,083 74,623
  Additions other than through business combinations 22,994 20,947 43,941
         
  Disposals (14,540) (33,940) (48,480)
  At 31 December 2023 22,994 47,090 70,084
   
  Depreciation
         
  At 1 January 2023 14,540 44,434 58,974
  Disposals (14,540) (25,457) (39,997)
  For the year 478 6,199 6,677
  At 31 December 2023 478 25,176 25,654
   
  Net Book Amounts
         
  At 31 December 2023 22,516 21,914 44,430
  At 31 December 2022 - 15,649 15,649
   
  page 18
  UC BUILD LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
       
8. DEBTORS 2023 2022
    £ £
  Trade debtors 3,621,866 2,912,055
  Other debtors 163,016 224,781
    £3,784,882 £3,136,836
   
       
       
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
    2023 2022
    £ £
  Trade creditors 3,228,065 4,594,912
  Corporation tax 243,377 314,882
  Other taxes and social security 1,366,840 681,724
  Other creditors 718,554 753,122
  Accruals and deferred income 56,203 60,430
  Provisions 38,750 -
    £5,651,789 £6,405,070
   
10. PROVISIONS
       
  Warranty and Defect works:
  At 1st January 2023 Nil -
  Additions £38,750 £-
  At 31st December 2023 £38,750 £-
   
  Warranty and defect works
       
  The provison is to allow for remedial works and the costs that may be required on project work which is subject to a defects period of 12 months which occurs in the following year. The cost is based on the value of the contract, relationship with the client, understanding of the client and nature of work carried out. It is calculated by reference to specific projects and amounts are provided against those projects.
       
  page 19
  UC BUILD LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
11. OBLIGATIONS UNDER LEASES AND HIRE PURCHASE CONTRACTS
       
  The company's future minimum lease payments under non-cancellable leases are as follows;-
       
       
    2023 2022
    £ £
       
  Within one year 55,889 22,162
  Later than one year and not later than five years 29,861 12,435
    £85,750 £34,597
  The operating leases are for the main offices and vehicles used by the company.
       
       
  The company had commitments under non cancellable operating leases at the year end of £85,750 (2022- £34,597).
       
12. ANALYSIS OF DEBT
       
      Cash at bank and in hand
      £
  At 1st January 2023   7,063,789
  Cash flows   (1,148,842)
  At 31st December 2023   5,914,947
     
       
     
     
     
13. PROVISIONS FOR LIABILITIES
     
    Deferred tax
    £
  At 1 January 2023 2,975
  Charged against the provision 8,135
  At 31 December 2023 £11,110
   
     
  Deferred tax liabilities are made up of as follows:-
     
  Accelerated Capital Allowances 11,110
   
       
14. SHARE CAPITAL 2023 2022
    £ £
  Allotted, issued and fully paid:
       
  1000 Ordinary shares class 1 of £1 each £1,000 £1,000
   
  page 20
  UC BUILD LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 DECEMBER 2023
       
       
15. DIVIDENDS 2023 2022
    £ £
  Ordinary dividends:-
  Interim paid 510,000 575,000
    £510,000 £575,000
   
       
       
16. RETAINED EARNINGS
    2023 2022
    £ £
  Retained profits at 1st January 2022 3,807,229 3,077,062
  Profit for the year 783,131 1,305,167
  Dividends (510,000) (575,000)
  At 31 December 2023 £4,080,360 £3,807,229
   
       
       
       
       
17. RELATED PARTY TRANSACTIONS
       
  During the year the company made sales of £84,788 (2022 £173,930) and received fees of £ 111,134 (paid fees of £ 851,423) and was charged costs of £ 50,785 to/from UC Build (North) Limited, a company in which the four directors have a controlling interest.
       
  These transactions were carried out at arms length and the balance outstanding to the company at the year end amounted to £ 16,807 (2022 £ 423,517).
       
  During the year two advances were made to one of the directors Adam Turner for £ 50,000 on 16th March 2023 and a further £ 11,000 on 21st June 2023. The interest charged was 2.75% and represented a short term loan. This was repaid, with the interest on 29th July 2024.
       
  CONTROLLING PARTY
       
  No individual shareholder holds a majority of voting rights. Therefore, there is no parent entity or ultimate controlling party by virtue of shareholdings.
  page 21