Company registration number 11214796 (England and Wales)
UTLEY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
UTLEY GROUP LIMITED
CONTENTS
Page
Balance sheet
4
Notes to the financial statements
5 - 8
UTLEY GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -
The director presents his annual report and financial statements for the year ended 28 February 2024.
Principal activities
The principal activity of the company continued to be that of buying and selling of own real estate
and the management of real estate on a fee or contract basis.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr S J Utley
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
Mr S J Utley
Director
10 October 2024
UTLEY GROUP LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF UTLEY GROUP LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Utley Group Limited for the year ended 28 February 2024 which comprise the statement of income and retained earnings, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Utley Group Limited, as a body, in accordance with the terms of our engagement letter dated 27 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Utley Group Limited and state those matters that we have agreed to state to the board of directors of Utley Group Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Utley Group Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Utley Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Utley Group Limited. You consider that Utley Group Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Utley Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Brearley & Co Accountants Limited
10 October 2024
Chartered Certified Accountants
39/43 Bridge Street
Swinton
Mexborough
South Yorkshire
S64 8AP
UTLEY GROUP LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
2024
2023
Notes
£
£
Turnover
-
-
Other operating income
4,500
4,875
Other operating expenses
(2,255)
(6,287)
Operating profit/(loss)
2,245
(1,412)
Interest payable and similar expenses
(2,513)
(3,559)
Loss before taxation
(268)
(4,971)
Tax on loss
Loss for the financial year
(268)
(4,971)
Retained earnings brought forward
(18,904)
(13,933)
Retained earnings carried forward
(19,172)
(18,904)
UTLEY GROUP LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
120,000
110,000
Current assets
Debtors
1,382
Cash at bank and in hand
1,833
350
1,833
1,732
Creditors: amounts falling due within one year
5
(5,160)
(5,877)
Net current liabilities
(3,327)
(4,145)
Total assets less current liabilities
116,673
105,855
Creditors: amounts falling due after more than one year
6
(125,844)
(124,758)
Net liabilities
(9,171)
(18,903)
Capital and reserves
Called up share capital
7
1
1
Other reserves
10,000
Profit and loss reserves
(19,172)
(18,904)
Total equity
(9,171)
(18,903)
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 10 October 2024
Mr S J Utley
Director
Company registration number 11214796 (England and Wales)
UTLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
1
Accounting policies
Company information
Utley Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 35 Boundary Green, Rawmarsh, Rotherham, South Yorkshire, S62 6JN.
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 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
Going concern
These financial statements are prepared on the going concern basis. The company is able to meet its day to day requirements through the continued support of its directors.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Financial instruments
Basic financial assets
These financial statements for the year ended 28 February 2024 are the first financial statements of Utley Group Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 March 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
UTLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
UTLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 March 2023
110,000
Revaluations
10,000
At 28 February 2024
120,000
Investment property comprises of 1 property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 28 February 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,266
4,989
Trade creditors
36
36
Other creditors
858
852
5,160
5,877
Other creditors consists of accruals £858 (2023: £852).
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
74,752
75,724
Other creditors
51,092
49,034
125,844
124,758
The above bank loan is secured by way of fixed charge over the investment property situated at 27 Sivilla Road, Kilnhurst, Mexborough, S64 5TY.
Other creditors consists of director's current account £51,092 (2023: £49,034).
UTLEY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1