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COMPANY REGISTRATION NUMBER: 05178510
Utilitas Solutions Limited
Filleted Unaudited Financial Statements
31 March 2024
Utilitas Solutions Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Utilitas Solutions Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
34,381
31,420
Investments
6
290,688
347,787
---------
---------
325,069
379,207
Current assets
Debtors
7
237,855
322,853
Cash at bank and in hand
389,973
105,845
---------
---------
627,828
428,698
Creditors: amounts falling due within one year
8
252,181
251,493
---------
---------
Net current assets
375,647
177,205
---------
---------
Total assets less current liabilities
700,716
556,412
Provisions
5,805
4,886
---------
---------
Net assets
694,911
551,526
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Capital redemption reserve
435
435
Profit and loss account
693,476
550,091
---------
---------
Shareholders funds
694,911
551,526
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Utilitas Solutions Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
Mr S P Garnett
Director
Company registration number: 05178510
Utilitas Solutions Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Aspect House 4 Ulley Road, Kennington, Ashford, Kent, TN24 9HT, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowing are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
23,778
68,861
92,639
Additions
2,915
10,537
13,452
Disposals
( 5,404)
( 5,404)
--------
--------
--------
---------
At 31 March 2024
21,289
10,537
68,861
100,687
--------
--------
--------
---------
Depreciation
At 1 April 2023
21,408
39,811
61,219
Charge for the year
1,648
1,581
7,262
10,491
Disposals
( 5,404)
( 5,404)
--------
--------
--------
---------
At 31 March 2024
17,652
1,581
47,073
66,306
--------
--------
--------
---------
Carrying amount
At 31 March 2024
3,637
8,956
21,788
34,381
--------
--------
--------
---------
At 31 March 2023
2,370
29,050
31,420
--------
--------
--------
---------
6. Investments
£
Cost
At 1 April 2023
347,787
Disposals
( 57,099)
---------
At 31 March 2024
290,688
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
290,688
---------
At 31 March 2023
347,787
---------
7. Debtors
2024
2023
£
£
Trade debtors
140,238
225,510
Other debtors
97,617
97,343
---------
---------
237,855
322,853
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,652
1,532
Corporation tax
40,076
32,087
Social security and other taxes
32,004
29,830
Other creditors
175,449
188,044
---------
---------
252,181
251,493
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
5,500
5,500
Later than 1 year and not later than 5 years
12,375
17,875
--------
--------
17,875
23,375
--------
--------
10. Charges on assets
The company has given a cross guarantee in respect of a bank loan and this is secured by way of a fixed and floating charge to Barclays Security Trustee Ltd.
The company has received a debenture loan and this is secured by way of a fixed and floating charge to Barclays Bank Plc.
11. Directors' advances, credits and guarantees
At the year end, a director owed the company £742 (2023: Was owed £195). During the year advances of £753 were made to the director and repayment of £11 were made by the director. No interest was charged on the loan.