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2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC020464
2023-02-01
2024-01-31
SC020464
2024-01-31
SC020464
2023-01-31
SC020464
2022-02-01
2023-01-31
SC020464
2023-01-31
SC020464
2022-01-31
SC020464
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2024-01-31
SC020464
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2024-01-31
SC020464
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2023-01-31
SC020464
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2024-01-31
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2023-01-31
SC020464
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2024-01-31
SC020464
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2023-01-31
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2024-01-31
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2023-01-31
COMPANY REGISTRATION NUMBER:
SC020464
Utilities (Scotland) Limited |
|
Filleted Unaudited Financial Statements |
|
Utilities (Scotland) Limited |
|
Statement of Financial Position |
|
31 January 2024
Fixed assets
Current assets
Debtors |
6 |
146,883 |
134,261 |
Cash at bank and in hand |
10,092 |
51,548 |
|
--------- |
--------- |
|
156,975 |
185,809 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
3,485 |
3,227 |
|
--------- |
--------- |
Net current assets |
153,490 |
182,582 |
|
--------- |
--------- |
Total assets less current liabilities |
153,492 |
182,584 |
|
--------- |
--------- |
Net assets |
153,492 |
182,584 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
143,640 |
143,640 |
Profit and loss account |
9,852 |
38,944 |
|
--------- |
--------- |
Shareholders funds |
153,492 |
182,584 |
|
--------- |
--------- |
|
|
|
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 January 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
28 October 2024
, and are signed on behalf of the board by:
Company registration number:
SC020464
Utilities (Scotland) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mercantile Chambers, 53 Bothwell Street, Glasgow, G2 6TB.
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
Investment
Investments are included at cost less amounts written off. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
2
(2023:
2
).
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 February 2023 and 31 January 2024 |
2 |
|
---- |
Impairment |
|
At 1 February 2023 and 31 January 2024 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 January 2024 |
2 |
|
---- |
At 31 January 2023 |
2 |
|
---- |
|
|
U T Properties Limited (100% subsidiary) Principal activity: Property investment
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
92,904 |
38,581 |
Other debtors |
53,979 |
95,680 |
|
--------- |
--------- |
|
146,883 |
134,261 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
1,500 |
1,440 |
Corporation tax |
785 |
587 |
Other creditors |
1,200 |
1,200 |
|
------- |
------- |
|
3,485 |
3,227 |
|
------- |
------- |
|
|
|
8.
Directors' advances, credits and guarantees
During the year the following transactions with directors occurred: During the year loans were made to and received from A. L. Miller, a director of the company. The amount due to the company was as follows: end of year: £
25,409
was owed to the company; maximum due to the company during the year: £57,847; beginning of year: £ 42,438
owed by A.L. Miller
.
9.
Related party transactions
Transactions: During the year the company received management fees, in the normal course of business, from
UT Properties Limited
, the subsidiary company, of £25,000 (2023: £25,000). The balance owed by UT Properties Limited amounted to £92,904 at 31 January 2024 (2023: £38,581). No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.