Company registration number 12500681 (England and Wales)
Utilise-App Limited
FINANCIAL STATEMENTS
for the year ended 30 April 2024
PAGES FOR FILING WITH REGISTRAR
Utilise-App Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Utilise-App Limited
Statement Of Financial Position
as at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors - deferred tax
5
11,753
Debtors - other
3
4,245
26,850
Cash at bank and in hand
10,034
7,719
26,032
34,569
Creditors: amounts falling due within one year
4
(61,190)
(104,726)
Net current liabilities
(35,158)
(70,157)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(35,258)
(70,257)
Total equity
(35,158)
(70,157)
The directors of the company have elected not to include a copy of the income statement 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 29 January 2025 and are signed on its behalf by:
Mr P W Heneghan
Director
Company registration number 12500681 (England and Wales)
Utilise-App Limited
Statement Of Changes In Equity
for the year ended 30 April 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
100
18,096
18,196
Year ended 30 April 2023:
Loss and total comprehensive income
-
(88,353)
(88,353)
Balance at 30 April 2023
100
(70,257)
(70,157)
Year ended 30 April 2024:
Profit and total comprehensive income
-
34,999
34,999
Balance at 30 April 2024
100
(35,258)
(35,158)
Utilise-App Limited
Notes to the financial statements
for the year ended 30 April 2024
- 3 -
1
Accounting policies
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.
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. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2024 are the first financial statements of Utilise-App 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 May 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Heneghan Holdings Limited. These consolidated financial statements are available from its registered office.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future with the continued financial support of the group. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Utilise-App Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
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 income statement 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 income statement, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
4,245
4,245
Other debtors
22,605
4,245
26,850
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 5)
11,753
Total debtors
15,998
26,850
Utilise-App Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
54,848
Amounts owed to group undertakings
57,789
Taxation and social security
2,401
Other creditors
48,878
Accruals and deferred income
1,000
1,000
61,190
104,726
5
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Tax losses
11,753
-
2024
Movements in the year:
£
Liability at 1 May 2023
-
Credit to profit or loss
(11,753)
Asset at 30 April 2024
(11,753)
The deferred tax asset set out above is expected to reverse within 24 months and relates to the utilisation of tax losses against future expected profits of the same period.
6
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
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.
Utilise-App Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
7
Audit report information
(continued)
- 6 -
Senior Statutory Auditor:
James Bell
Statutory Auditor:
B M Howarth Ltd
Date of audit report:
29 January 2025
8
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
56,498
-
Other related parties
-
48,878
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
-
3,502
Utilise-App Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 7 -
9
Ultimate controlling party
The company's parent undertaking is Heneghan Holdings Limited, which is registered in England and Wales, its registered office is Unit 3 Landmark Court, Leeds, England, LS11 8JT.
The company's ultimate parent undertaking is Heneghan Trustees Limited, which is registered in England and Wales, its registered office is Unit 3 Landmark Court, Leeds, England, LS11 8JT.
The smallest and largest undertaking for which the company is a member and for which group financial statements are prepared is Heneghan Holdings Limited.
10
Company information
Utilise-App Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Landmark Court, Leeds, West Yorkshire, LS11 8JT.