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Sage Accounts Production Advanced 2021 - FRS102_2021
13,138,929
5,313,190
62,733,722
3,559,745
1,608,428
62,733,722
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COMPANY REGISTRATION NUMBER:
09123307
Urban&Civic Waterbeach Limited |
|
Urban&Civic Waterbeach Limited |
|
Year ended 30 September 2024
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
4 |
|
|
Statement of income and retained earnings |
8 |
|
|
Statement of financial position |
9 |
|
|
Notes to the financial statements |
10 |
|
|
Urban&Civic Waterbeach Limited |
|
Officers and Professional Advisers |
|
The board of directors |
W N Hugill |
|
R E Butler |
|
D L Wood |
|
J D Scott |
|
|
Company secretary |
Urban&Civic (Secretaries) Limited |
|
|
Registered office |
50 New Bond Street |
|
London |
|
W1S 1BJ |
|
|
Auditor |
BDO LLP |
|
Chartered accountants & statutory auditor |
|
55 Baker Street |
|
London |
|
W1U 7EU |
|
|
Urban&Civic Waterbeach Limited |
|
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended
30 September 2024
.
Directors
The directors who served the company during the year were as follows:
W N Hugill |
|
R E Butler |
|
D L Wood |
|
J D Scott |
|
|
|
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing 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. 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). 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 of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
4 March 2025
and signed on behalf of the board by:
Registered office: |
50 New Bond Street |
London |
W1S 1BJ |
|
Urban&Civic Waterbeach Limited |
|
Independent Auditor's Report to the Members of
Urban&Civic Waterbeach Limited |
|
Year ended 30 September 2024
Opinion on the financial statements
In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss 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. We have audited the financial statements of Urban&Civic Waterbeach Limited ("the company") for the year ended 30 September 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes to the financial statements, 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).
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 auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
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 Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. 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.
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Directors' report for the financial period for
which the financial statements are prepared is consistent with the financial statements; and
-
the Directors' report has been prepared in accordance with applicable legal requirements.
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 Directors' report.
We have nothing to report in respect of the following matters in relation to which 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 the 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' responsibility statement, 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.
Auditor's 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 an auditor's 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. Extent to which the audit was capable of detecting irregularities, including fraud 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: - We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors and other management (as required by auditing standards). - We had regard to laws and regulations in areas that directly affect the financial statements (including related company legislation) and taxation legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. - With the exception of any known or possible non-compliance and as required by auditing standards, our work include agreeing the financial statement disclosures to underlying supporting documentation, review of Board minutes, enquiries with management. - We communicated identified laws and regulations to our team and remained alert to any indications of non-compliance throughout the audit. Fraud We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: - Enquiry with management and those charged with governance regarding any known or suspected instances of fraud. - Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud. - Discussion amongst the engagement team as to how and where fraud might occur in the financial statements. - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Based on our risk assessment, we considered the area's most susceptible to fraud to be management override, revenue recognition and property valuations. Auditor's responsibilities for the audit of the financial statements (continued) Our procedures in respect of the above included: - Testing a sample of journal entries throughout the year, which we considered most susceptible to override, by agreeing to supporting documentation. - Assessing significant inputs to valuations by testing source documentation to verify their accuracy such as the sales data and cost allocations. - Challenge of external valuation assumptions and their inputs within the valuation report. - Reviewing discount rates/RPI uplifts to ensure minimums have been calculated correctly. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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. There are inherent limitations in the audit procedures performed 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 are to become aware of it. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Thomas Edward Goodworth |
(Senior Statutory Auditor) |
|
For and on behalf of
BDO LLP
, statutory auditor
55 Baker Street |
London |
W1U 7EU |
|
5 March 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number: OC305127).
Urban&Civic Waterbeach Limited |
|
Statement of Income and Retained Earnings |
|
Year ended 30 September 2024
|
2024 |
2023 |
Note |
£ |
£ |
Turnover |
4 |
47,104 |
10,078 |
|
|
|
|
Cost of sales |
(
278,163) |
(
532,264) |
|
--------- |
--------- |
Gross loss |
(
231,059) |
(
522,186) |
|
|
|
Administrative expenses |
(
2,836,661) |
(
1,544,951) |
Revaluation of investment property |
(1,608,428) |
(138,000) |
|
|
|
|
|
------------ |
------------ |
Operating loss |
5 |
(
4,676,148) |
(
2,205,137) |
|
|
|
|
Other interest receivable and similar income |
6 |
1,563,559 |
454,422 |
Interest payable and similar expenses |
7 |
(
10,042,680) |
(
3,866,492) |
|
------------- |
------------ |
Loss before taxation |
(
13,155,269) |
(
5,617,207) |
|
|
|
|
Tax on loss |
8 |
16,340 |
304,017 |
|
------------- |
------------ |
Loss for the financial year and total comprehensive loss |
(
13,138,929) |
(
5,313,190) |
|
------------- |
------------ |
|
|
|
|
Retained losses at the start of the year |
(
15,047,949) |
(
9,734,759) |
|
------------- |
------------- |
Retained losses at the end of the year |
(
28,186,878) |
(
15,047,949) |
|
------------- |
------------- |
|
|
|
All the activities of the company are from continuing operations.
Urban&Civic Waterbeach Limited |
|
Statement of Financial Position |
|
30 September 2024
Fixed assets
Investment properties |
9 |
– |
62,733,722 |
|
|
|
|
Current assets
Stocks |
10 |
183,236,305 |
110,988,656 |
Debtors |
11 |
10,454,467 |
16,141,898 |
Cash at bank and in hand |
6,155,933 |
5,903,371 |
|
-------------- |
-------------- |
|
199,846,705 |
133,033,925 |
|
|
|
|
Creditors: amounts falling due within one year |
12 |
(
170,147,383) |
(
158,020,581) |
|
-------------- |
-------------- |
Net current assets/(liabilities) |
29,699,322 |
(
24,986,656) |
|
------------- |
------------- |
Total assets less current liabilities |
29,699,322 |
37,747,066 |
|
|
|
|
Creditors: amounts falling due after more than one year |
13 |
(
57,886,199) |
(
52,795,014) |
|
------------- |
------------- |
Net liabilities |
(
28,186,877) |
(
15,047,948) |
|
------------- |
------------- |
|
|
|
|
Capital and reserves
Called up share capital |
15 |
1 |
1 |
Profit and loss account |
16 |
(
28,186,878) |
(
15,047,949) |
|
------------- |
------------- |
Shareholders deficit |
(
28,186,877) |
(
15,047,948) |
|
------------- |
------------- |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the
board of directors
and authorised for issue on
4 March 2025
, and are signed on behalf of the board by:
Company registration number:
09123307
Urban&Civic Waterbeach Limited |
|
Notes to the Financial Statements |
|
Year ended 30 September 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 50 New Bond Street, London, W1S 1BJ.
The principal activity of the company is property development
.
2.
Statement of compliance
These financial statements have been prepared in compliance with 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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Urban&Civic Waterbeach Limited (the Company) is reliant on funding provided by Urban&Civic plc and fellow Group undertakings (the Group). Given Urban&Civic plc has provided a letter of support confirming that it shall continue to provide such support for the foreseeable future, and for a period of at least 12 months from the signing of these financial statements, the Directors consider it reasonable to rely on the continuation of this financing in making their assessment of the ability of the Company to continue as a going concern. The Directors have considered the ability of the Group to give the necessary support. Disclosures are given in the Group financial statements of Urban&Civic plc regarding its ability to continue as a going concern. Based on the Group forecasts and the assurance from Urban&Civic plc the Directors consider that the Company has adequate resources for a period in excess of 12 months from the date of approval of these financial statements and accordingly have concluded that it is appropriate for the Company to prepare its own financial statements on a going concern basis.
Disclosure exemptions
In preparing the financial statements of this company, advantage has been taken of the following disclosure exemptions as permitted by FRS102: - the requirements of Section 7 Statement of Cashflows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraph 11.39 to 11.48A; and - the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Urban&Civic plc as at 30 September 2024 and these financial statements may be obtained from Companies House.
Judgements and key sources of estimation uncertainty
The company makes certain estimates and assumptions regarding the future. These judgements and estimates affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates are continually evaluated based on historical experience and expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. In preparing these financial statements, the directors have made the following judgements and estimates: Stock impairment For the purposes of calculating the net realisable value of its stock balance, the Directors use valuations carried out by independent valuers on the basis of market value in accordance with the Appraisal and Valuation Standards of the Royal Institution of Chartered Surveyors. The valuations are based upon assumptions including future rental income, sales prices, an estimate of typical profit margins, anticipated maintenance costs, future development costs and appropriate discount rates. The valuers also make reference to market evidence for comparable property transactions and principal inputs and assumptions. Due to the nature of development timescales, it is routinely necessary to estimate costs to complete and future revenues and to allocate non-unit-specific development costs between units legally completing in the current financial year and in future periods. Valuation of investment properties For the purposes of calculating the fair value of its investment property, the Company has used valuations carried out by independent valuers in accordance with the Appraisal and Valuation Standards of the Royal Institution of Chartered Surveyors. The valuations are based upon assumptions including future rental income, sales prices, an estimate of typical profit margins, future development costs and appropriate discount rates. The valuers and Directors also make reference to market evidence for comparable property transactions and principal inputs and assumptions. Revenue Estimates are involved when determining how much revenue to recognise at the point in time of residential property sales where there is deferred consideration and/or variable consideration which is only determined at the point of the future onward sale of constructed homes by the Group's housebuilder customers. In determining the amount of revenue recognised, the Directors consider the following factors: - Absorption rates - licence sale contracts contain minimum sales rates as well as minimum prices. The Directors consider as a base case assumption that houses will be sold by housebuilding customers in line with the contracted minimum sales rates. Deferred revenue is therefore discounted by reference to these rates. - Discount rates - the onward sale of constructed homes by housebuilder customers will occur over a number of years. Consequently, the time value of money and the credit risk of the housebuilder must be taken into account when measuring the present value of the consideration receivable. The Directors consider the third party cost of borrowing to be an appropriate rate at which to discount deferred consideration for the sale of the land. These discount rates are kept under review in the event of of indications of a significant change in circumstance of the housebuilding customer. Judgments and key sources of estimation uncertainty (continued) - Affordable revenue - licence sale contracts in respect of land parcels can mandate the purchaser to provide an element of affordable housing within overall delivery. Revenue in relation to affordable housing is recognised when the Directors consider that a reliable estimate can be made of the amount receivable. The Directors assess, on a case by case basis, whether such a reliable estimate can be made, taking into account, for example, whether contracts are exchanged, whether there are a number of of advanced offers in place, or whether contracts are well advanced. - Inflation rates - some contractual minimum prices are subject to annual review and inflation. The Directors consider publicly available inflation forecasts when calculating minimum amounts receivable over the licence contracts. Cost of trading property sales The sale of parcels or units of strategic land requires an allocation of costs (where applicable including site wide infrastructure, any construction costs directly attributable to individual land parcels, capitalised interest and capitalised administrative expenses) in order to account for cost of sales associated with the disposal. The costs being allocated, based on net developable acres as a proportion of total project net developable acres, include those incurred to date together with an allocation of costs remaining, estimated with reference to latest project forecasts.
Revenue recognition
Revenue from the sale of trading and investment properties is recognised when the significant risks and rewards of ownership have passed to the buyer, usually when legally binding contracts that are irrevocable and effectively unconditional are exchanged. Rental income arising from property is accounted for on a straight line basis over the term of the lease. Lease incentives, including rent free periods and payments to tenants, are allocated to the statement of comprehensive income on a straight line basis over the lease term as a deduction from rental income. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expenses recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company's subsidiaries operate and generate taxable income. Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred income tax is determined using tax rates and laws that have been enacted or substantially enacted by the reporting date.
Investment properties
Investment properties are properties held for long-term rental income and/or for capital appreciation and are measured initially at cost, including related transaction costs, and subsequently at fair value. Investment property is recognised as an asset when: - it is probable that future economic benefits that are associated with the investment property will flow to the Company; - there are no material conditions present that could prevent completion; and - the cost of the investment property can be measured reliably. Additions to investment properties in the course of development or refurbishment include the cost of finance and directly attributable internal and external costs incurred during the period of development until the properties are ready for their intended use. An investment property undergoing redevelopment or refurbishment for continued use as an investment property will remain as an investment property. A transfer of a property from investment properties to trading properties will be made where there is a change in use and the land is to be developed with a view to sale. Fair value is determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and subsequently at amortised cost or their recoverable amount. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the company will be unable to collect all of the amounts due under the terms receivable. The amount of such a provision is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade debtors, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses. On confirmation that the trade debtor will not be collectable the gross carrying value of the asset is written off against the associated provision.
Financial liabilities
Financial liabilities including trade creditors, other creditors, accruals and amounts due to group undertakings are originally recorded at fair value and subsequently stated at amortised cost under the effective interest method.
4.
Turnover
Turnover arises from:
|
2024 |
2023 |
|
£ |
£ |
Trading property sales |
15,482 |
4,527 |
Other property income |
31,622 |
5,551 |
|
-------- |
-------- |
|
47,104 |
10,078 |
|
-------- |
-------- |
|
|
|
The whole of the turnover is earned through activities undertaken in the United Kingdom.
5.
Operating loss
Operating loss is stated after charging:
|
2024 |
2023 |
|
£ |
£ |
Fair value adjustments to investment property |
1,608,428 |
138,000 |
|
------------ |
--------- |
|
|
|
Auditors remuneration was borne by another group company in the current and prior year. The company has no employees other than the directors who did not receive any remuneration (2023: £nil).
6.
Other interest receivable and similar income
|
2024 |
2023 |
|
£ |
£ |
Interest on cash and cash equivalents |
28,671 |
3,928 |
Other interest receivable and similar income |
1,534,888 |
450,494 |
|
------------ |
--------- |
|
1,563,559 |
454,422 |
|
------------ |
--------- |
|
|
|
7.
Interest payable and similar expenses
|
2024 |
2023 |
|
£ |
£ |
Interest due to group undertakings |
10,042,680 |
3,866,607 |
Interest on bank loans and overdrafts |
4,447,477 |
2,904,490 |
Capitalised interest |
(
4,532,469)
|
(
2,989,597)
|
Other interest payable and similar charges |
84,992 |
84,992 |
|
------------- |
------------ |
|
10,042,680 |
3,866,492 |
|
------------- |
------------ |
|
|
|
8.
Tax on loss
Major components of tax income
Deferred tax:
Origination and reversal of timing differences |
(
16,340) |
(
304,017) |
|
-------- |
--------- |
Tax on loss |
(
16,340) |
(
304,017) |
|
-------- |
--------- |
|
|
|
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year varies from the
standard rate of corporation tax in the UK
of
25
% (2023:
22
%).
|
2024 |
2023 |
|
£ |
£ |
Loss on ordinary activities before taxation |
(
13,155,269) |
(
5,617,207) |
|
------------- |
------------ |
Loss on ordinary activities multiplied by rate of tax |
(
3,288,817) |
(
1,235,785) |
Group relief |
2,193,138 |
1,235,785 |
Tax losses and other items |
(
148,221)
|
– |
Differences arising from taxation of chargeable gains and property revaluations |
1,243,900 |
– |
Deferred tax credit (as above) |
(
16,340)
|
(
304,017)
|
|
------------- |
------------ |
Tax on loss |
(
16,340) |
(
304,017) |
|
------------- |
------------ |
|
|
|
9.
Investment properties
|
Investment Properties |
|
£ |
Cost and valuation |
|
At 1 October 2023 |
62,733,722 |
Additions |
3,559,745 |
Revaluations |
(
1,608,428) |
Transfers |
(
64,685,039)
|
|
------------- |
At 30 September 2024 |
– |
|
------------- |
Carrying amount |
|
At 30 September 2024 |
– |
|
------------- |
At 30 September 2023 |
62,733,722 |
|
------------- |
|
|
The investment property is valued on an annual basis by CBRE Limited (CBRE), an independent firm of chartered surveyors, on the basis of fair value. The valuation at each period end is carried out in accordance with guidance issued by the Royal Institution of Chartered Surveyors. Fair value represents the estimated amount that should be received for selling an investment property in an orderly transaction between market participants at the valuation date. During the year investment properties with a total carrying value of £64,685,039 were transferred to trading properties at fair value following a decision to develop the properties for sale.
10.
Stocks
At 1 October |
110,988,656 |
34,113,125 |
Additions at cost |
7,564,460 |
77,498,105 |
Disposals |
(1,850) |
(622,574) |
Transfer from investment properties |
64,685,039 |
– |
|
--------------- |
-------------- |
At 30 September |
183,236,305 |
110,988,656 |
|
--------------- |
-------------- |
|
|
|
Independent valuers, CBRE, have valued
Urban&Civic Waterbeach Limited
's interest in the site in 2024 at £202,380,000 (2023: £195,900,000) in respect of property assets held in the Statement of Financial Position as investment properties, stocks, debtors and accruals and deferred income with a combined carrying value of £184,342,000 (2023: £188,628,867).
During the year investment properties with a total carrying value of £64,685,039 were transferred to trading properties at fair value following a decision to develop the properties for sale.
11.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
1,985,477 |
15,529,463 |
Deferred tax asset |
164,560 |
148,221 |
Prepayments and accrued income |
– |
28,892 |
VAT Recoverable |
– |
418,188 |
Other debtors |
8,304,430 |
17,134 |
|
------------- |
------------- |
|
10,454,467 |
16,141,898 |
|
------------- |
------------- |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
6,738,765 |
|
---- |
------------ |
|
|
|
12.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
505,331 |
1,422,968 |
Amounts owed to group undertakings |
168,596,279 |
155,104,234 |
Accruals and deferred income |
864,418 |
1,493,379 |
Social security and other taxes |
181,355 |
– |
|
-------------- |
-------------- |
|
170,147,383 |
158,020,581 |
|
-------------- |
-------------- |
|
|
|
Amounts owed to group undertakings are unsecured, bear interest at 6.5% (2023: 7%) and are repayable on demand.
13.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
57,886,199 |
52,795,014 |
|
------------- |
------------- |
|
|
|
Loans comprise borrowings from Homes England. The loan was first drawn in March 2020, and has a repayment date of December 2030. Interest is charged at 2.5 per cent above EC Reference Rate.
14.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in debtors (note 11) |
164,560 |
148,221 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Unused tax losses |
(
164,560) |
(
148,221) |
|
--------- |
--------- |
|
|
|
The deferred tax provision relates to revaluation surpluses on investment properties. The UK corporation tax rate increased to 25 per cent from 1 April 2023, which was substantively enacted on 24 May 2021. The Group’s deferred tax balances have been measured at 25 per cent (2023: 25 per cent), being the enacted rate of corporation tax in the UK at the balance sheet date against which the temporary differences giving rise to the deferred tax are expected to reverse.
15.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
16.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
17.
Related party transactions
The company has taken advantage of the exemption allowed by FRS 102 Section 33, 'Related Party Disclosures', not to disclose any transactions with entities that are included in the consolidated financial statements of Urban&Civic plc and are 100% owned.
18.
Controlling party
The company's immediate parent undertaking is Urban&Civic Holdings Limited, a company registered in England and Wales.
The ultimate parent undertaking of the company is the Wellcome Trust, exercising control through its corporate trustee, The Wellcome Trust Limited.
The largest Group which consolidate the results of the Company are those of Urban&Civic plc. The results of Urban&Civic plc are not consolidated at a higher level.
The Wellcome Trust holds a portfolio of investments, which are accounted for at fair value through profit or loss in its financial statements. Copies of the Wellcome Trust Annual Report and Financial Statements are available from Wellcome Trust's website (www.wellcome.org/news-and-reports/reports).