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Registered number: 06319108






 



UME PFI INVESTMENTS LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024
 

















 
UME PFI INVESTMENTS LIMITED
REGISTERED NUMBER: 06319108

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
4,953,853
4,953,853

Current assets
  

Debtors: amounts falling due within one year
 6 
19,393
9,600

Cash at bank and in hand
 7 
377,044
849,102

  
396,437
858,702

  

Creditors: Amounts Falling Due Within One Year
 8 
(1,253,054)
(1,349,947)

Net current liabilities
  
 
 
(856,617)
 
 
(491,245)

Total assets less current liabilities
  
4,097,236
4,462,608

  

Net assets
  
4,097,236
4,462,608


Capital and reserves
  

Called up share capital 
 9 
194,460
194,460

Profit and loss account
 10 
3,902,776
4,268,148

  
4,097,236
4,462,608


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr J M Bullough
Director

Date: 17 March 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
UME PFI INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

UME PFI Investments Limited is a private company, limited by shares and incorporated in England and Wales, registration number 06319108. The registered office address is Unit 18 Navigation Way, Ashton-On-Ribble, Preston, England, PR2 2YP. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling which is the functional currency of the Company and are rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Going concern

These financial statements have been prepared on a going concern basis on the basis that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. The Directors have performed an assessment of the appropriateness of the going concern basis of preparation. In doing so, the Directors have taken into account the key risks to the business.
The Company generated a profit in the year and is in a net asset position at the year-end date. Over the life of the project, the financing structure is projected to generate sufficient cash flows to meet all liabilities as they fall due. Accordingly, the Directors have a reasonable expectation that the Company will continue as a going concern and consider it appropriate that the financial statements should be prepared on a going concern basis.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
All revenue relates to the Company's principal activity and originates in the United Kingdom.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
UME PFI INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense 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 balance sheet date in the countries where the Company operates and generates income.

 
2.8

Valuation of investments

Investments in associates are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. 
Management do not consider the Company to have any key sources of estimation uncertainty nor any significant judgements or assumptions in preparing these financial statements

Page 3

 
UME PFI INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).


5.


Fixed asset investments





Investments in associates
Loans to associates
Total

£
£
£



Cost or valuation


At 1 April 2023
104,107
4,849,746
4,953,853



At 31 March 2024
104,107
4,849,746
4,953,853




The loan notes carry an interest rate of 13.75% and have a final redemption date of 31 December 2039.


Associate


The following was an associate of the Company:


Name

Registered office

Principal activity

Class of shares

Holding

Glasgow Healthcare Facilities (Holdings) Limited
2nd floor, 11 Thistle Street, Edinburgh EH2 1DF
Holding company
Ordinary
25%


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
19,100
9,600

Other taxation and social security
293
-

19,393
9,600


Amounts owed by group undertakings are interest free and repayable on demand.


7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
377,044
849,102


Page 4

 
UME PFI INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
255
-

Amounts owed to associate
1,235,807
1,185,807

Group relief payable
-
145,593

Other taxation and social security
-
2,080

Accruals and deferred income
16,992
16,467

1,253,054
1,349,947


Amounts owed to associate comprise an unsecured intercompany loan which is repayable on demand and accrues interest at 8% per annum.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



194,460 (2023 - 194,460) Ordinary shares of £1.00 each
194,460
194,460



10.


Reserves

Profit and loss account

The profit and loss account represents cumulative profit and losses net of dividends and other adjustments.


11.


Related party transactions

The Company is wholly owned by UME PFI Investments Holding Limited and has taken advantage of FRS102 section 33 paragraph 1A not to disclose transactions with wholly owned group members.
The Company has not disclosed transactions with associated undertakings as they are concluded under normal market conditions.


12.


Controlling party

The immediate parent company is UME PFI Investments Holding Limited, a company registered in England and Wales.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 17 March 2025 by Mark Nelligan (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.

Page 5

 
UME PFI INVESTMENTS LIMITED
 

Page 6