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COMPANY REGISTRATION NUMBER: 02902264
Urban&Civic Westview Investments Limited
Financial Statements
30 September 2024
Urban&Civic Westview Investments Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Independent auditor's report to the members
4
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11
Urban&Civic Westview Investments Limited
Officers and Professional Advisers
The board of directors
D L Wood
R E Butler
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 Westview Investments Limited
Directors' Report
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:
D L Wood
R E Butler
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.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption. The directors have taken advantage of the small company exemption from providing a strategic report under section 414B of the Companies Act 2006.
This report was approved by the board of directors on 18 March 2025 and signed on behalf of the board by:
D L Wood
Director
Registered office:
50 New Bond Street
London
W1S 1BJ
Urban&Civic Westview Investments Limited
Independent Auditor's Report to the Members of Urban&Civic Westview Investments 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 profit 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 Westview Investments Limited ("the company") for the year ended 30 September 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity 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 as applied to companies
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.
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; and - the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' reports and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities 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. 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. 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.
John Detweiler
(Senior Statutory Auditor)
For and on behalf of BDO LLP , statutory auditor
55 Baker Street
London
W1U 7EU
18 March 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number: OC305127).
Urban&Civic Westview Investments Limited
Statement of Comprehensive Income
Year ended 30 September 2024
2024
2023
Note
£
£
Cost of sales
( 6,156)
( 4,625)
-------
-------
Gross loss
( 6,156)
( 4,625)
Administrative income/(expenses)
4
19,323
( 19,323)
--------
--------
Operating profit/(loss)
4
13,167
( 23,948)
Income from shares in group undertakings
5
30,000,000
5,000,000
-------------
------------
Profit before taxation
30,013,167
4,976,052
Tax on profit
6
-------------
------------
Profit for the financial year and total comprehensive income
30,013,167
4,976,052
-------------
------------
All the activities of the company are from continuing operations.
Urban&Civic Westview Investments Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Investments
8
353,085,524
199,085,524
Current assets
Debtors
9
40,083,025
10,069,336
Cash at bank and in hand
389
910
-------------
-------------
40,083,414
10,070,246
Creditors: amounts falling due within one year
10
( 42,290,107)
( 12,290,106)
-------------
-------------
Net current liabilities
( 2,206,693)
( 2,219,860)
--------------
--------------
Total assets less current liabilities
350,878,831
196,865,664
--------------
--------------
Net assets
350,878,831
196,865,664
--------------
--------------
Capital and reserves
Called up share capital
11
103,769,025
57,003,158
Share premium account
12
247,016,498
139,782,365
Profit and loss account
12
93,308
80,141
--------------
--------------
Shareholders funds
350,878,831
196,865,664
--------------
--------------
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 18 March 2025 , and are signed on behalf of the board by:
D L Wood
Director
Company registration number: 02902264
Urban&Civic Westview Investments Limited
Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 October 2022
56,345,909
138,047,229
104,089
194,497,227
Profit for the year
4,976,052
4,976,052
-------------
--------------
------------
--------------
Total comprehensive income for the year
4,976,052
4,976,052
Issue of shares
657,249
1,735,136
2,392,385
Dividends paid and payable
7
( 5,000,000)
( 5,000,000)
-------------
--------------
------------
--------------
At 30 September 2023
57,003,158
139,782,365
80,141
196,865,664
-------------
--------------
------------
--------------
Profit for the year
30,013,167
30,013,167
-------------
--------------
-------------
--------------
Total comprehensive income for the year
30,013,167
30,013,167
Issue of shares
46,765,867
107,234,133
154,000,000
Dividends paid and payable
7
( 30,000,000)
( 30,000,000)
--------------
--------------
-------------
--------------
At 30 September 2024
103,769,025
247,016,498
93,308
350,878,831
--------------
--------------
-------------
--------------
Urban&Civic Westview Investments 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 the co-ordination of the activities of its subsidiaries and property investment.
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.
Dividends
Dividends are recognised when they become legally payable.
Going concern
Urban&Civic Westview Investments 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 Cash Flow Statements; - 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. The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as its subsidiary undertakings are included by full consolidation in the consolidated financial statements of Urban&Civic plc. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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: Recoverability of investments The Directors have considered whether there are indicators of impairment of the company's investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the investment and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Recoverability of amounts owed by group undertakings The Directors have considered whether amounts owed by group undertakings are recoverable. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the counterparties.
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.
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 balance sheet 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.
Investments
The investments in subsidiary companies are included in the Company's balance sheet at cost less provision for impairment.
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. Operating profit/(loss)
Operating profit/(loss) is stated after charging/(crediting):
2024
2023
£
£
(Release)/provision for doubtful debts
(19,323)
19,323
--------
--------
The company has no employees other than the directors who did not receive any remuneration (2023: £nil).
Auditor's remuneration is borne by another group company in the current and prior year.
5. Income from shares in group undertakings
2024
2023
£
£
Income from group undertakings
30,000,000
5,000,000
-------------
------------
6. Tax on profit
Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the year varies from the standard rate of corporation tax in the UK of 25 % (2023: 22 %).
2024
2023
£
£
Profit on ordinary activities before taxation
30,013,167
4,976,052
-------------
------------
Profit on ordinary activities multiplied by rate of tax
7,503,292
1,094,731
Group relief
1,539
5,269
Income not taxable
( 7,504,831)
( 1,100,000)
-------------
------------
Tax on profit
-------------
------------
7. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
30,000,000
5,000,000
-------------
------------
8. Investments
Shares in group undertakings
£
Cost
At 1 October 2023
199,085,524
Additions
154,000,000
--------------
At 30 September 2024
353,085,524
--------------
Impairment
At 1 October 2023 and 30 September 2024
--------------
Carrying amount
At 30 September 2024
353,085,524
--------------
At 30 September 2023
199,085,524
--------------
On 6th August 2024, Gower Place Investments Limited subscribed for 46,765,867 £1 ordinary shares of Urban&Civic PLC at a price of £3.293 per share. On the same date, Urban&Civic plc subscribed for 46,765,867 £1 ordinary shares of Urban&Civic Westview Investments Limited at a price of £3.293 per share and Urban&Civic Westview Investments Limited subscribed for 46,765,867 £1 ordinary shares of Urban&Civic Group Limited at a price of £3.293 per share and Urban&Civic Group Limited subscribed for 46,765,867 £1 ordinary shares in Urban&Civic Estates Limited. All subscriptions were associated with, and facilitated, Urban&Civic Estates Limited's acquisition of 16 L&Q Estates subsidiaries and an interest in a JV. The total consideration payable was £150,686,000. The additional £3,314,000 of equity injected will be used to fund further capital expenditure across the business. Details of this transaction are provided in note 25 of the Group financial statements.
The company's subsidiaries are listed below. The company owns 100% of the issued ordinary share capital of these companies and they are all registered in England and Wales.
2024
2023
£
£
Aggregate capital and reserves
Urban&Civic Group Limited*
381,257,006
201,513,318
Urban&Civic Howick Place Investments Limited*
11,807
11,807
Urban&Civic Investments Limited*
(5,462,210)
(5,462,210)
Profit and (loss) for the year
Urban&Civic Group Limited*
55,743,689
3,669,787
Urban&Civic Howick Place Investments Limited*
Urban&Civic Investments Limited*
* Registered address: 50 New Bond Street, London, W1S 1BJ.
9. Debtors
2024
2023
£
£
Trade debtors
1,527
766
Amounts owed by group undertakings
40,081,498
10,068,570
-------------
-------------
40,083,025
10,069,336
-------------
-------------
Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.
10. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
42,290,107
12,290,106
-------------
-------------
Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
103,769,025
103,769,025
57,003,158
57,003,158
--------------
--------------
-------------
-------------
Refer to note 8 for details of share issues during the year.
12. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
13. 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.
14. Controlling party
The company's immediate parent undertaking is Urban&Civic plc , a company incorporated in Scotland. 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).