Company registration number 09618272 (England and Wales)
UNIHOMES AND BILLS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
UNIHOMES AND BILLS LIMITED
COMPANY INFORMATION
Directors
B Cox
P Greaves
L Mori
C Platts
DA Smith
(Appointed 14 July 2023)
J Marshall
(Appointed 14 July 2023)
M Goddard
(Appointed 17 August 2023)
HL Evans
(Appointed 1 August 2024)
Company number
09618272
Registered office
Floor 6
1 New Era Square
Sheffield
England
S2 4RB
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
UNIHOMES AND BILLS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
UNIHOMES AND BILLS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

 

This year, the group has maintained its primary focus on operating as a leading student property advertising portal, alongside a shared utilities management service. Our presence spans across numerous towns and cities throughout the UK. In FY24, we continued to significantly expand our portfolio, both in terms of clients and customer base.

Business Review

This year was a further period of growth and expansion for the company. Our strategic initiatives led to a substantial increase in lettings agent partnerships and city representation, with increased contract volumes. This expansion is a testament to our commitment to widening our market reach and enhancing service delivery.

 

To support this growth trajectory, we strategically bolstered our capability across the business. This investment in both resources and technology was important in maximising the experience for our increasing numbers of lettings agent partners and customers.

 

Our customer service and operations team excelled in maintaining high satisfaction ratings, a key indicator of our commitment to service excellence. Concurrently, our sales and account management teams expanded our network of agents, laying the groundwork for future growth. This is an important investment that has directly contributed to our growth. Our technology team played a crucial role in enhancing our website and agent portal, ensuring a seamless and engaging user experience.

 

We previously reported that on the 14th of July 2023, the group took a significant minority investment from Lloyds Development Capital (LDC), part of the Lloyds Banking Group. This partnership has helped accelerate the above development, building the foundations for growth across the business.

 

We are pleased to report growth in revenues and profit at an EBITDA level, with optimistic projections for the fiscal year ending June 2025 and beyond.

 

The thanks of the directors are expressed to all employees and key stakeholders in supporting the company through sustained expansion. With the growth experienced in recent years and the forecasts for the coming years, we are confident in the group's bright future.

Key Performance Indicators

The company uses management accounts together with monthly Board reports and in-depth analysis of all entities. Specifically, the directors monitor performance through several key performance indicators ('KPIs').

 

These include, website traffic, leads and performance. The number of contracts and partnerships with letting agents, as well as a suite of financial KPIs. Cash flows and working capital are key performance metrics, with forecasts produced and monitored regularly.

 

2024

2023

 

£000

£000

 

 

 

Turnover

32,300

15,300

Gross Profit

19,984

7,105

Operating Profit

10,548

3,235

 

Board reports are circulated and there is participation in monthly Board meetings to drive governance, and assess, monitor and intervene to ensure the company meets its business goals.

 

UNIHOMES AND BILLS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal Risks and Uncertainties

The directors are aware of various inherent risks and meet on a frequent basis to consider them. There are several key risks including financial and operational risks. The company operates in a competitive market, and therefore the directors look to provide unparalleled levels of service and value for all partners and customers.

The company has various key partnerships with utility companies, and the continued supply, quality of product, ease of use and certainty of pricing are all important factors to consider when partnering with other companies. To mitigate risks, the group remains alert to trading conditions, to ensure the business provides the most suitable proposition to clients and customers. The group regularly assesses its products, service, pricing to retain its existing customer base, whilst attracting new ones.

Technology can pose a risk, as the continued supply, and stability of the platform is of high importance. The group employs in-house technology resource to ensure control of these systems is maintained and monitored closely.

As a result of strong trading performance, the directors consider they have sufficient funds to meet liabilities as they become due. Having considered reasonable possible changes in trading performance over the next 12 months, the directors concluded that the company will have adequate resources.

Future Developments

The group is looking to continue its growth strategy, both organically and through acquisition, if the right opportunities are available. The Directors believe that the group is in a good financial position and that the key risks have been identified and are being well managed. They are confident that the focus on customer experience, strong client and supplier partnerships, together with team development and culture will ensure the company is able to maintain its strong position.

On behalf of the board

C Platts
Director
16 January 2025
UNIHOMES AND BILLS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be a student property advertising portal and the management of bundled utilities.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £7,552,147 to the parent company Unihomes Group Limited. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B Cox
P Greaves
L Mori
C Platts
DA Smith
(Appointed 14 July 2023)
J Marshall
(Appointed 14 July 2023)
M Goddard
(Appointed 17 August 2023)
HL Evans
(Appointed 1 August 2024)
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

UNIHOMES AND BILLS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
C Platts
Director
16 January 2025
UNIHOMES AND BILLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNIHOMES AND BILLS LIMITED
- 5 -
Opinion

We have audited the financial statements of UniHomes and Bills Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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).

In our opinion the financial statements:

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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

UNIHOMES AND BILLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNIHOMES AND BILLS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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 strategic report or 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:

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including

fraud and non-compliance with laws and regulations, was as follows:

 

Ÿ

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

and directors, and from our knowledge and experiences of the sector;

financial statements or the operations of the company, including Companies Act 2006, data protection,

environmental permitting law, employment and health and safety legislation;

enquiries of management;

alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining

an understanding of how fraud might occur, by;

ŸŸ

knowledge of actual, suspected and alleged fraud; and

regulations.

 

UNIHOMES AND BILLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNIHOMES AND BILLS LIMITED (CONTINUED)
- 7 -

To address the risks of fraud through management bias and override controls, we:

ŸŸ

note 1 were indicative of potential bias; and

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures

which included, but were not limited to:

ŸŸŸ

 

There are inherent limitations in our audit procedures described above. The more removed that laws and

regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to

enquiry of the trustees’ and other management.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may

involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Paul Winwood
Senior Statutory Auditor
For and on behalf of BHP LLP
16 January 2025
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
UNIHOMES AND BILLS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
32,300,110
15,300,453
Cost of sales
(12,316,072)
(8,195,885)
Gross profit
19,984,038
7,104,568
Administrative expenses
(9,438,147)
(3,870,732)
Other operating income
1,675
1,405
Operating profit
4
10,547,566
3,235,241
Interest receivable and similar income
7
1,757,201
-
0
Interest payable and similar expenses
8
(306)
(51)
Profit before taxation
12,304,461
3,235,190
Tax on profit
9
(2,948,295)
(663,217)
Profit for the financial year
9,356,166
2,571,973
UNIHOMES AND BILLS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
430,991
263,514
Tangible assets
12
229,838
237,993
Investments
13
800,000
800,000
1,460,829
1,301,507
Current assets
Debtors
15
11,719,626
1,973,740
Cash at bank and in hand
7,033,705
5,495,557
18,753,331
7,469,297
Creditors: amounts falling due within one year
16
(13,417,499)
(5,265,750)
Net current assets
5,335,832
2,203,547
Total assets less current liabilities
6,796,661
3,505,054
Provisions for liabilities
Deferred tax liability
17
71,000
43,500
(71,000)
(43,500)
Net assets
6,725,661
3,461,554
Capital and reserves
Called up share capital
20
38,697
38,675
Share premium account
695,046
598,828
Capital redemption reserve
16,668
16,668
Other reserves
1,363,848
-
0
Profit and loss reserves
4,611,402
2,807,383
Total equity
6,725,661
3,461,554

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
C Platts
Director
Company registration number 09618272 (England and Wales)
UNIHOMES AND BILLS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Share premium account
Capital redemption reserve
Capital contribution reserve
Share options reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
Balance at 1 July 2022
38,675
598,828
16,668
-
-
1,782,410
2,436,581
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
-
-
2,571,973
2,571,973
Dividends
10
-
-
-
-
-
(1,547,000)
(1,547,000)
Balance at 30 June 2023
38,675
598,828
16,668
-
-
2,807,383
3,461,554
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
-
-
9,356,166
9,356,166
Issue of share capital
20
22
96,218
-
-
-
-
96,240
Dividends
10
-
-
-
-
-
(7,552,147)
(7,552,147)
Other movements
-
-
-
159,607
1,204,241
-
1,363,848
Balance at 30 June 2024
38,697
695,046
16,668
159,607
1,204,241
4,611,402
6,725,661
UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information

UniHomes and Bills Limited is a private company limited by shares incorporated in England and Wales. The registered office is Floor 6, 1 New Era Square, Sheffield, England, S2 4RB.

1.1
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.

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:

 

 

The financial statements of the company are consolidated in the financial statements of Unihomes Group Limited. These consolidated financial statements are available from its registered office.

1.2
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The company provides property advertising via its portal and utility package management services to customers. The company has determined that it is not afford the risks and rewards of all elements of the utility package and some of the total package income is classified as a disbursement and not recognised in the accounts. To attribute the amount of disbursement revenue to apportion, the company uses its own model which is based on data for usage and underlying utility charges.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Developed technology including website development
5 years straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold property
10 years straight line
Property, plant and equipment
5 years straight line
Fixtures and fittings
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.10
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Fair value measurement of financial instruments

In the normal course of business, the company forward buys energy tariffs on behalf of its customers. These obligations are not recognised in the financial statements in accordance with FRS102 section 12.5.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Monte Carlo Valuation model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

As set out in note 1.3 the Group's revenue recognition policy involves the apportionment of income from customers, between earned income and disbursement income (which is not recognised in the financial statements). To make the required apportionment, the group has developed its own model to project the estimated usage and cost by utility package that typical households in differing sized dwellings would be expected to use, which in turn provides the basis for the income allocation until actual costs are billed.

3
Turnover and other revenue

Income is derived in accordance with note 1.3 turnover accounting policy. All income is derived from the UK.

2024
2023
£
£
Other revenue
Interest income
257,201
-
Dividends received
1,500,000
-
UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Research and development costs
41,361
-
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
17,850
Depreciation of owned tangible fixed assets
54,606
43,734
Amortisation of intangible assets
143,089
40,012
Share-based payments
1,363,848
-
Operating lease charges
119,481
117,120
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales and marketing
25
12
Administration and operations
32
22
Technical and customer service
40
26
Total
97
60

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,022,925
1,867,785
Social security costs
368,686
209,481
Pension costs
65,864
32,143
5,457,475
2,109,409
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
677,918
273,681
Company pension contributions to defined contribution schemes
2,504
991
680,422
274,672

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 1).

UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Directors' remuneration
(Continued)
- 17 -

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 2 (2023 - 0).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
220,187
68,750
Company pension contributions to defined contribution schemes
1,437
991

Included in the above is a one-off bonus figure of £131,250 paid in respect of the investment in Unihomes Group Limited.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
257,201
-
0
Income from fixed asset investments
Income from shares in group undertakings
1,500,000
-
0
Total income
1,757,201
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
306
51
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,086,305
657,717
Adjustments in respect of prior periods
(165,510)
-
0
Total current tax
2,920,795
657,717
Deferred tax
Origination and reversal of timing differences
27,500
5,500
Total tax charge
2,948,295
663,217
UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
12,304,461
3,235,190
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
3,076,115
663,214
Tax effect of expenses that are not deductible in determining taxable profit
372,324
1,655
Tax effect of income not taxable in determining taxable profit
(377,586)
-
0
Change in unrecognised deferred tax assets
42,867
(63)
Adjustments in respect of prior years
(165,425)
-
0
Permanent capital allowances in excess of depreciation
-
0
(2,591)
Remeasurement of deferred tax for changes in tax rates
-
0
1,002
Taxation charge for the year
2,948,295
663,217
10
Dividends
2024
2023
£
£
Final paid
7,552,147
1,547,000

The 2024 dividend was paid to UniHomes Group Limited.

UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
11
Intangible fixed assets
Developed technology including website development
£
Cost
At 1 July 2023
413,450
Additions - internally developed
310,566
At 30 June 2024
724,016
Amortisation and impairment
At 1 July 2023
149,936
Amortisation charged for the year
143,089
At 30 June 2024
293,025
Carrying amount
At 30 June 2024
430,991
At 30 June 2023
263,514
12
Tangible fixed assets
Leasehold property
Property, plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023
159,352
96,208
79,365
334,925
Additions
-
0
39,006
7,445
46,451
At 30 June 2024
159,352
135,214
86,810
381,376
Depreciation and impairment
At 1 July 2023
36,100
30,132
30,700
96,932
Depreciation charged in the year
15,935
21,623
17,048
54,606
At 30 June 2024
52,035
51,755
47,748
151,538
Carrying amount
At 30 June 2024
107,317
83,459
39,062
229,838
At 30 June 2023
123,252
66,076
48,665
237,993
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
800,000
800,000
UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
STB2 Limited
6th Floor 1 New Era Square, Sheffield, England, S2 4RB
Ordinary
100.00
Student Trading Limited
6th Floor 1 New Era Square, Sheffield, England, S2 4RB
Ordinary
100.00
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
97,695
113,560
Corporation tax recoverable
5,139
-
0
Amounts owed by group undertakings
9,314,563
999,256
Other debtors
-
0
637
Prepayments and accrued income
2,302,229
860,287
11,719,626
1,973,740
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,232,610
1,467,317
Amounts owed to group undertakings
1,776,784
48,426
Corporation tax
1,321,516
336,187
Other taxation and social security
719,231
485,773
Other creditors
98,672
9,607
Accruals and deferred income
7,268,686
2,918,440
13,417,499
5,265,750
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
74,000
46,000
Short term timing differences
(3,000)
(2,500)
71,000
43,500
UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Deferred taxation
(Continued)
- 21 -
2024
Movements in the year:
£
Liability at 1 July 2023
43,500
Charge to profit or loss
27,500
Liability at 30 June 2024
71,000

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
65,864
32,143

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share-based payment transactions

During the year, 2,225 growth shares were issued in the company to employees. An amount of £1,363,848 has been recognised as an expense in relation to these.

 

The date of issue of these shares was as follows;

14 July 2023: 645

17 August 2023: 892

12 September 2023: 344

22 December 2023: 344

 

Due to the presence of hurdles and different priorities upon distribution, a Monte Carlo model was used in the valuation of the share-based payment. The valuation results are based upon available information which has been derived from available market data for estimating the expected risk-free rate, dividend history and expected volatility. Entitlement to growth shares requires ongoing employment to the date of qualification.

The following assumptions have been used to value the shares:

 

Expected life: 4 years

Expected volatility: 37.86%

Expected dividend yield: 0%

Risk-free rate: 4.775%

 

The assumptions used to value the share participation are the best estimates of management at the date the award is granted and should reflect the conditions expected to exist over the life of the award.

 

 

 



 

UNIHOMES AND BILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
15,470
38,675
15,470
38,675
Ordinary B of £1 each
23,205
-
23,205
-
Ordinary C of 1p each
2,225
-
22
-
40,900
38,675
38,697
38,675
21
Financial commitments, guarantees and contingent liabilities

The Company's bankers hold an Unlimited Multilateral Guarantee and debenture between the following group companies: Unihomes Group Limited, Unihomes and Bills Limited, STB2 Limited and Student Trading Limited.

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
140,380
140,380
Between two and five years
233,609
364,176
373,989
504,556
23
Related party transactions

The company has taken advantage of the exemption provided by FRS 102 from the requirement to report transactions with other group companies that are 100% subsidiaries of the parent company UniHomes Group Limited. The group and LDC (Managers) Ltd are related parties because the private equity funds LDC (Managers) Ltd own a controlling interest in the parent company UniHomes Group Limited.

 

During the period the following transactions took place between UniHomes and Bills Limited and LDC (Managers) Ltd: Expenditure of £144,758.

24
Ultimate controlling party

The parent company is Unihomes Group Limited, registered office Floor 6, 1 New Era Square, Sheffield, England, S2 4RB

In the opinion of the directors there is not a single ultimate controlling party under normal operating matters. In certain rare prescribed events, A shareholders would be able to effect control.

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