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Company registration number: 09271364
Propco Developments (Lamby Way) Limited
Filleted financial statements
30 June 2024
Propco Developments (Lamby Way) Limited
Contents
Directors responsibilities statement
Balance sheet
Notes to the financial statements
Propco Developments (Lamby Way) Limited
Directors responsibilities statement
Year ended 30 June 2024
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 judgments 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.
Propco Developments (Lamby Way) Limited
Balance sheet
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 545,000 565,000
_______ _______
545,000 565,000
Current assets
Debtors 6 15,067 15,067
Cash at bank and in hand 67,566 38,847
_______ _______
82,633 53,914
Creditors: amounts falling due
within one year 7 ( 95,813) ( 95,165)
_______ _______
Net current liabilities ( 13,180) ( 41,251)
_______ _______
Total assets less current liabilities 531,820 523,749
Provisions for liabilities 8 ( 36,250) ( 41,250)
_______ _______
Net assets 495,570 482,499
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 108,750 123,750
Profit and loss account 386,720 358,649
_______ _______
Shareholders funds 495,570 482,499
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
J T Coombs
Director
Company registration number: 09271364
Propco Developments (Lamby Way) Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Unit 22 Waterside Business Park, Lamby Way, Cardiff, CF3 2ET.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Rental Income
Rent is recognised when it falls due and is measured on amounts agreed in the tenancy lease agreement.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 July 2023 565,000 565,000
Revaluation ( 20,000) ( 20,000)
_______ _______
At 30 June 2024 545,000 545,000
_______ _______
Depreciation
At 1 July 2023 and 30 June 2024 - -
_______ _______
Carrying amount
At 30 June 2024 545,000 545,000
_______ _______
At 30 June 2023 565,000 565,000
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 July 2023 565,000
Fair value adjustments ( 20,000)
_______
At 30 June 2024 545,000
_______
The investment properties were valued by the directors based on their knowledge of the property market as at 30 June 2024.
6. Debtors
2024 2023
£ £
Trade debtors 4,100 4,100
Other debtors 10,967 10,967
_______ _______
15,067 15,067
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Social security and other taxes 9,474 8,826
Other creditors 86,339 86,339
_______ _______
95,813 95,165
_______ _______
The company granted fixed and floating charges over land and property at Lamby Way, Cardiff and other company assets in favour of the Development Bank of Wales on 8 July 2020.
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 July 2023 41,250 41,250
Charges against provisions ( 5,000) ( 5,000)
_______ _______
At 30 June 2024 36,250 36,250
_______ _______
9. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 8) 36,250 41,250
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Fair value adjustment of investment property 36,250 41,250
_______ _______
10. Summary audit opinion
The auditor's report dated 27 March 2025 was unqualified.
The senior statutory auditor was Timothy Robinson BSc FCA for and on behalf of CHP Accountants Limited
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
UTC Holdings Limited - Loan - - ( 57,000) ( 57,000)
BECT Building Contractors Limited - Trade creditor - ( 2,842) - -
_______ _______ _______ _______
12. Controlling party
During the year to 30 June 2024 UTC Holdings Limited, a company incorporated in the United Kingdom, owned 60% of the issued share capital. The directors regards UTC Group Limited, a company registered in the United Kingdom as the group's ultimate parent. The address of the registered office is Unit 22 Waterside Business Park, Lamby Way, Cardiff CF3 2ET. On the 18 November 2024 UTC Investments Limited acquired the entire share capital of UTC Group Limited and became the group's ultimate parent. The registered office is at Unit 22 Waterside Business Park, Lamby Way, Cardiff, CF3 2ET.
13. Subsequent events
On the 3 and 10 of October 2024, the company completed the sale of all its investment properties for a total consideration of £545,000. The carrying value of the investment properties as at 30 June 2024 was £545,000.