0 01/07/2023 30/06/2024 2024-06-30 false false false false true false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-07-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11646232 2023-07-01 2024-06-30 11646232 2024-06-30 11646232 2023-06-30 11646232 2022-07-01 2023-06-30 11646232 2023-06-30 11646232 2022-06-30 11646232 core:Subsidiary1 2023-07-01 2024-06-30 11646232 core:Subsidiary2 2023-07-01 2024-06-30 11646232 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 11646232 bus:LeadAgentIfApplicable 2023-07-01 2024-06-30 11646232 bus:Director1 2023-07-01 2024-06-30 11646232 core:WithinOneYear 2024-06-30 11646232 core:WithinOneYear 2023-06-30 11646232 core:ShareCapital 2024-06-30 11646232 core:ShareCapital 2023-06-30 11646232 core:RetainedEarningsAccumulatedLosses 2024-06-30 11646232 core:RetainedEarningsAccumulatedLosses 2023-06-30 11646232 bus:OrdinaryShareClass1 core:ShareCapital 2024-06-30 11646232 bus:OrdinaryShareClass1 core:ShareCapital 2023-06-30 11646232 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 11646232 core:Non-currentFinancialInstruments 2024-06-30 11646232 core:Non-currentFinancialInstruments 2023-06-30 11646232 bus:SmallEntities 2023-07-01 2024-06-30 11646232 bus:Audited 2023-07-01 2024-06-30 11646232 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11646232 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11646232 bus:FullAccounts 2023-07-01 2024-06-30
Company registration number: 11646232
UTC Holdings Limited
Filleted financial statements
30 June 2024
UTC Holdings Limited
Contents
Directors responsibilities statement
Balance sheet
Notes to the financial statements
UTC Holdings 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.
UTC Holdings Limited
Balance sheet
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 5 3,065,270 3,065,270
_______ _______
3,065,270 3,065,270
Current assets
Debtors 6 66,950 61,431
Cash at bank and in hand 26,474 35,366
_______ _______
93,424 96,797
Creditors: amounts falling due
within one year 7 ( 3,055,836) ( 3,055,836)
_______ _______
Net current liabilities ( 2,962,412) ( 2,959,039)
_______ _______
Total assets less current liabilities 102,858 106,231
_______ _______
Net assets 102,858 106,231
_______ _______
Capital and reserves
Called up share capital 8 200 200
Profit and loss account 102,658 106,031
_______ _______
Shareholders funds 102,858 106,231
_______ _______
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: 11646232
UTC Holdings 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 England and Wales. 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 measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being 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.
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. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 July 2023 and 30 June 2024 3,065,270 3,065,270
_______ _______
Impairment
At 1 July 2023 and 30 June 2024 - -
_______ _______
Carrying amount
At 30 June 2024 3,065,270 3,065,270
_______ _______
At 30 June 2023 3,065,270 3,065,270
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Propco Developments (Lamby Way) Limited Unit 22 Waterside Business Park, Cardiff CF3 2ET Ordinary 60
BECT Building Contractors Limited Unit 22 Waterside Business Park, Cardiff CF3 2ET Ordinary 100
6. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 64,020 57,000
Other debtors 2,930 4,431
_______ _______
66,950 61,431
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,052,536 3,052,536
Other creditors 3,300 3,300
_______ _______
3,055,836 3,055,836
_______ _______
The company's bankers, Barclays Bank PLC hold a fixed and floating charge over all property or undertaking of the company, together with a cross guarantee and debenture with the subsidiary company BECT Building Contractors Limited.
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary Class shares of £ 1.00 each 200 200 200 200
_______ _______ _______ _______
9. 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
10. 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
£ £ £ £
Propco Developments (Lamby Way) Limited - - 57,000 57,000
UTC Group Limited 7,020 - 7,020 -
BECT Building Contractors Limited - - ( 3,052,536) ( 3,052,536)
_______ _______ _______ _______
11. Controlling party
The whole of the issued share capital is owned by UTC Group Limited. The ultimate controlling parties of UTC Group Limited are J T & S Coombs, N A & Z Holmes and J D & R Pugh. On 18 November 2024 UTC Investments Limited acquired the entire share capital of UTC Group Limited. The ultimate controlling parties of UTC Investments Limited are J T & S Coombs, N A & Z Holmes and J D & R Pugh.