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REGISTERED NUMBER: 03220770 (England and Wales)















UMT Holdings Ltd

Report of the Director and

Consolidated Financial Statements For The Year Ended 31 December 2024






UMT Holdings Ltd (Registered number: 03220770)






Contents of the Consolidated Financial Statements
For The Year Ended 31 December 2024




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Consolidated Profit and Loss Account 5

Consolidated Balance Sheet 6

Company Balance Sheet 7

Notes to the Consolidated Financial Statements 8


UMT Holdings Ltd

Company Information
For The Year Ended 31 December 2024







DIRECTOR: H Myrene





SECRETARY: Oakwood Corporate Secretary Limited





REGISTERED OFFICE: Unit 2 Phoenix Riverside
Sheffield Road
ROTHERHAM
South Yorkshire
S60 1FL





REGISTERED NUMBER: 03220770 (England and Wales)





AUDITORS: Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

UMT Holdings Ltd (Registered number: 03220770)

Report of the Director
For The Year Ended 31 December 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continues to be the provision of industrial control and automation solutions. This includes the design, development, and integration of process control systems, safety systems, and SCADA/PLC solutions for a wide range of industries, including Oil & Gas, Energy, Nuclear, and Renewables.

DIVIDENDS
The directors do not recommend the payment of a final dividend.

DIRECTOR
H Myrene held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

SMALL COMPANY EXEMPTIONS
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





H Myrene - Director


13 March 2025

Report of the Independent Auditors to the Members of
UMT Holdings Ltd

Opinion
We have audited the financial statements of UMT Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet and 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's 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.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report.

Report of the Independent Auditors to the Members of
UMT Holdings Ltd


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management around actual and potential litigation and claims and fraud;
- Reviewing minutes of meetings of management;
- Reviewing financial statement disclosures and to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including review of nominal ledger transactions and other adjustments for appropriateness and evaluating the business rationale of any significant transactions outside the normal course of business;
- Reviewing accounting estimates for bias, in particular management assumptions and judgements in respect of contract accounting.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Mark Garrison BCom FCA DChA (Senior Statutory Auditor)
for and on behalf of Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

21 March 2025

UMT Holdings Ltd (Registered number: 03220770)

Consolidated
Profit and Loss Account
For The Year Ended 31 December 2024

2024 2023
£    £    £    £   

TURNOVER 3,952,594 2,673,311

Cost of sales 2,590,916 1,674,680
GROSS PROFIT 1,361,678 998,631

Distribution costs 680,362 666,271
Administrative expenses 491,468 547,370
1,171,830 1,213,641
OPERATING PROFIT/(LOSS) 189,848 (215,010 )


Interest payable and similar expenses - 10,438
PROFIT/(LOSS) BEFORE TAXATION 189,848 (225,448 )

Tax on profit/(loss) (46,358 ) 37,584
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 236,206 (263,032 )

Profit/(loss) attributable to:
Owners of the parent 236,206 (263,032 )

UMT Holdings Ltd (Registered number: 03220770)

Consolidated Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 6,986 7,339
Investments 7 - -
6,986 7,339

CURRENT ASSETS
Stocks 14,875 14,875
Debtors 8 1,285,556 407,545
Cash at bank 213,465 64,959
1,513,896 487,379
CREDITORS
Amounts falling due within one year 9 1,456,251 666,293
NET CURRENT ASSETS/(LIABILITIES) 57,645 (178,914 )
TOTAL ASSETS LESS CURRENT LIABILITIES 64,631 (171,575 )

CAPITAL AND RESERVES
Called up share capital 10 433,416 433,416
Share premium 11 450,000 450,000
Retained earnings 11 (818,785 ) (1,054,991 )
SHAREHOLDERS' FUNDS 64,631 (171,575 )

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

The financial statements were approved by the director and authorised for issue on 13 March 2025 and were signed by:





H Myrene - Director


UMT Holdings Ltd (Registered number: 03220770)

Company Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 - -
Investments 7 1,014,142 1,014,142
1,014,142 1,014,142
TOTAL ASSETS LESS CURRENT LIABILITIES 1,014,142 1,014,142

CAPITAL AND RESERVES
Called up share capital 10 433,416 433,416
Share premium 11 450,000 450,000
Retained earnings 11 130,726 130,726
SHAREHOLDERS' FUNDS 1,014,142 1,014,142

Company's profit for the financial year - -

The financial statements were approved by the director and authorised for issue on 13 March 2025 and were signed by:





H Myrene - Director


UMT Holdings Ltd (Registered number: 03220770)

Notes to the Consolidated Financial Statements
For The Year Ended 31 December 2024

1. STATUTORY INFORMATION

UMT Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

As shown in the profit and loss account, the company has generated a profit in the year. Cetix maintains a healthy project backlog and has received a good level of orders to date. On this basis management retains confidence in the forecast profit for the next year and the company's ability to continue trading profitably hence to meet its liabilities as they fall due. For these reasons management remains confident that the going concern basis continues to be appropriate.

Basis of consolidation
These financial statements include the results of the company and its trading subsidiary. Transactions between group companies have been eliminated.

Turnover
Turnover represents income derived from long term contracts net of VAT.

Long term contracts
Turnover represents the proportion of contract value applicable to the activity in the year, ascertained by reference to actual costs. The related costs are matched with this turnover, resulting in the reporting of attributable profit proportionate to the contract activity. Where the outcome of a contract cannot be foreseen with reasonable certainty but no loss is expected, profit is estimated at zero. All known or anticipated losses are provided for in full as soon as they are foreseen.

Estimates of total contract costs and revenues are reviewed periodically, and the cumulative effects of changes are recognised in the period in which they are identified.

Revenues recognised in excess of amounts billed are classified as amounts recoverable on contracts and included in debtors. Amounts billed in excess of revenues recognised to date are included as payments on account in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 20% on cost and 10% on cost

Where there are indicators of potential impairment of a fixed asset, the value of that asset is determined by reference to its market value and/or its value in use as appropriate. If the outcome of this impairment review is that the asset is impaired, additional depreciation is charged to reduced its net book value to the value determined in the review.

Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors and creditors are measured at amounts expected to be received or paid less any amounts relating to future periods.


UMT Holdings Ltd (Registered number: 03220770)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in subsidiaries are valued at cost less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 28 ) .

4. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


UMT Holdings Ltd (Registered number: 03220770)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2024

5. INTANGIBLE FIXED ASSETS

Group
Development
costs
£   
COST
At 1 January 2024
and 31 December 2024 8,549
AMORTISATION
At 1 January 2024
and 31 December 2024 8,549
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

6. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2024 - 362,279 362,279
Additions 3,330 571 3,901
At 31 December 2024 3,330 362,850 366,180
DEPRECIATION
At 1 January 2024 - 354,940 354,940
Charge for year 307 3,947 4,254
At 31 December 2024 307 358,887 359,194
NET BOOK VALUE
At 31 December 2024 3,023 3,963 6,986
At 31 December 2023 - 7,339 7,339

UMT Holdings Ltd (Registered number: 03220770)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2024

7. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 1,014,142
NET BOOK VALUE
At 31 December 2024 1,014,142
At 31 December 2023 1,014,142

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Cetix Limited
Registered office: Same as the parent company
Nature of business: Safety systems
%
Class of shares: holding
Ordinary 100.00


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 907,264 160,057
Amounts recoverable on long term contracts 226,084 147,431
Other debtors 92,678 86,885
Deferred tax asset 59,530 13,172
1,285,556 407,545

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Payments on account 715,055 335,290
Trade creditors 571,301 212,695
Social security and other taxes 103,522 66,793
Other creditors 66,373 51,515
1,456,251 666,293

UMT Holdings Ltd (Registered number: 03220770)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 31 December 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
433,416 Ordinary £1 433,416 433,416

11. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 (1,054,991 ) 450,000 (604,991 )
Profit for the year 236,206 236,206
At 31 December 2024 (818,785 ) 450,000 (368,785 )

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 130,726 450,000 580,726
Profit for the year - -
At 31 December 2024 130,726 450,000 580,726


12. ULTIMATE PARENT COMPANY

The immediate and ultimate parent undertaking and controlling party is Ulstein Marine Technology AS., incorporated in Norway. Consolidated accounts are available from Ulstein Marine Technology AS, Stalhaugen 5, 6065 Ulsteinvik, Norway.

13. TOTAL FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENCIES

The total of any financial commitments, guarantees and contingencies not included in the balance sheet is £320,187 (2023: £383,563).