Urban&Civic (Management) Limited Company accounts

COMPANY REGISTRATION NUMBER: SC149767

Urban&Civic (Management) Limited

Financial Statements

30 September 2024

Urban&Civic (Management) Limited

Financial Statements

Year ended 30 September 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	3

Independent auditor's report to the members	5

Statement of income and retained earnings	9

Statement of financial position	10

Notes to the financial statements	11

Urban&Civic (Management) Limited

Officers and Professional Advisers

The board of directors	R E Butler
	W N Hugill
	D L Wood

Company secretary	Urban&Civic (Secretaries) Limited

Registered office	4th Floor
	115 George Street
	Edinburgh
	EH2 4JN

Auditor	BDO LLP
	Chartered accountants & statutory auditor
	55 Baker Street
	London
	W1U 7EU

Urban&Civic (Management) Limited

Strategic Report

Year ended 30 September 2024

The directors present their strategic report together with the audited financial statements for the year ended 30 September 2024.

Principal activity

The principal activity of the company is the provision of management and administration services .

Review of the business

The company's results for the year and financial position are as shown in the financial statements. It is expected that the group will continue its activities and trade satisfactorily in the forthcoming year.

Key performance indicators

The key performance indicators, both financial and non-financial, disclosed in the annual report of Urban&Civic Plc, its immediate parent company during the period, are equally applicable to the Company given its activity is consistent with the aims and objectives of the wider Group.

Risks and uncertainties

All financial and non-financial risks faced by the Company are contained within those detailed in the annual report of Urban&Civic Plc, its immediate parent company during the period.

This report was approved by the board of directors on 2 April 2025 and signed on behalf of the board by:

D L Wood

Director

Registered office:

4th Floor

115 George Street

Edinburgh

EH2 4JN

Urban&Civic (Management) Limited

Directors' Report

Year ended 30 September 2024

The directors present their report and the financial statements of the company for the year ended 30 September 2024 .

Directors

The directors who served the company during the year were as follows:

R E Butler
W N Hugill
D L Wood

Dividends

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 2 April 2025 and signed on behalf of the board by:

D L Wood

Director

Registered office:

4th Floor

115 George Street

Edinburgh

EH2 4JN

Urban&Civic (Management) Limited

Independent Auditor's Report to the Members of Urban&Civic (Management) Limited

Year ended 30 September 2024

Opinion on the financial statements

In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of Urban&Civic (Management) Limited ("the company") for the year ended 30 September 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Other Companies Act 2006 reporting

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

- the information given in the Strategic report and the Directors' report for the financial period for

which the financial statements are prepared is consistent with the financial statements; and

- the Strategic and the Directors' report has been prepared in accordance with applicable legal requirements.

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 where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

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 or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors and other management (as required by auditing standards). - We had regard to laws and regulations in areas that directly affect the financial statements (including related company legislation) and taxation legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. - With the exception of any known or possible non-compliance and as required by auditing standards, our work include agreeing the financial statement disclosures to underlying supporting documentation, review of Board minutes, enquiries with management. - We communicated identified laws and regulations to our team and remained alert to any indications of non-compliance throughout the audit. Fraud We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: - Enquiry with management and those charged with governance regarding any known or suspected instances of fraud. - Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud. - Discussion amongst the engagement team as to how and where fraud might occur in the financial statements. - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Based on our risk assessment, we considered the area's most susceptible to fraud to be management override. Auditor's responsibilities for the audit of the financial statements (continued) Our procedures in respect of the above included: - Testing a sample of journal entries throughout the year, which we considered most susceptible to override, by agreeing to supporting documentation. We also communicated potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John Detweiler

(Senior Statutory Auditor)

For and on behalf of BDO LLP , statutory auditor

55 Baker Street

London

W1U 7EU

3 April 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number: OC305127).

Urban&Civic (Management) Limited

Statement of Income and Retained Earnings

Year ended 30 September 2024

		2024	2023
Note		£	£
Turnover	4	25,540,495	17,049,925

	-------------	-------------
Gross profit	25,540,495	17,049,925

Administrative expenses	( 27,019,286)	( 18,029,288)

		-------------	-------------
Operating loss	5	( 1,478,791)	( 979,363)

Other interest receivable and similar income	8	1,802	368
		-------------	-------------
Loss before taxation		( 1,476,989)	( 978,995)

Tax on loss	9	( 1,232)	( 28,379)
		------------	------------
Loss for the financial year and total comprehensive loss		( 1,478,221)	( 1,007,374)
		------------	------------

Retained earnings at the start of the year	8,981,615	9,988,989
	------------	------------
Retained earnings at the end of the year	7,503,394	8,981,615
	------------	------------

All the activities of the company are from continuing operations.

Urban&Civic (Management) Limited

Statement of Financial Position

30 September 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	10	267,166	321,768

Current assets

Debtors	11	26,187,630	18,403,393
Cash at bank and in hand		159,443	41,398
		-------------	-------------
		26,347,073	18,444,791

Creditors: amounts falling due within one year	12	( 12,541,844)	( 8,207,174)
		-------------	-------------
Net current assets		13,805,229	10,237,617
		-------------	-------------
Total assets less current liabilities		14,072,395	10,559,385

Provisions	13	( 6,269,001)	( 1,277,770)
		-------------	-------------
Net assets		7,803,394	9,281,615
		-------------	-------------

Capital and reserves

Called up share capital	16	300,000	300,000
Profit and loss account	17	7,503,394	8,981,615
		------------	------------
Shareholders' funds		7,803,394	9,281,615
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 2 April 2025 , and are signed on behalf of the board by:

D L Wood

Director

Company registration number: SC149767

Urban&Civic (Management) Limited

Notes to the Financial Statements

Year ended 30 September 2024

1. General information

The company is a private company limited by shares, registered in Scotland under the Companies Act. The address of the registered office is 4th floor, 115 George Street, Edinburgh, EH2 4JN. The principal activity of the company is the provision of management and administration services.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Urban&Civic (Management) Limited (the Company) is reliant on funding provided by Urban&Civic plc and fellow Group undertakings (the Group). Given Urban&Civic plc has provided a letter of support confirming that it shall continue to provide such support for the foreseeable future, and for a period of at least 12 months from the signing of these financial statements, the Directors consider it reasonable to rely on the continuation of this financing in making their assessment of the ability of the Company to continue as a going concern. The Directors have considered the ability of the Group to give the necessary support. Disclosures are given in the Group financial statements of Urban&Civic plc regarding its ability to continue as a going concern. Based on the Group forecasts and the assurance from Urban&Civic plc the Directors consider that the Company has adequate resources for a period in excess of 12 months from the date of approval of these financial statements and accordingly have concluded that it is appropriate for the Company to prepare its own financial statements on a going concern basis.

Disclosure exemptions

No disclosure has been given for the aggregate remuneration of key management personnel. In preparing the financial statements of this company, advantage has been taken of the following disclosure exemptions as permitted by FRS102: - the requirements of Section 7 Statement of Cash flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraph 11.39 to 11.48A; - the requirements of Section 33 Related Party Disclosures paragraph 33.7; and - the requirements of Section 33 Key Management Personnel Compensation Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Urban&Civic Plc as at 30 September 2024 and these financial statements may be obtained from Companies House.

Long-term incentive plan

Employees and Directors can be awarded discretionary LTIP awards under the plan described in the Remuneration Committee report within the Urban&Civic plc Annual Report. A provision for the LTIP is calculated at each year-end and held at fair value on the Statement of Financial Position if a reliable estimate of the company's obligation at the point of vesting can be made. Movements in the provision are recognised in the Statement of Comprehensive Income.

Judgements and key sources of estimation uncertainty

The company makes certain estimates and assumptions regarding the future. These judgements and estimates affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates are continually evaluated based on historical experience and expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. In preparing these financial statements, the directors have made the following judgements and estimates: Long-term incentive plan (LTIP) The LTIP is a cash-settled bonus scheme, the structure of which is set out in the Remuneration Committee report within the Urban&Civic plc Annual Report. The provision held for the LTIP is calculated at each year-end using a set of assumptions in respect of the Urban&Civic plc Group's forecast performance. Recoverability of amounts owed by group undertakings The Directors have considered whether amounts owed by group undertakings are recoverable. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the counterparties.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Revenue recognition

Turnover represents fees receivable for services excluding VAT in the normal course of business. Revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expenses recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company's subsidiaries operate and generate taxable income. Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred income tax is determined using tax rates and laws that have been enacted or substantially enacted by the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & Building	-	over the length of the lease
Plant & Machinery	-	straight line over twelve months
Fixtures & Fittings	-	25% straight line
Equipment	-	25% straight line

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 statement of financial position 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

Defined contribution plans

Contributions to defined contribution pension schemes are charged to the profit and loss account in the year in which they become payable.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and subsequently at amortised cost or their recoverable amount. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Company will be unable to collect all of the amounts due under the terms receivable. The amount of such a provision is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade debtors, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses. On confirmation that the trade debtor will not be collectable the gross carrying value of the asset is written off against the associated provision.

Financial liabilities

Financial liabilities including trade creditors, other creditors, accruals and amounts due to group undertakings are originally recorded at fair value and subsequently stated at amortised cost under the effective interest method.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Group management fees	25,469,647	17,049,925
Other income	70,848	–
	-------------	-------------
	25,540,495	17,049,925
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating loss

Operating loss is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	137,219	118,066
Loss on disposal of tangible assets	–	4,460
	---------	---------

Auditors' remuneration was paid by a fellow group company in both the current and prior year.

6. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Total staff	121	113
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	17,837,872	11,143,287
Social security costs	2,598,866	1,399,106
Other pension costs	1,094,780	1,049,266
	-------------	-------------
	21,531,518	13,591,659
	-------------	-------------

Included within wages and salaries is an amount of £4,128,000 (2023: £2,655,000) which has been recharged and capitalised to development projects in fellow group companies and an amount of £4,990,000 (2023: £920,000) which is the LTIP cash settled bonus scheme.

7. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	2,369,000	1,610,040
Company contributions to defined contribution pension plans	129,000	125,850
	------------	------------
	2,498,000	1,735,890
	------------	------------

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	973,000	678,960
Company contributions to defined contribution pension plans	48,000	46,870
	------------	---------
	1,021,000	725,830
	------------	---------

During the year the company paid cash in lieu of pension contributions to money purchase schemes to 2 directors (2023 - 2).

8. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	1,802	368
	-------	----

9. Tax on loss

Major components of tax expense

	2024	2023
	£	£

Deferred tax:

Origination and reversal of timing differences	1,232	28,379
	-------	--------
Tax on loss	1,232	28,379
	-------	--------

Reconciliation of tax expense

The tax assessed on the loss on ordinary activities for the year varies from the standard rate of corporation tax in the UK of 25 % (2023: 22 %).

	2024	2023
	£	£
Loss on ordinary activities before taxation	( 1,476,989)	( 978,995)
	------------	---------
Loss on ordinary activities multiplied by rate of tax	( 369,247)	( 215,379)
Adjustment to tax charge in respect of prior periods	( 1,040)	–
Effect of items not deductible for tax purposes	1,331,805	184,375
Group relief	( 900,962)	12,303
Deferred tax (credit)/charge (as above)	1,232	28,379
Tax losses and other items	( 60,556)	18,701
	------------	---------
Tax on loss	1,232	28,379
	------------	---------

10. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 October 2023	777,499	32,520	343,322	657,846	1,811,187
Additions	–	2,176	8,827	71,614	82,617
	---------	--------	---------	---------	------------
At 30 September 2024	777,499	34,696	352,149	729,460	1,893,804
	---------	--------	---------	---------	------------
Depreciation
At 1 October 2023	693,893	21,830	275,325	498,371	1,489,419
Charge for the year	19,444	11,414	30,222	76,139	137,219
	---------	--------	---------	---------	------------
At 30 September 2024	713,337	33,244	305,547	574,510	1,626,638
	---------	--------	---------	---------	------------
Carrying amount
At 30 September 2024	64,162	1,452	46,602	154,950	267,166
	---------	--------	---------	---------	------------
At 30 September 2023	83,606	10,690	67,997	159,475	321,768
	---------	--------	---------	---------	------------

11. Debtors

	2024	2023
	£	£
Trade debtors	26,472	22,773
Amounts owed by group undertakings	25,469,647	17,712,565
Prepayments and accrued income	607,041	559,981
Other debtors	84,470	108,074
	-------------	-------------
	26,187,630	18,403,393
	-------------	-------------

Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand .

12. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	507,939	370,806
Amounts owed to group undertakings	5,555,770	4,318,875
Accruals and deferred income	5,920,066	3,002,238
Social security and other taxes	417,054	420,285
Other creditors	141,015	94,970
	-------------	------------
	12,541,844	8,207,174
	-------------	------------

Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.

13. Provisions

	Deferred tax (note 14)	LTIP provision	Total
	£	£	£
At 1 October 2023	87,770	1,190,000	1,277,770
Additions	1,231	5,121,000	5,122,231
Charge against provision	–	( 131,000)	( 131,000)
	--------	------------	------------
At 30 September 2024	89,001	6,180,000	6,269,001
	--------	------------	------------

The LTIP provision relates to awards in respect of the Group’s Long-Term Incentive Plan, which is awarded to certain employees. The structure of the LTIP is described in the Remuneration Committee report in the Annual Report of Urban&Civic plc.

14. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 13)	89,001	87,770
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Unused tax losses	89,001	87,770
	--------	--------

The UK corporation tax rate increased to 25 per cent from 1 April 2023, which was substantively enacted on 24 May 2021. The Group’s deferred tax balances have been measured at 25 per cent (2023: 25 per cent), being the enacted rate of corporation tax in the UK at the balance sheet date against which the temporary differences giving rise to the deferred tax are expected to reverse.

15. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 1,094,780 (2023: £ 1,049,266 ).

16. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	300,000	300,000	300,000	300,000
	---------	---------	---------	---------

17. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

18. Related party transactions

The company has taken advantage of the exemption allowed by FRS 102 Section 33, 'Related Party Disclosures', not to disclose any transactions with entities that are included in the consolidated financial statements of Urban&Civic plc and are 100% owned.

19. Controlling party

The company's immediate parent undertaking is Urban&Civic plc, a company incorporated in Scotland. The ultimate parent undertaking of the company is the Wellcome Trust, exercising control through its corporate trustee, The Wellcome Trust Limited. The largest Group which consolidate the results of the Company are those of Urban&Civic plc. The results of Urban&Civic plc are not consolidated at a higher level. The Wellcome Trust holds a portfolio of investments, which are accounted for at fair value through profit or loss in its financial statements. Copies of the Wellcome Trust Annual Report and Financial Statements are available from Wellcome Trust's website (www.wellcome.org/news-and-reports/reports).