Company registration number 06969972 (England and Wales)
UMI HOLDINGS LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
UMI HOLDINGS LIMITED
COMPANY INFORMATION
Directors
S M Allen
N Clark
S J P Goon
S McCreedy
J Cuthbertson
(Appointed 1 May 2025)
Secretary
B A Tindale
Company number
06969972
Registered office
Navigators Point
Belmont Business Park
Durham
DH1 1TW
Auditor
Sumer Auditco Limited
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
UMI HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 26
UMI HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The directors present the strategic report for the year ended 31 March 2025.
Principal activity and review of the business
UMi makes it easier for businesses to do more and go further by taking the hard work out of accessing the best advice and funding solutions. Through its trading subsidiaries, UMi provides support to individuals just starting out through to owner-managers in the most established businesses, manages grant and loan funds, and delivers an on-demand service through its “Sat Nav” product. By the year ending 31 March 2025, UMi had supported over 675,000 businesses who have benefitted from over £320m in investment, which has leveraged over £660m in private sector investment and facilitated over £200m in contract wins.
Review of the business
The Group results for the year ended 31 March 2025, summarised below, reflect the positive financial impact of UMi’s ongoing focus on all stakeholders and our investment in people, product, and improving operational productivity.
The Group profit for the year was £397,227 (2024 - £202,267)
Group net assets grew to £5,429,384 (2024 - £5,032,157)
Value of funds invested through the UMi Community Fund £194,849 (2024 - £153,203)
Group cash at reporting date was £2,446,899 (2023 - £3,489,628)
Through its day-to-day activities, results, and approach to strategic planning, UMi continues to demonstrate its commitment to always balancing its impact on all stakeholders, not just shareholders. UMi continues to retain its B Corp certification and other key assurance models such as ISO 9001, 14001, and Cyber Essentials Plus.
Further information can be found in the Annual Impact report here: www.weareumi.co.uk/get-to-know-us/making-a-bigger-difference
Principal risks and uncertainties
UMi’s focus on the long term ensures that the risks associated with the ongoing impact of economic uncertainty and increasing costs are well managed. Investment cases are carefully considered against sensitised forecasts and the business plan for 2025–26. Effective controls are in place to ensure that the financial health of the business is maintained whilst investment continues to be made in enhancing the portfolio of services and market reach.
Key performance indicators
UMi measures success based on the following three strategic indicators:
Being a workplace where talent thrives – as evidenced by 98% of UMi’s own team rating it as a great place to work.
Long term financial health and stability. Key indicators being overall net assets in the year and ability to generate cash, which remain strong as outlined above.
The difference we make in the world around us via the services we provide but also operating with responsible business ethics – as demonstrated in our B Corp certification, investment in property, and creating an impact in local communities.
Evidence of our achievements against each of these success measures are set out in our impact report which can be found at www.weareumi.co.uk
UMI HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Future developments
In accordance with the business plan, there has been significant re-investment during the year of the Group's own cash to enhance existing services, partnerships, improve workplace experiences, and drive even greater diversity and long term profitability.
The leadership team continues to follow the 5-year route map which states that by 2028, via our own services and partnerships, we will have transformed how easy it is for over 1 million businesses to use the best advice, training, and finance so they can progress further.
N Clark
Director
13 August 2025
UMI HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
During the year the Employee Ownership Fund Directors requested that the UMi Holdings Limited Board make a distribution to fixed beneficiaries of the trust which utilised the bulk of the fund. The accrued payment of £nil (2024 - £46,715) was made and the payment is shown as a deduction from reserves under the heading 'Payment to Employee Ownership Trust'. See note 17 for further information.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S M Allen
N Clark
S J P Goon
S McCreedy
J Cuthbertson
(Appointed 1 May 2025)
Auditor
In accordance with the company's articles, a resolution proposing that Sumer Auditco Limited be reappointed as auditor of the group will be put at a General Meeting.
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 group and company, and of the profit or loss of the group 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and future developments.
UMI HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
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 auditor of the company 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 auditor of the company is aware of that information.
Going concern
The Group has considerable financial resources and, as a consequence, the directors believe that the Group is well placed to manage its business risks successfully and continue in existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of preparation for these financial statements.
As highlighted in the strategic report, the directors are aware of the risks and feel they are managed well, and are confident that the associated risks will continue to be mitigated by the balance of revenue streams in the UMi Group's portfolio.
On behalf of the board
N Clark
Director
13 August 2025
UMI HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UMI HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of UMi Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 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.
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 group and parent 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 group's and 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 directors with respect to going concern are described in the relevant sections of this report.
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:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
UMI HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UMI HOLDINGS LIMITED
- 6 -
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 their 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:
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 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 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 directors either intend to liquidate the parent 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Capability of the audit in detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
UMI HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UMI HOLDINGS LIMITED
- 7 -
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.
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.
Jonathan Archer (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
13 August 2025
UMI HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
7,032,257
5,432,862
Cost of sales
(1,019,846)
(285,266)
Gross profit
6,012,411
5,147,596
Administrative expenses
(5,672,814)
(4,875,935)
Exceptional item
4
(130,633)
Operating profit
5
339,597
141,028
Interest receivable and similar income
60,046
61,239
Interest payable and similar expenses
(324)
Profit before taxation
399,319
202,267
Tax on profit
8
(2,092)
Profit for the financial year
17
397,227
202,267
Profit for the financial year is all attributable to the owners of the parent company.
UMI HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
£
£
Profit for the year
397,227
202,267
Other comprehensive income
-
-
Total comprehensive income for the year
397,227
202,267
Total comprehensive income for the year is all attributable to the owners of the parent company.
UMI HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
2,360,278
2,427,696
Current assets
Debtors
12
1,455,914
948,646
Cash at bank and in hand
2,511,861
2,446,899
3,967,775
3,395,545
Creditors: amounts falling due within one year
13
(898,669)
(791,084)
Net current assets
3,069,106
2,604,461
Net assets
5,429,384
5,032,157
Capital and reserves
Called up share capital
16
16
16
Capital redemption reserve
17
5
5
Profit and loss reserves
17
5,429,363
5,032,136
Total equity
5,429,384
5,032,157
The financial statements were approved by the board of directors and authorised for issue on 13 August 2025 and are signed on its behalf by:
N Clark
Director
Company registration number 06969972 (England and Wales)
UMI HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
10
6,866,006
6,866,006
6,866,006
6,866,006
Current assets
Debtors
12
21
21
Creditors: amounts falling due within one year
13
(2,623,181)
(2,623,181)
Net current liabilities
(2,623,160)
(2,623,160)
Net assets
4,242,846
4,242,846
Capital and reserves
Called up share capital
16
16
16
Capital redemption reserve
17
5
5
Profit and loss reserves
17
4,242,825
4,242,825
Total equity
4,242,846
4,242,846
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2024 - £0 profit).
The financial statements were approved by the board of directors and authorised for issue on 13 August 2025 and are signed on its behalf by:
N Clark
Director
Company registration number 06969972 (England and Wales)
UMI HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
16
5
4,876,584
4,876,605
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
202,267
202,267
Payment to Employee Ownership Trust
17
-
-
(46,715)
(46,715)
Balance at 31 March 2024
16
5
5,032,136
5,032,157
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
397,227
397,227
Balance at 31 March 2025
16
5
5,429,363
5,429,384
UMI HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
16
5
4,242,825
4,242,846
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
Balance at 31 March 2024
16
5
4,242,825
4,242,846
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
Balance at 31 March 2025
16
5
4,242,825
4,242,846
UMI HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
19
(19,778)
(33,237)
Interest paid
(324)
Income taxes paid
(3,309)
Net cash outflow from operating activities
(23,411)
(33,237)
Investing activities
Purchase of business
69,260
-
Purchase of tangible fixed assets
(32,108)
(1,024,016)
Proceeds from disposal of tangible fixed assets
1,349
-
Interest received
60,046
61,239
Net cash generated from/(used in) investing activities
98,547
(962,777)
Financing activities
Repayment of bank loans
(10,174)
-
Payments made to EOT
-
(46,715)
Net cash used in financing activities
(10,174)
(46,715)
Net increase/(decrease) in cash and cash equivalents
64,962
(1,042,729)
Cash and cash equivalents at beginning of year
2,446,899
3,489,628
Cash and cash equivalents at end of year
2,511,861
2,446,899
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Company information
UMi Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Navigators Point, Belmont Business Park, Durham, DH1 1TW.
The group consists of UMi Holdings Limited and all of its subsidiaries.
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.
UMi Holdings Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company-only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of UMi Holdings Limited.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company UMi Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
The Group has considerable financial resources and, as a consequence, the directors believe that the Group is well placed to manage its business risks successfully and continue in existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of preparation for these financial statements.
As highlighted in the strategic report, the directors are aware of the risks and feel they are managed well, and are confident that the associated risks will continue to be mitigated by the balance of revenue streams in the UMi Group's portfolio.
1.5
Turnover
Revenue arises from services provided, including grant finance management and promotion of public events. Revenue is measured at the fair value of the consideration received or receivable and represents amounts for the sales of services in the normal course of business, net of discounts and other sales-related taxes.
Revenue relating to the management of grant funding is recognised in line with the costs incurred over the period of the contract.
For events and campaigns run by the business, revenue is recognised in the month that the event is held.
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:
Freehold land and buildings
0 - 20 years straight line
Leasehold improvements
5 years straight line
Fixtures and fittings
5 years straight line
Computers
3 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 recognised in the profit and loss account.
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. 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 group reviews the carrying amounts of its tangible 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
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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.
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.
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
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 group 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 group after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the group 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 group.
1.11
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material to the financial statements.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment in assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
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.
Determining residual values and useful economic lives of tangible fixed assets
The Group depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management.
Judgement is applied by management when determining the residual values of tangible fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life.
The carrying amount of tangible fixed assets at the reporting date was £2,360,278 (2024 - £2,427,696).
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Provision of services
7,032,257
5,432,862
2025
2024
£
£
Other revenue
Interest income
60,046
61,239
Turnover arose solely in the United Kingdom.
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional - Dilapidation costs
-
130,633
In July 2023, the company terminated the operating lease in relation to previous head office building based in Seaham. The costs noted above relate to agreed early exit fees and dilapidation costs upon exit of the lease.
5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
101,291
80,998
Loss on disposal of tangible fixed assets
212
-
Release of negative goodwill
(14,513)
-
Operating lease charges
23,105
77,004
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
25,600
22,000
For other services
All other non-audit services
6,400
5,000
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Direct
68
67
-
-
Indirect
41
29
-
-
Total
109
96
0
0
Their aggregate remuneration comprised:
Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,587,075
3,068,976
Social security costs
354,984
238,557
-
-
Pension costs
420,677
338,377
4,362,736
3,645,910
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
2,092
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Taxation
(Continued)
- 22 -
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:
2025
2024
£
£
Profit before taxation
399,319
202,267
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
99,830
50,567
Tax effect of expenses that are not deductible in determining taxable profit
4,020
11,925
Tax effect of income not taxable in determining taxable profit
(3,629)
Unutilised tax losses carried forward
(98,129)
(62,492)
Taxation charge
2,092
-
9
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 April 2024
2,393,966
3,975
28,026
254,258
2,680,225
Additions
4,325
27,783
32,108
Business combinations
839
2,487
3,326
Disposals
(28,249)
(112,437)
(140,686)
At 31 March 2025
2,393,966
3,975
4,941
172,091
2,574,973
Depreciation and impairment
At 1 April 2024
38,862
2,385
27,574
183,708
252,529
Depreciation charged in the year
51,817
795
911
47,768
101,291
Eliminated in respect of disposals
(27,549)
(111,576)
(139,125)
At 31 March 2025
90,679
3,180
936
119,900
214,695
Carrying amount
At 31 March 2025
2,303,287
795
4,005
52,191
2,360,278
At 31 March 2024
2,355,104
1,590
452
70,550
2,427,696
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
10
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
11
6,866,006
6,866,006
11
Subsidiaries
Details of the company's subsidiaries at 31 March 2025 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
UMi Commercial Limited
1
Ordinary
100.00
-
UMi Investment Limited
1
Ordinary
100.00
-
UMi Scotland Limited
2
Ordinary
100.00
-
General Partner UMi Scotland Limited
2
Ordinary
0
100.00
Innovate NE Limited
1
Sole membership
100.00
-
UMi Funding Services Limited
1
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
1
Navigators Point, Belmont Business Park, Durham, DH1 1TW
2
Atrium Business Centre, North Caldeen Road, Coatbridge, Lanarkshire, Scotland, ML5 4EF
On 1 April 2024 the Group acquired control of Innovate NE Limited, becoming the sole member.
12
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,197,842
531,256
Other debtors
11,429
23,212
21
21
Prepayments and accrued income
246,643
394,178
1,455,914
948,646
21
21
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
13
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
14
12,240
Trade creditors
230,618
88,808
Amounts owed to group undertakings
2,619,886
2,619,886
Corporation tax payable
5,387
3,295
3,295
3,295
Other taxation and social security
248,405
200,397
-
-
Other creditors
41,275
7,821
Accruals and deferred income
360,744
490,763
898,669
791,084
2,623,181
2,623,181
14
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
12,240
Payable within one year
12,240
Bank loans are secured by way of a fixed and floating legal charge over the assets of Innovate NE Limited. The loan is repayable in monthly instalments and interest is charged at commercial rates.
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
420,677
338,377
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Contributions totalling £35,135 (2024 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
16
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,500
1,500
15
15
Special share of £1 each
1
1
1
1
1,501
1,501
16
16
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Share capital
(Continued)
- 25 -
The Ordinary shares carry one vote per share and are entitled to participate in dividends.
The Special share carries no voting rights other than when a restricted resolution is proposed, and has no dividend rights. Any capital distribution is restricted to the amount paid up.
17
Reserves
Profit and loss reserves
Following a purchase of own shares on 22 December 2016, the Company is owned by the UMi Employee Ownership Trust ("EOT") as represented by its corporate trustee, UMi Employee Ownership Trustee Co Limited and is an employee owned company.
During the year the Group approved a payment, in line with policy, to the fixed beneficiaries of the EOT totalling £nil (2024 - £46,715) and the payments are shown as a deduction from reserves under the heading 'Payment to Employee Ownership Trust'.
UMi Holdings Limited does not control the EOT and so it is not included within the consolidated accounts.
Capital redemption reserve
The capital redemption reserve arose from the Company's purchase of own shares in 2016 and is not distributable.
18
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
4,163
4,106
-
-
Between two and five years
9,063
10,486
-
-
13,226
14,592
-
-
Lessor
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
53,438
45,313
-
-
Between two and five years
22,917
76,354
-
-
76,355
121,667
-
-
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
19
Cash absorbed by group operations
2025
2024
£
£
Profit for the year after tax
397,227
202,267
Adjustments for:
Taxation charged
2,092
Finance costs
324
Investment income
(60,046)
(61,239)
Loss on disposal of tangible fixed assets
212
-
Release of negative goodwill
(14,513)
-
Depreciation and impairment of tangible fixed assets
101,291
80,998
Movements in working capital:
Increase in debtors
(436,819)
(59,602)
Decrease in creditors
(9,546)
(436,550)
Cash absorbed by operations
(19,778)
(274,126)
20
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
2,446,899
64,962
2,511,861
Borrowings excluding overdrafts
-
(12,240)
(12,240)
2,446,899
52,722
2,499,621
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