Company registration number 07227157 (England and Wales)
UMI COMMERCIAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
UMI COMMERCIAL LIMITED
COMPANY INFORMATION
Directors
N Clark
S J P Goon
S McCreedy
J Cuthbertson
(Appointed 1 May 2025)
Secretary
B A Tindale
Company number
07227157
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 COMMERCIAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 20
UMI COMMERCIAL 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 Company 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 company profit for the year was £342,382 (2024 - £151,335).
Company net assets grew to £7,169,108 (2024 - £6,826,725).
Value of funds invested through the UMi Community Fund £194,849 (2024 - £153,203).
Company cash at reporting date was £2,369,252 (2024 - £2,330,808).
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 COMMERCIAL 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 company'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 COMMERCIAL 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 final 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 14 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:
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 company 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 company and of 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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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 COMMERCIAL 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 company’s auditor 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 company’s auditor is aware of that information.
Going concern
The company has considerable financial resources and, as a consequence, the directors believe that the company 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 COMMERCIAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UMI COMMERCIAL LIMITED
- 5 -
Opinion
We have audited the financial statements of UMi Commercial Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 March 2025 and of its 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 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 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 COMMERCIAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UMI COMMERCIAL LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
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 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, 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 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 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 legal costs incurred; 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 COMMERCIAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UMI COMMERCIAL LIMITED (CONTINUED)
- 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 COMMERCIAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
5,037,569
4,772,813
Cost of sales
(447,484)
(285,266)
Gross profit
4,590,085
4,487,547
Administrative expenses
(4,307,749)
(4,266,818)
Exceptional item
4
(130,633)
Operating profit
5
282,336
90,096
Interest receivable and similar income
60,046
61,239
Profit before taxation
342,382
151,335
Tax on profit
8
Profit for the financial year
342,382
151,335
The profit and loss account has been prepared on the basis that all operations are continuing operations.
UMI COMMERCIAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Profit for the year
342,382
151,335
Other comprehensive income
-
-
Total comprehensive income for the year
342,382
151,335
UMI COMMERCIAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
2,360,277
2,427,695
Current assets
Debtors
10
3,898,267
3,616,245
Cash at bank and in hand
2,369,252
2,330,808
6,267,519
5,947,053
Creditors: amounts falling due within one year
11
(1,458,688)
(1,548,022)
Net current assets
4,808,831
4,399,031
Net assets
7,169,108
6,826,726
Capital and reserves
Called up share capital
13
1
1
Profit and loss reserves
14
7,169,107
6,826,725
Total equity
7,169,108
6,826,726
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 07227157 (England and Wales)
UMI COMMERCIAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
1
6,722,105
6,722,106
Year ended 31 March 2024:
Profit and total comprehensive income
-
151,335
151,335
Payment to Employee Ownership Trust
14
-
(46,715)
(46,715)
Balance at 31 March 2024
1
6,826,725
6,826,726
Year ended 31 March 2025:
Profit and total comprehensive income
-
342,382
342,382
Balance at 31 March 2025
1
7,169,107
7,169,108
UMI COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information
UMi Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is Navigators Point, Belmont Business Park, Durham, DH1 1TW.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’: Interest income/expense and net gains/losses for financial instruments not measured at fair value;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of UMi Holdings Limited. These consolidated financial statements are available from its registered office, Navigators Point, Belmont Business Park, Durham, England, DH1 1TW.
1.2
Going concern
The company has considerable financial resources and, as a consequence, the directors believe that the company 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.true
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.
1.3
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.
UMI COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.4
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 credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company 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).
1.6
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
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 company 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 company 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 company’s contractual obligations expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company 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 company.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
UMI COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.10
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 leases asset are consumed.
1.11
It is the policy of the company that payments made to the fixed beneficiaries of the EOT are treated as equity payments via other distributions. These other distributions are recognised once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
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 company 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 £2,360,277 (2024 - £2,427,695).
UMI COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Provision of services
5,037,569
4,772,813
2025
2024
£
£
Other revenue
Interest income
60,046
61,239
Turnover wholly arose within 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:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,058
19,325
Depreciation of owned tangible fixed assets
99,071
80,998
Loss on disposal of tangible fixed assets
456
-
Operating lease charges
17,620
71,123
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Direct
44
63
Indirect
41
29
Direct and indirect employees
85
92
UMI COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
3,390,313
3,855,397
Social security costs
260,936
192,760
Pension costs
358,935
317,468
4,090,296
4,424,229
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
384,441
580,014
Company pension contributions to defined contribution schemes
115,082
122,768
499,523
702,782
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 5).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
118,541
218,458
Company pension contributions to defined contribution schemes
38,432
59,459
UMI COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
8
Taxation
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
342,382
151,335
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
85,596
37,834
Tax effect of expenses that are not deductible in determining taxable profit
11,843
Unutilised tax losses carried forward
(98,129)
(62,481)
Group relief
12,533
12,804
Taxation charge for the year
-
-
9
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 April 2024
2,393,966
3,975
28,026
254,257
2,680,224
Additions
4,325
27,783
32,108
Disposals
(27,410)
(109,950)
(137,360)
At 31 March 2025
2,393,966
3,975
4,941
172,090
2,574,972
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
772
45,687
99,071
Eliminated in respect of disposals
(27,410)
(109,495)
(136,905)
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
52,190
2,360,277
At 31 March 2024
2,355,104
1,590
452
70,549
2,427,695
UMI COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
711,240
529,798
Amounts owed by group undertakings
2,940,899
2,672,360
Other debtors
11,360
23,189
Prepayments and accrued income
234,768
390,898
3,898,267
3,616,245
11
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
69,731
88,327
Amounts owed to group undertakings
880,386
960,783
Taxation and social security
248,405
200,397
Other creditors
41,275
7,821
Accruals and deferred income
218,891
290,694
1,458,688
1,548,022
12
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
358,935
317,468
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company 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.
13
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
UMI COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
14
Profit and loss reserves
Following a purchase of own shares on 22 December 2016, the parent company, UMi Holdings Limited, 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 company 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.
15
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2025
2024
£
£
Within 1 year
4,163
4,106
Years 2-5
9,063
10,486
13,226
14,592
As lessor
2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
53,438
45,313
Years 2-5
22,917
76,354
76,355
121,667
16
Ultimate controlling party
The company's ultimate parent undertaking is UMi Holdings Limited, a company incorporated in England & Wales and its registered office is Navigators Point, Belmont Business Park, Durham, England, DH1 1TW. The directors do not consider there to be an overall controlling party.
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