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Registered number: 04938684
UBT (EU) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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UBT (EU) LTD
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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UBT (EU) LTD
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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UBT (EU) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the Strategic Report of UBT (EU) Ltd for the year ended 31 December 2024.
The principal activities of the company during the period were the sale of goods and the supply of services in the areas of, primarily, business advisory, business supplier rebates, insurance brokerage, telecoms resellers, booking and management of flights and information technology sales.
The company made a profit for the year of £1,572,558 (31 December 2023: £74,269).
Further details of the company financial results are demonstrated in the Financial Key Performance Indicators below.
Development and performance
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Sales achieved during the year as a company totaled £107,845,877, which represented a strong performance continuing the positive position achieved the previous year, whereby sales achieved were £103,949,357. The primary reason for the increase is due to an increase in turnover in Business advisory of just over £2.7 Million year on year. In addition the sales of IT equipment and services increased by just over £1.5 Million from 2023.
Profit for the year totaled £1,572,558. This was after the payments of charitable donations of £22,200,050 in the financial year. In effect, profit for the year excluding charitable donations was therefore £23,772,608. This represented a strong performance in the year following on from the previous year whereby profits after tax of £74,269 were achieved. Profit for the year in 2023, excluding charitable donations, was £27,877,308. In addition, management have continued their emphasis on managing costs.
It is pleasing to note that Shareholder's funds have increased from £2,061,615 at the end of December 2023 to £3,634,173 at the end of 2024. It indicates a strong position and reserves to assist with its future goals.
Principal risks and uncertainties
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Due to the nature of its business, the company is exposed to a number of key risks which are aligned with those in the general economic environment. The Directors review the activities of the company on a regular basis to ensure that the level of risk to which the company is exposed is maintained at a low level. More details on Risk are available in the Financial Instruments section of the Directors' Report.
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UBT (EU) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators
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The company's key performance indicators centre on achieving maximum sales and profits. The company is managed on a departmental basis with key personnel appointed in positions to supervise the running of each department. Each department head is then tasked with focusing on achieving agreed sales and profit targets.
Sales achieved during the year as a company totaled £107,845,877, against a budgeted target of just over/under £94 Million which represented a strong performance continuing the positive position achieved the previous year, whereby sales achieved were £103,949,357 against a target of just under £80 Million.
Profit for the year excluding charitable donations was £23,772,608. This was against a target for 2024 of £25.7 Million. The primary reason was due to higher than expected inflationary factors affecting overhead costs right across the business.
In addition, management have continued their emphasis on managing costs.
Other key performance indicators
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Net Promoter Score (NPS) is a common metric used in customer experience programs. An NPS score measures customer loyalty by looking at their likelihood of recommending a given business.
We start with asking customers each week 'On a scale of 0-10, how satisfied were you with your experience from Customer Care?'
• A score between 0-6 is classed as detractors -A customer not happy with UBT
• Between 7-8 are classed as passives - A neutral customer
• Between 9-10 are classed as promoters - A loyal customer
To calculate the Net Promoter Score, you subtract the percentage of detractors from the percentage of promoters, divided by the total number of responses, x 100 to get a percentage (The percentage of passives is not used in the Net Promoter Score formula.)
For the year of 2024 the NPS target was 78 and the company result was 81.5. This was an excellent result for the year and much higher than the industry standard of 53.7.
Employee Net Promoter Score (eNPS)
The Employee Net Promoter Score, or eNPS, is a tool used to measure the likelihood our employees are to recommend an organisation as a good place to work.
At UBT, eNPS is tracked using the Office Vibe platform, an independent and anonymous survey tool.
Why is eNPS so important?:
• Strong eNPS = happy employees = happy customers = good for business
• Greater retention, means less disruption
• Better access to great talent
• Put in that extra effort to achieve individual objectives
• The eNPS gives an accurate indication of employee experience throughout our entire organisation
The target for 2024 is to achieve a rating of > 60% based on survey questions posed on OfficeVibe on a scale of 0-10 (0% representing a negative opinion of employees and 100% being a positive opinion of employees). As at the end of December 2024 we achieved 67% which exceeded the goals set with the aim to continue improving into 2025. A score of 50-70% is considered 'Excellent' in the industry.
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UBT (EU) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
From the perspective of the board, the matters that it is responsible for considering under Section 172 (I) of the Companies Act 2006 ('s172') have been considered to an appropriate extent by the board. As required by s172 of the Companies Act, a Director of a company must act in the way he or she considers, in good faith, would likely promote the success of the company for the benefit of shareholders, whilst also considering the impact of such decisions on the wider stakeholder group. We have placed as a high goal to be collaborative with all stakeholder groups including customers, investors, employees, suppliers and regulators, listening to feedback and being open to change. In doing so, the board has had regard, amongst others, to the following issues:
• Likely consequences of any decisions in the long term;
• Interests of the company's employees;
• Need to foster the company's business relationships with suppliers/customers and others;
• Impact of the company's operations on the community and environment;
• Reputation for high standards of business conduct; and
• The need to act fairly as between members of the company.
Likely consequences of any decisions in long term
The Directors' Report and Strategic Report sets out the company's performance for the year and the impact of principal risks which the company faces in the future. The Directors meet regularly to discuss decisions both in short term and long term, taking into account these risks. The consequences of these decisions are evaluated based on risk profile to ensure only viable opportunities are taken on.
Interests of the Company's employees
The board considers our employees to be our greatest asset and the interests of our employees are always taken into consideration in the decisions that are made. Each month we conduct employee satisfaction surveys to obtain the views of our employees and then act on the feedback given. It is important that their views are heard and respected so that we can work more effectively as a team. The Company is committed to being a responsible employer and aims to provide its employees with a safe and professional working environment. Employees are central to the long-term success of the Company, and investment is made in their training to enable them to develop and grow their skills and keep motivated.
Need to foster the company's business relationships with suppliers/customers and others
For our business to succeed we need to maintain strong client relationships. Each customer has a dedicated account manager and point of contact to ensure the highest standard of service is provided on all our sales. Our customer services team work diligently to ensure prompt responses to customer queries. The company has undertaken to rename our teams to put the title 'Customer First' before each area to emphasise the importance of customer relationships.
Our purchasing team interact with all our suppliers on a regular basis to maintain a robust supply chain and therefore allow for positive trading relationships. We always aim to have a fair working relationship with our suppliers and ensure that payments are made as agreed under the trading terms of the Company so that the trust in our business relationship is high.
Impact of the company's operations on the community and environment
The Company takes its responsibility within the community and wider environment seriously. The environmental impact of the Company's operations is being considered on a regular basis with the aim to reduce the levels of Carbon Dioxide emissions, whilst also looking for efficiencies in distribution of goods.
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UBT (EU) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Reputation for high standards of business conduct
As part of the goals and vision for 2024 which we shared in our all-staff handbook, we stated: 'Our vision depends on us to do the right things at the right time in the right way.' We work to ensure high standards are maintained in all relationships, both internal and external. As the Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours. Where there is a need to seek advice on a particular issue, the Board will consult nominated specialist advisors to ensure that its reputation for good business conduct is maintained.
The need to act fairly as between members of the company
As the Board of Directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally. As part of our wider strategy, we are committed to openly engaging with our shareholders as we recognise the importance of continued effective dialogue across the whole group. This maintains high corporate governance standards and ensures we maximise returns to enable achievement of our objectives and aims.
This report was approved by the board and signed on its behalf.
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UBT (EU) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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; 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 to 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.
The profit for the year, after taxation, amounted to £1,572,558 (2023 - £74,269).
No dividends were paid in 2024. Dividends of £Nil were paid in 2023.
Donations totalling £22,200,050 were made in 2024 (2023: £27,803,039).
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UBT (EU) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The following summarises the company's identified forms of financial and risk management policies:
• Price risk - Prices of goods and services purchased are subject to contracts with suppliers based on existing market prices generally. Payroll cost charges are subject to the annual salary review process.
• Credit risk - the company ensures that the vetting process for customers is robust and adhered to, including credit checking where necessary. Trade debtors are closely monitored on an ongoing basis, reducing the exposure to minimal levels. Trade debtors are contacted frequently by the company's credit control team to ensure any issues are flagged up immediately.
• Liquidity and cash flow risk - The directors regularly review the company's performance and cash flow, together with forecasts, buying and stock requirements. They consider the company has adequate headroom for the foreseeable future, ensuring adequate reserves are in place at all times.
The directors have a risk management policy which encompasses:
• Monthly review of risks faced by the company which is reviewed by the legal team and management prior to submission to the directors to review.
• The establishment of systems and procedures across the business to mitigate those risks identified, and,
• The implementation of procedures designed to minimise any potential impact on the company should those risks identified materialise.
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UBT (EU) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Energy and emissions report
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In the year we took the following actions to adopt energy efficiency and awareness of the environmental impact of energy usage:
• Continued to maintain solar panels across our main office roof which have minimised the cost of purchased electricity and the impact on the environment.
• Promoted the use of electric vehicles for employees who receive the benefit of a company vehicle and incentivising those employees who choose electric vehicles. It has resulted in an increase in the use of electric vehicles in 2024.
• Allowed hybrid working conditions, although with more time in the office than in previous years as we have emerged from Covid conditions. Also, the employee numbers have significantly increased year on year. This has led to an increase from 2023 per the Usage report below, but less than it would have been without any hybrid conditions.
• Planting of new trees, plants at main office.
The following table illustrates the energy consumption for the company for the year:
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UK energy use: petrol and diesel (litres)
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UK energy use: electricity and gas (kWh)
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Associated Greenhouse gas emissions Tonnes of CO2e equivalent
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Intensity ratio based on tonnes of CO2e per employee
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The increase in electricity and gas usage was primarily due to more time spent at work in 2024 post-covid, significant employee numbers increase and the significant additional usage at the new office at 1 Finsbury Square, London.
UK energy use covers electricity, gas, and motor vehicle fuel. Associated greenhouse gases have been calculated using the GOV.UK website at https://www.gov.uk/govemment /publications /greenhouse-gasreporting-conversion-factors-2024, whereby the usage has been converted to tonnes of CO2e using the appropriate conversion rates as stipulated.
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UBT (EU) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors who served during the year and up to the date of signing of this report were:
The company intends to continue its current activities and, where considered appropriate, will seek to expand the range of goods and services offered.
For our business to succeed we need to maintain strong business relationships with suppliers, customers and other relevant third parties. Each customer has a dedicated account manager and point of contact to ensure the highest standard of service is provided on all our sales. Our customer services team work diligently to ensure prompt responses to customer queries. The company has undertaken to rename our Office teams to put the title 'Customer First' before each area to emphasize the importance of customer relationships. In addition, we have set non-financial KPIs which are monitored on a monthly basis, particularly focusing on customer satisfaction. More detail regarding these non-financial KPIs are contained in the Strategic report.
Our purchasing team interact with all our suppliers on a regular basis to maintain a robust supply chain and therefore allow for positive trading relationships. We always aim to have a fair working relationship with our suppliers and ensure that payments are made as agreed under the trading terms of the company so that the trust in our business relationship is high.
Further details are covered in the strategic report regarding business relationships under the S172 Statement.
Matters covered in the strategic report
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Under s414C (11), the strategic report contains a fair review of the business; the principal risks and uncertainties faced by the business; and the key financial and non-financial performance indicators as considered by the Board of Directors. This information is therefore excluded from the Directors' report.
Qualifying third party indemnity provisions
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The Company maintains qualifying third-party indemnity insurance for all Directors. These insurances were in force throughout 2024 and continue in 2025.
Disclosure of information to auditors
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
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UBT (EU) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditors, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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UBT (EU) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UBT (EU) LTD
Opinion
We have audited the financial statements of UBT (EU) Ltd (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 December 2024 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.
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 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.
Other information
The other information comprises the information included in the Annual Report and financial statements, 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.
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UBT (EU) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UBT (EU) LTD
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 the 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.
Matters on which we are required to report by exception
In 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 set out on page 5, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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UBT (EU) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UBT (EU) LTD
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.
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.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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UBT (EU) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UBT (EU) LTD
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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.
Elisa Howe (Senior statutory auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
2 Chamberlain Square
Birmingham
B3 3AX
30 September 2025
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UBT (EU) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2024 (2023: £Nil).
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The notes on pages 17 to 37 form part of these financial statements.
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UBT (EU) LTD
REGISTERED NUMBER: 04938684
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 37 form part of these financial statements.
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UBT (EU) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on pages 17 to 37 form part of these financial statements.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
UBT (EU) Ltd is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of its registered office is The Precinct, Poseidon Way, Warwick, CV34 6BY. The company is registered at Companies House England and Wales. Its registered number is 04938684.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The company has taken advantage of the exemption under section 400(2) of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. The subsidiary undertakings are included within the consolidated group accounts of UBT Holdings Limited.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of UBT Holdings Ltd as at 31 December 2024 and these financial statements may be obtained from Level 51 Finsbury Square, London, EC2A 1AE.
The company has cash resources and has no requirement for external funding except where opportunities arise in the short term for returns whereby at certain times external funding may be required to take advantage of these. The Directors have reviewed the company's finances which confirm that the company has adequate cash resources to continue in operational existence for the foreseeable future. The Directors believe there are no material uncertainties that call into doubt the company's ability to continue as a going concern and the accounts have therefore been prepared on the basis that the company is a going concern.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company's functional and presentational currency is Sterling. The financial statements are rounded to the nearest £.
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Comprehensive Income.
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and/or services in the ordinary nature of the business. Turnover is shown net of Value Added Tax.
The company sells goods and services in a variety of trading activities. Turnover is recognised on despatch of the goods to the customer, or in respect of services when the delivery of services is completed. Where the company offers subscriptions to publications, this income is accounted for when the goods are supplied. The company also receives commissions and rebates from various suppliers of goods and services. This turnover is recognised in the period that the goods and services are supplied.
Insurance commission is recognised at the date of inception of the policy. The amount recognised is the total brokerage due to the company less an overall provision for unearned commission.
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Leased assets and obligations
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Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor. Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the Statement of Comprehensive Income on a straight-line basis.
All other leases are "operating leases" and the annual rentals are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
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Pensions: Defined contribution scheme
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The company operates a defined contribution scheme. Contributions are charged to the Statement of Comprehensive Income as they become payable in accordance with the rules of the scheme.
Redundancy and termination costs are accounted for on an accruals basis when the commitment to terminate a post on the grounds of redundancy has been made.
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.
Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life using the straight-line and reducing balance methods.
Depreciation is provided on the following basis:
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Over 10-15 years straight-line
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Over 3-4 years straight-line
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Over 2-3 years straight-line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.
Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairments of revalued assets, except those caused by a clear consumption of economic benefit, are recognised in the statement of comprehensive income until the carrying amount reaches depreciated historic cost. All other impairment losses are recognised in the Statement of Comprehensive Income.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Long term investments are classified as fixed assets. Short term investments are classified as current assets. Fixed asset investments are stated at cost in the company balance sheet. Unlisted investments are stated at cost. Provision is made for any impairment in the value of fixed asset investments.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Stock consists of purchased items for resale. Stocks are valued at the lower of cost and net realisable value. Cost is calculated on a first in first out basis. Net realisable value is based upon estimated selling price less further costs expected to be incurred on disposal. Provision is made for obsolete and slow-moving items where appropriate.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
Short-term creditors are measured at the transaction price.
The company only enters basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
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Assets and liabilities in relation to insurance transactions
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The company acts as agent in placing the insurance business of its clients and generally the company is not liable as principal for amounts arising from such transactions. The company is entitled to retain any investment income arising from the cash flows attributable to these transactions and has therefore included debtors, creditors and cash balances relating to insurance transactions within the assets and liabilities of the company. Debtor balances included in respect of insurance transactions are not an indication of credit risk.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The items in the financial statements where these estimates and judgments have been made include the following:
3.1 Useful economic lives of tangible fixed assets
The annual depreciation charge for the tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation, and the physical condition of the assets. See note 15 for the carrying amount of the fixed assets and note 2.15 for the useful lives for each class of assets.
3.2 Stock provisioning
It is necessary to consider the recoverability of the cost of finished goods and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 17 for the net carrying amount of the stock and associated provision.
3.3 Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 18 for the net carrying amount of the debtors and associated impairment provision.
3.4 Investments in subsidiaries and associated companies
Investments in subsidiaries and associated companies are stated at cost less accumulated impairment losses in the Company's balance sheet. Investments in subsidiaries are subject to impairment reviews based on whether current or future events and circumstances suggest that their recoverable amount may be less than their carrying value. Management have determined that no impairment is required in the current year.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The whole of turnover is attributable to the principal activities of the company. The principal activity of the company is the sale of goods and the supply of services in a variety of trading activities.
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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During the year, the company made charitable donations of £22,200,050 to various registered charities in the UK. The breakdown of these donations paid were as follows
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National Assistance Fund (Charity Reg. No. 1181336)
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The Grace Trust (Charity Reg. No. 257516)
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Insurance claims receivable
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The operating profit is stated after charging/(crediting):
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Depreciation of owned assets
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Operating lease rentals - land and buildings
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Operating lease rentals - other
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Loss on disposal of fixed assets
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During the year, the Company obtained the following services from the Company's auditors and their associates:
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Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
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Fees payable to the Company's auditors and their associates in respect of:
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All non-audit services not included above
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Staff costs, including Directors' remuneration, were as follows:
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Redundancy and settlement costs
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The average monthly number of employees, including the Directors, during the year was as follows:
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Contributions to money purchase pension plan
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Sums paid to third parties for directors' services
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During the year no directors (2023: none) were accruing benefits under pension plans by which money purchase benefits will be calculated.
During the year no directors (2023: none) had awards receivable / received under long term incentive schemes.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The emoluments of the highest paid director included above was:
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Aggregate emoluments (excluding pension contributions)
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Contributions to money purchase pension plan
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In addition, the highest paid director had accrued pension benefits of £Nil (2023: £Nil) and accrued lump sum of £Nil (2023: £Nil) under defined benefit pension plans.
The highest paid director had no awards receivable / received under long term incentive schemes.
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Key management remuneration
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Remuneration paid to key management
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Interest payable and similar expenses
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Current tax on profits for the year
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Expenses not deductible for tax purposes
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Exempt ABGH distributions
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Adjustments to tax charge in respect of prior periods
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Adjustments to tax charge in respect of prior periods - deferred tax
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Movement in deferred tax not recognised
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Total tax charge for the year
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Taxation (continued)
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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The goodwill was generated on the acquisition of the trade and assets of Milburn Insurance Brokers (a division of Towergate Underwriting on 1 November 2020).
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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Investments in associates
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Transfer between classes on purchase of controlling stake
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The transfer between classes on purchase of controlling stake relates to the holding of shares in UBT Accounts Ltd. At the beginning of the year UBT (EU) Limited held 45% of the shares in UBT Accountants Ltd and then purchased a further 10% on 28 November 2024 giving them a controlling stake.
During the year the Company disposed of its investments in the following subsidiaries:
• Academy Schoolwear (Int.) Limited.
• NOA (UK) Limited.
• UBT (VINE) Ltd.
• Insignia Enterprises (Europe) Limited.
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The following were subsidiary undertakings of the Company:
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The Precinct, 1 Finsbury Square, London, EC2A 1AE
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The Precinct, Poseidon Way, Warwick, CV34 6BY
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Office administrative services
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The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Stocks are stated after provisions for impairment of £7,768 (2023: £Nil).
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Prepayments and accrued income
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Insurance premiums receivable
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Trade debtors are stated after provision for impairment of £65,726 (2023: £106,377).
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Cash and cash equivalents
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Amounts owed to group undertakings
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Accruals and sundry creditors
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Insurance premiums payable
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Other loans due within one year are unsecured. Interest is charged on the loans and ranges from the Bank of England base rate of 5.25% to the base rate plus 1%.
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Creditors: Amounts falling due after more than one year
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Other loans due after more than one year are unsecured. Interest is charged on the loans and ranges from the Bank of England base rate of 5.25% to the base rate plus 1%.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-5 years
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Financial assets measured at fair value through the Statement of Comprehensive Income
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Financial assets measured at amortised cost through the Statement of Comprehensive Income
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Financial liabilities measured at amortised cost through the Statement of Comprehensive Income
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Financial assets measured at fair value through the Statement of Comprehensive Income comprise cash at bank and in hand.
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Financial assets measured at amortised cost through the Statement of Comprehensive Income comprise trade debtors and other debtors.
Financial liabilities measured at amortised cost through the Statement of Comprehensive Income comprise trade creditors, amounts owed to group undertakings, other loans and other creditors.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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202 (2023 - 202) Ordinary shares of £1.00 each
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All shares issued are non-redeemable and rank equally in terms of (a) voting rights (one vote for each share) (b) rights to participate in all approved dividend distributions and (c) rights to participate in any capital distribution on winding up.
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Profit and loss account
Includes all current and prior year retained profits and losses.
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to £406,551 (2023: £348,286).
Contributions outstanding at year end amounted to £76,983 (2023: £124,237).
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Later than 1 year and not later than 5 years
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At 31 December 2024 the Company had a minimum spend target with a supplier of £4,300,000 for the period of 1 August 2024 to 1 August 2026. If the Company does not meet this minimum spend target, they are required under the terms of the agreement to make up the shortfall of the actual amount spent compared to the target spend.
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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The company has taken advantage of the exemptions available under FRS 102 S33.1A and has not disclosed transactions with wholly owned group companies.
Loans
Included in 'Other loans' in Notes 20 and 21 is a loan of £950,000 (2023: £1,500,000) owing to Stephen Turner. He is a director and shareholder of both UBT Rockbridge Limited and UBT Gateway Limited. The companies are trustees of the ultimate parent undertaking of UBT, UBT Corporate Discretionary Trust.
Also Included in 'Other loans' in Note 20 is a loan of £Nil (2023: £1,000,000) owing to Atwood Properties Limited Luke Robertson is a director of both Atwood Properties Limited and UBT (EU) Ltd.
Also included in 'Other loans' in Notes 20 and 21 is a loan of £450,000 (2023: £Nil) owing to The Tradelink International Group Limited. Peter Wheatcroft is a director of both The Tradelink International Group Limited and UBT (EU) Ltd.
Also included in 'Other loans' in Note 20 is a loan of £1,000,000 (2023: £Nil) owing to Stand By Fire Protection Limited. Neil Hardwick is a director of both Stand By Fire Protection Limited and UBT (EU) Ltd.
Group companies not 100% owned
During the year, the Company made sales of £318,849 (2023: £26,365) to and purchases of £173,774 (2023: £140,748) from UBT Accountants Ltd, a company under UBT (EU) Limited's control. At the year end the Company was due £65,022 (2023: £16,699) from and owed £62,940 (2023:£4,455) to UBT Accountants Ltd.
Directors and companies with mutual directors
During the year the Directors of the Company have purchased goods and services totaling £9,656 (2023: £58,822) from and sold goods and services of £1,076 (2023: £228,444) to UBT (EU) Ltd in their ordinary course of business. Included in trade debtors at 31 December 2024 are amounts owing of £155 by the Directors (2023: £93). Included in trade creditors at 31 December 2024 are amounts owed of £4,058 to the Directors (2023: £10,002).
During the year companies with mutual directors have purchased goods and services totaling £622,660 (2023: £627,205) from and sold goods and services of £2,855,344 (2023: £260,865) to UBT (EU) Ltd in their ordinary course of business. Included in trade debtors at 31 December 2024 are amounts owing of £99,799 (2023: £62,439). Included in trade creditors at 31 December 2024 are amounts owed of £27,237 to the Directors (2023: £3,840).
Directors and shareholders of the trustee companies of the ultimate parent
During the year the directors and shareholders of the trustee companies of the ultimate parent have purchased goods and services totaling £288,262 (2023: £52,553) from and sold goods and services of £Nil (2023: £14,314) to UBT (EU) Ltd in their ordinary course of business. Included in trade debtors at 31 December 2024 are amounts owing of £120,007 by the Directors (2023: £72). Included in trade creditors at 31 December 2024 are amounts owed of £Nil to the Directors (2023: £2,000).
Directors of the immediate parent company
During the year the directors of the immediate parent company have purchased goods and services totaling £603,205 (2023: £737,723) from and sold goods and services of £20,367 (2023: £10,727) to UBT (EU) Ltd in their ordinary course of business. Included in trade debtors at 31 December 2024 are amounts owing of £114,837 by the Directors (2023: £97,340). Included in trade creditors at 31 December 2024 are amounts owed of £1,673 to the Directors (2023: £1,003).
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UBT (EU) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The company's immediate parent undertaking is UBT Holdings Limited, by virtue of its 100% ownership of the issued share capital. Its registered office is The Precinct, 1 Finsbury Square, London, England, EC2A 1AE.
The ultimate parent undertaking is UBT Corporate Discretionary Trust, a trust registered in the United Kingdom..
The highest level at which consolidated accounts are prepared and published is for UBT Holdings Ltd and these accounts are available from the company's registered office address, Level 5, 1 Finsbury Square, London, United Kingdom, EC2A 1AE.
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