U.T. Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC143386

U.T. Properties Limited

Filleted Unaudited Financial Statements

For the year ended

31 January 2025

U.T. Properties Limited

Statement of Financial Position

31 January 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	4	1,237,350	1,252,396

Current assets

Debtors	5	347,903	327,109
Cash at bank and in hand		4	71
		---------	---------
		347,907	327,180

Creditors: amounts falling due within one year	6	306,488	143,502
		---------	---------
Net current assets		41,419	183,678
		------------	------------
Total assets less current liabilities		1,278,769	1,436,074

Creditors: amounts falling due after more than one year	7	426,173	454,073
		------------	------------
Net assets		852,596	982,001
		------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	852,594	981,999
	---------	---------
Shareholders funds	852,596	982,001
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

U.T. Properties Limited

Statement of Financial Position (continued)

31 January 2025

These financial statements were approved by the board of directors and authorised for issue on 28 October 2025 , and are signed on behalf of the board by:

A.L. Miller
Director

Company registration number: SC143386

U.T. Properties Limited

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 53 Bothwell Street, Glasgow, G2 6TB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is an agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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

Office Equipment	-	10% straight line
Motor Vehicle	-	20% straight line
Equipment	-	33% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Investment Properties	Total
	£	£	£	£	£
Cost
At 1 February 2024 and 31 January 2025	29,167	60,645	1,928	1,180,546	1,272,286
	--------	--------	-------	------------	------------
Depreciation
At 1 February 2024	5,833	12,129	1,928	–	19,890
Charge for the year	2,917	12,129	–	–	15,046
	--------	--------	-------	------------	------------
At 31 January 2025	8,750	24,258	1,928	–	34,936
	--------	--------	-------	------------	------------
Carrying amount
At 31 January 2025	20,417	36,387	–	1,180,546	1,237,350
	--------	--------	-------	------------	------------
At 31 January 2024	23,334	48,516	–	1,180,546	1,252,396
	--------	--------	-------	------------	------------

Tangible assets held at valuation

The investment properties were valued by the Director.

5. Debtors

	2025	2024
	£	£
Other debtors	347,903	327,109
	---------	---------

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	13,580	4,500
Trade creditors	3,419	3,302
Amounts owed to group undertakings and undertakings in which the company has a participating interest	221,374	92,904
Corporation tax	9,984	475
Social security and other taxes	4,520	4,460
Other creditors	53,611	37,861
	---------	---------
	306,488	143,502
	---------	---------

Bank loans and overdrafts are secured over the assets of the company by way of a bond and floating charge and standard security over an investment property held.

7. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	414,318	434,621
Other creditors	11,855	19,452
	---------	---------
	426,173	454,073
	---------	---------

The bank loan is secured over the property.

8. Related party transactions

Transactions: During the year the company received management services, in the normal course of business, from Utilities (Scotland) Limited, the parent company, for £ 25,000 (2024: £ 25,000 ). During the year the company paid a dividend of £ 150,000 to Utilities (Scotland) Ltd. The balance owed to Utilities (Scotland) Limited amounted to £ 221,374 at 31 January 2025 (2024: £ 92,904 ).

9. Controlling party

The company's ultimate parent undertaking throughout the current and previous year was Utilities (Scotland) Limited , a company incorporated in Scotland.