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Registered number: 09271364
Propco Developments (Lamby Way) Limited
Financial Statements
For The Year Ended 30 June 2025
Propco Developments (Lamby Way) Limited
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—7

Page 1
Propco Developments (Lamby Way) Limited
Balance Sheet
As At 30 June 2025
Balance Sheet
Registered number: 09271364

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | - |  | 545,000
|  |  | - |  | 545,000
CURRENT ASSETS
Debtors | 5 | 510,967 |  | 15,067 |
Cash at bank and in hand |  | 109,588 |  | 67,566 |
|  | 620,555 |  | 82,633 |
Creditors: Amounts Falling Due Within One Year | 6 | (123,223 ) |  | (95,813 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 497,332 |  | (13,180 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 497,332 |  | 531,820
PROVISIONS FOR LIABILITIES
Deferred Taxation | 7 |  | - |  | (36,250 )
NET ASSETS |  |  | 497,332 |  | 495,570
CAPITAL AND RESERVES
Called up share capital | 8 |  | 100 |  | 100
Fair value reserve |  |  | - |  | 108,750
Profit and Loss Account |  |  | 497,232 |  | 386,720
SHAREHOLDERS' FUNDS |  |  | 497,332 |  | 495,570

Page 1
Page 2
Propco Developments (Lamby Way) Limited
Balance Sheet (continued)
As At 30 June 2025
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Mr J T Coombs Director
19 March 2026

The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Propco Developments (Lamby Way) Limited
Notes to the Financial Statements
For The Year Ended 30 June 2025
Notes to the Financial Statements
1. General Information
Propco Developments (Lamby Way) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09271364 . The registered office is Unit 22 Waterside Business Park, Lamby Way, Cardiff, CF3 2ET.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Rental Income
Rent is recognised when it falls due and is measured on amounts agreed in the tenancy lease agreement.
Income from works and services
During the year, the company undertook works in connection with preparing and letting of a property not owned by the company. Income arising from such works or services is recognised when the work has been performed and the significant risks and rewards have transferred to the customer, or by reference to the stage of completion where appropriate.
Where income relates to short-term or one-off works, revenue is recognised on completion of the work. Any income received in advance of the work being carried out is deferred and recognised as income in the period to which it relates.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Financial Instruments
Recognition
Financial instruments are recognised when the company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are offset when the company has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic Financial Assets
Basic financial assets, including trade receivables, intercompany balances, and cash at bank, are initially measured at transaction price. They are subsequently measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, in which case the asset is measured at the present value of future cash flows discounted at a market rate of interest. Financial assets receivable within one year are not amortised.
...CONTINUED
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Propco Developments (Lamby Way) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.4. Financial Instruments - continued
Other Financial Assets
Other financial assets comprise quoted equity investments, which are measured at fair value through profit or loss. Changes in fair value are recognised in profit or loss in the period in which they arise.
Impairment of Financial Assets
Financial assets, other than those measured at fair value through profit or loss, are assessed at each reporting date for objective evidence of impairment. Impairment losses are recognised in profit or loss and measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the asset’s original effective interest rate.
Derecognition of Financial Assets
Financial assets are derecognised when the contractual rights to the cash flows expire or when substantially all risks and rewards of ownership are transferred to another entity.
Basic Financial Liabilities
Basic financial liabilities, including trade payables and amounts due to group undertakings, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Liabilities payable within one year are not amortised.
Other Financial Liabilities
The company does not hold or issue derivative financial instruments.
Derecognition of Financial Liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire, are discharged or cancelled. Any resulting gain or loss is recognised in profit or loss.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Propco Developments (Lamby Way) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
- -
4. Tangible Assets

| Investment Properties
--- | ---
| £
Cost or Valuation
As at 1 July 2024 | 545,000
Disposals | (545,000 )
As at 30 June 2025 | -
Net Book Value
As at 30 June 2025 | -
As at 1 July 2024 | 545,000

The investment properties were sold during the year.
5. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | - |  | 4,100
Other debtors | 10,967 |  | 10,967
Amounts owed by group undertakings | 500,000 |  | -
| 510,967 |  | 15,067

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Propco Developments (Lamby Way) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
6. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other taxes and social security | 36,884 |  | 9,474
Accruals and deferred income | 3,300 |  | 3,300
Directors' loan accounts | 26,000 |  | 26,000
Amounts owed to related parties | 57,039 |  | 57,039
| 123,223 |  | 95,813

The company granted fixed and floating charges over land and property at Lamby Way, Cardiff and other company assets in favour of the Development Bank of Wales on 8 July 2020.
7. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Revaluation of investment properties | - |  | 36,250

8. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
100 Ordinary Shares of £ 1.00 each | 100 |  | 100

9. Post Balance Sheet Events
1. On 1 July 2025, the assets and liabilities of the Company’s immediate parent, UTC Holdings Limited, which owns 60% of the Company’s issued share capital, were transferred to its own immediate parent, UTC Group Limited, as part of a group reorganisation.
UTC Holdings Limited ceased trading following the transfer and UTC Group Limited became the new immediate parent of the Company from that date.
2. On 19 August 2025, the company purchased Unit 16, Waterside Business Park, Lamby Way, Cardiff for £190,000 from Propco Developments Limited. Propco Developments Limited is a related party, as it is controlled by the spouse of J T Coombs, director of this entity who is also a director of Propco Developments Limited.
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Propco Developments (Lamby Way) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
10. Related Party Transactions
BECT Building Contractors Limited
During the year the company advanced a loan of £500,000 to its fellow subsidiary under common control, BECT Building Contractors Limited which remained outstanding at 30 June 2025.
Interest is charged at 1.9% per annum.
The loan is repayable on demand.
Self-Invested Pension Plan
During the year, the company sold two properties, representing all of the company’s property assets, to a Self-Invested Personal Pension (“SIPP”). One of the beneficiaries of this SIPP is a director of the company, and the other three beneficiaries are directors of the ultimate parent company UTC Investment Limited. Total consideration amounted to £545,000, comprising of Unit 20 £275,000 and Unit 21 £270,000. The transactions were carried out on normal commercial terms and the consideration for each property reflected market value. No amounts were outstanding at 30 June 2025 in respect of these transactions.
UTC Holdings Limited
A loan of £57,000 had been previously provided by UTC Holdings Limited. This loan remained outstanding at 30 June 2025. On 1 July 2025 the assets and liabilities of UTC Holdings Limited were transferred to UTC Group Limited.
11. Controlling Party
During the reporting period the company was controlled by UTC Holdings Limited, a company situated in the United Kingdom who owns 60% of the issued share capital.
Until 18 November 2024 the directors regarded UTC Group Limited, a company registered in the United Kingdom as the group's ultimate parent. The address of the registered office is Unit 22 Waterside Business Park, Lamby Way, Cardiff CF3 2ET. The ultimate controlling parties are J T & S Coombs, N A & Z Holmes, J D & R Pugh.
On 18 November 2024 UTC Investments Limited acquired the entire share capital of UTC Group Limited. The address of the registered office is Unit 22 Waterside Business Park, Lamby Way, Cardiff CF3 2ET. The ultimate controlling parties continue to be J T & S Coombs, N A & Z Holmes, J D & R Pugh.
12. Audit Information
The auditor's report on the accounts of Propco Developments (Lamby Way) Limited for the year ended 30 June 2025 was unqualified.
The auditor's report was signed by Timothy Robinson BSc FCA (Senior Statutory Auditor) for and on behalf of CHP Accountants Limited , Statutory Auditor.

CHP Accountants Limited Clifton House Four Elms Road Cardiff CF24 1LE

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