Utilec Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03293722 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

UTILEC PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C P O Gargan

P F J McDonnell

M A Ratcliffe

SECRETARY:

P F J McDonnell

REGISTERED OFFICE:

Patcham Place London Road

Patcham

Brighton

BN1 8YD

REGISTERED NUMBER:

03293722 (England and Wales)

ACCOUNTANTS:

Ashdown Hurrey

Chartered Accountants & Business Advisers

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

FIXED ASSETS

Tangible assets

4

-

Investment property

5

1,631,301

1,577,199

1,631,301

1,577,199

CURRENT ASSETS

Debtors

6

5,000

6,320

Cash at bank

9,177

14,987

14,177

21,307

CREDITORS

Amounts falling due within one year

7

840,218

769,789

NET CURRENT LIABILITIES

(826,041

)

(748,482

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

805,260

828,717

CREDITORS

Amounts falling due after more than one
year

8

(350,080

)

(384,563

)

PROVISIONS FOR LIABILITIES

(32,500

)

(32,500

)

NET ASSETS

422,680

411,654

CAPITAL AND RESERVES

Called up share capital

3

Revaluation reserve

438,352

Retained earnings

(15,675

)

(26,701

)

SHAREHOLDERS' FUNDS

422,680

411,654

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

C P O Gargan - Director

1.	STATUTORY INFORMATION

Utilec Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have made an assessment about the company's ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents amounts receivable by the company in respect of rent receivable during the year. Turnover is exempt from Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% straight line on the cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

COST

At 1 June 2024

and 31 May 2025

7,300

15,308

2,671

25,279

DEPRECIATION

At 1 June 2024

and 31 May 2025

7,300

15,308

2,671

25,279

NET BOOK VALUE

At 31 May 2025

-

At 31 May 2024

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2024

1,577,200

Additions

54,101

At 31 May 2025

1,631,301

NET BOOK VALUE

At 31 May 2025

1,631,301

At 31 May 2024

1,577,200

Fair value at 31 May 2025 is represented by:

£

Valuation in 2001

580,313

Valuation in 2009

(149,828

)

Valuation in 2010

(50,000

)

Valuation in 2016

(60,000

)

Valuation in 2018

75,000

Valuation in 2019

85,000

Cost

1,150,816

1,631,301

If investment property had not been revalued it would have been included at the following historical cost:

31.5.25

31.5.24

£

Cost

1,150,814

1,096,713

Investment property was valued on an open market basis on 31 May 2025 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

Other debtors

5,000

6,320

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

Bank loans

71,589

72,711

Tax

24,671

24,612

Other creditors

314,616

172,031

Directors' current accounts

422,142

470,942

Deferred income

-

22,233

Accrued expenses

7,200

7,260

840,218

769,789

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.25

31.5.24

£

Bank loans - 1-2 years

72,610

Bank loans - 2-5 years

221,548

Bank loans more 5 yr by instal

55,922

90,405

350,080

384,563

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

55,922

90,405

9.	RELATED PARTY DISCLOSURES

At the year end the company owed the directors £422,142 (2024: £470,942). The loan is interest free and payable on demand.

Included within other creditors is £290,837.71 (2024: £148,251) due to entities under common control. These loans are interest free and repayable on demand.