U.T. Properties Limited Company Accounts

U.T. PROPERTIES LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-02-01 Sage Accounts Production Advanced 2017 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP SC143386 2016-02-01 2017-01-31 SC143386 2017-01-31 SC143386 2016-01-31 SC143386 2016-01-31 SC143386 bus:Director1 2016-02-01 2017-01-31 SC143386 core:LandBuildings 2017-01-31 SC143386 core:LandBuildings 2016-02-01 2017-01-31 SC143386 core:WithinOneYear 2017-01-31 SC143386 core:WithinOneYear 2016-01-31 SC143386 core:ShareCapital 2017-01-31 SC143386 core:ShareCapital 2016-01-31 SC143386 core:RetainedEarningsAccumulatedLosses 2017-01-31 SC143386 core:RetainedEarningsAccumulatedLosses 2016-01-31 SC143386 core:LandBuildings 2016-01-31 SC143386 core:LandBuildings 2016-01-31 SC143386 bus:FRS102 2016-02-01 2017-01-31 SC143386 bus:AuditExempt-NoAccountantsReport 2016-02-01 2017-01-31 SC143386 bus:FullAccounts 2016-02-01 2017-01-31 SC143386 bus:SmallCompaniesRegimeForAccounts 2016-02-01 2017-01-31 SC143386 bus:PrivateLimitedCompanyLtd 2016-02-01 2017-01-31

COMPANY REGISTRATION NUMBER: SC143386

U.T. Properties Limited

Filleted Unaudited Financial Statements

For the year ended

31 January 2017

U.T. Properties Limited

Financial Statements

Year ended 31 January 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

U.T. Properties Limited

Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		906,000	617,457

Current assets

Debtors	5	278,430	157,804
Cash at bank and in hand		67	272
		---------	---------
		278,497	158,076

Creditors: amounts falling due within one year	6	72,435		10,891
		---------		---------
Net current assets			206,062	147,185
			------------	---------
Total assets less current liabilities			1,112,062	764,642

Provisions

Taxation including deferred tax	62,791	–
	------------	---------
Net assets	1,049,271	764,642
	------------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,049,269	764,640
	------------	---------
Members funds	1,049,271	764,642
	------------	---------

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 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 2017 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 2017

These financial statements were approved by the board of directors and authorised for issue on 26 October 2017 , 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 2017

1. General information

The company is a private company limited by shares, registered in . 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 the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

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:

	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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost or valuation
At 1 February 2016	617,457	1,928	619,385
Additions	18,243	–	18,243
Disposals	( 76,284)	–	( 76,284)
Revaluations	346,584	–	346,584
	---------	-------	---------
At 31 January 2017	906,000	1,928	907,928
	---------	-------	---------
Depreciation
At 1 Feb 2016 and 31 Jan 2017	–	1,928	1,928
	---------	-------	---------
Carrying amount
At 31 January 2017	906,000	–	906,000
	---------	-------	---------
At 31 January 2016	617,457	–	617,457
	---------	-------	---------

Tangible assets held at valuation

Of the total property in the accounts, £906,000 (2016: nil) is included at valuation and £nill (2016: £617,457) is at cost.

5. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	269,281	157,204
Other debtors	9,149	600
	---------	---------
	278,430	157,804
	---------	---------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	3,600	4,800
Corporation tax	–	109
Social security and other taxes	2,100	1,969
Other creditors	66,735	4,013
	--------	--------
	72,435	10,891
	--------	--------

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. Related party transactions

Control: The company was under the control of A.L. Miller throughout the current and previous year. A.L. Miller is the managing director. Transactions: During the year the company received management services, in the normal course of business, from Utilities (Scotland) Limited, the parent company, for £93,735 (2016: £30,000). The balance owed by Utilities (Scotland) Limited amounted to £269,281 at 31 January 2017 (2016: owed by Utilities (Scotland) Limited £157,204.

8. Controlling party

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

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

No transitional adjustments were required in equity or profit or loss for the year.