41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 232
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
NOTES TO THE FINANCIAL STATEMENTS continued
Section 5: Working capital continued
5.5 Provisions continued
Management have performed a sensitivity analysis to assess the impact of a change in their estimate of total costs. A 20%
increase in the estimated remaining costs would affect net valuation gains/losses on property in the IFRS P&L and would
reduce the Group’s NTA by 3.0 pence on a Unite share basis. Whilst provisions are expected to be utilised within two years,
there is uncertainty over this timing.
The Group has recognised provisions for the cost of these cladding works as follows:
Gross
£m
Wholly
owned
Unite Share
£m
USAF
LSAV
Total
Wholly
owned
USAF
LSAV
Total
At 31 December 2020
15.7
50.0
14.2
79.9
15.7
11.0
7.1
33.8
Additions
18.0
23.4
0.5
41.9
18.0
5.1
0.3
23.4
(0.2)
(17.1)
(12.5)
(29.8)
(0.2)
(3.8)
(6.3)
(10.3)
33.5
56.3
2.2
92.0
33.5
12.3
1.1
46.9
11.4
14.9
28.2
(1.9)
(19.4)
Utilisation
At 31 December 2021
Additions
1.9
40.1
29.8
71.8
Utilisation
(5.9)
(40.8)
(3.8)
(50.5)
Changes in ownership %
At 31 December 2022
1.9
(65.9)
(11.5)
–
–
–
–
–
3.5
–
3.5
29.5
55.6
28.2
113.3
29.5
15.6
14.1
59.2
5.6 Transactions with other Group companies
During the year, the Company entered into various interest-free, repayable on demand loans with its subsidiaries, the
aggregate of which are disclosed in the cash flow statement. In addition, the Company was charged by Unite Integrated
Solutions plc for corporate costs of £4.5 million (2021: £4.1 million). As a result of these intercompany transactions, the
following amounts were due from/to the Company’s subsidiaries at the year-end.
2022
£m
2021
£m
Unite Holdings Limited
131.1
135.1
LDC (Holdings) Limited
1,072.3
937.7
873.5
855.5
Liberty Living Group plc
Amounts due from Group undertakings
2,076.9
1,928.3
Unite Integrated Solutions plc
70.3
38.0
Amounts due to Group undertakings
70.3
38.0
The Company has had a number of transactions with its joint ventures, which are disclosed in note 3.4c.
