Company Registration No. 06936290 (England and Wales)
UNITEL DIRECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
UNITEL DIRECT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
UNITEL DIRECT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
30,759
29,630
Current assets
Debtors
5
27,254
32,943
Cash at bank and in hand
607,248
504,658
634,502
537,601
Creditors: amounts falling due within one year
6
(340,790)
(287,375)
Net current assets
293,712
250,226
Total assets less current liabilities
324,471
279,856
Creditors: amounts falling due after more than one year
7
(164,261)
-
Provisions for liabilities
-
(4,798)
Net assets
160,210
275,058
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
160,209
275,057
Total equity
160,210
275,058
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
UNITEL DIRECT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 September 2018
Mr C Wilkinson
Director
Company Registration No. 06936290
UNITEL DIRECT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2016
1
321,708
321,709
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
35,097
35,097
Dividends
-
(81,749)
(81,749)
Balance at 31 March 2017
1
275,057
275,058
Year ended 31 March 2018:
Loss and total comprehensive income for the year
-
(30,848)
(30,848)
Dividends
-
(84,000)
(84,000)
Balance at 31 March 2018
1
160,209
160,210
UNITEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
1
Accounting policies
Company information
Unitel Direct Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Wynyard Park House, Wynyard Avenue, Wynyard, TS22 5TB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% reducing balance
1.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are
recorded at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
recognised at transaction price.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
UNITEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits
.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised
.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Exceptional costs/(income)
2018
2017
£
£
Profit/(loss) on disposal of operations
98,598
-
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 55 (2017 - 45).
UNITEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
53,367
Additions
5,647
At 31 March 2018
59,014
Depreciation and impairment
At 1 April 2017
23,736
Depreciation charged in the year
4,519
At 31 March 2018
28,255
Carrying amount
At 31 March 2018
30,759
At 31 March 2017
29,630
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts due from related undertakings
190
190
Other debtors
25,339
32,753
25,529
32,943
Deferred tax asset
1,725
-
27,254
32,943
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
31,041
-
Trade creditors
90,650
72,896
Corporation tax
158
10,374
Other taxation and social security
110,374
95,229
Other creditors
108,567
108,876
340,790
287,375
UNITEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
164,261
-
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1
1
1
1
1
9
Director's transactions
Dividends totalling £84,000 (2017 - £81,749) were paid in the year in respect of shares held by the company's director.
During the year the company paid for the rent of premises owned by Mr C Wilkinson, the director, totalling £6,600 (201
7
- £6,600).