Company registration number 06936290 (England and Wales)
UNITEL DIRECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
178,554
44,746
Current assets
Debtors
5
899,630
307,849
Cash at bank and in hand
319,804
1,420,975
1,219,434
1,728,824
Creditors: amounts falling due within one year
6
(957,718)
(808,808)
Net current assets
261,716
920,016
Total assets less current liabilities
440,270
964,762
Creditors: amounts falling due after more than one year
7
(399,452)
(589,929)
Provisions for liabilities
(8,501)
Net assets
40,818
366,332
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
40,817
366,331
Total equity
40,818
366,332
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 2023 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.
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.
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 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 October 2023
Mr C Wilkinson
Director
Company Registration No. 06936290
UNITEL DIRECT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
1
682,025
682,026
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(98,294)
(98,294)
Dividends
-
(217,400)
(217,400)
Balance at 31 March 2022
1
366,331
366,332
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(325,514)
(325,514)
Balance at 31 March 2023
1
40,817
40,818
UNITEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 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, United Kingdom, 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 amounts 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:
Land and buildings Leasehold
2% straight line
Fixtures, fittings and equipment
15% reducing balance
1.4
Cash and cash equivalents
Cash and cash equivalents 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 transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
UNITEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
UNITEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
87
80
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
104,313
104,313
Additions
136,778
5,895
142,673
At 31 March 2023
136,778
110,208
246,986
Depreciation and impairment
At 1 April 2022
59,567
59,567
Depreciation charged in the year
1,411
7,454
8,865
At 31 March 2023
1,411
67,021
68,432
Carrying amount
At 31 March 2023
135,367
43,187
178,554
At 31 March 2022
44,746
44,746
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
124,750
17,024
Amounts due from related undertakings
218,427
216,277
Other debtors
459,030
74,548
802,207
307,849
Amounts falling due after more than one year:
Deferred tax asset
97,423
Total debtors
899,630
307,849
UNITEL DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
250,909
289,715
Trade creditors
138,876
98,544
Corporation tax
107,726
Other taxation and social security
264,323
225,587
Other creditors
195,884
194,962
957,718
808,808
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
399,452
589,929
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1
1
1
1
1
9
Director's transactions
Dividends totalling £0 (2022 - £217,400) were paid in the year in respect of shares held by the company's director.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr C Wilkinson - Loan
2.00
(209)
398,089
3,308
(82,000)
319,188
(209)
398,089
3,308
(82,000)
319,188
During the current year the company paid for the rent of premises owned by Mr C Wilkinson, the director, totalling £8,600 (2022 - £0.)