UNIBELL DESIGNS LIMITED Company accounts

UNIBELL DESIGNS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04764307

UNIBELL DESIGNS LIMITED

Unaudited Financial Statements

31 May 2018

UNIBELL DESIGNS LIMITED

Financial Statements

Year ended 31 May 2018

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	4

UNIBELL DESIGNS LIMITED

Directors' Report

Year ended 31 May 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2018 .

Directors

The directors who served the company during the year were as follows:

S Friedman
D Feldman

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 22 May 2019 and signed on behalf of the board by:

S Friedman

Director

Registered office:

Hallswelle House

1, Hallswelle Road

London

NW11 ODH

UNIBELL DESIGNS LIMITED

Statement of Income and Retained Earnings

Year ended 31 May 2018

	2018	2017
Note	£	£
Turnover	115,162	94,922

Cost of sales	26,541	13,323
	---------	--------
Gross profit	88,621	81,599

Administrative expenses	2,695	2,911
	--------	--------
Operating profit	85,926	78,688

Profit or loss on sale of fixed assets.		–	119,163
Interest payable and similar expenses	4	667	6,210
		--------	---------
Profit before taxation		85,259	191,641

Tax on profit	16,028	27,025
	--------	---------
Profit for the financial year and total comprehensive income	69,231	164,616
	--------	---------

Dividends paid and payable	( 60,000)	( 10,000)

Retained earnings at the start of the year	545,649	391,033
	---------	---------
Retained earnings at the end of the year	554,880	545,649
	---------	---------

All the activities of the company are from continuing operations.

UNIBELL DESIGNS LIMITED

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		1,019,653	1,019,653

Current assets

Debtors	6	336,151	337,582
Cash at bank and in hand		98,498	314,235
		---------	---------
		434,649	651,817

Creditors: amounts falling due within one year	7	899,322		1,125,721
		---------		------------
Net current liabilities			464,673	473,904
			------------	------------
Total assets less current liabilities			554,980	545,749
			---------	---------
Net assets			554,980	545,749
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	554,880	545,649
	---------	---------
Shareholders funds	554,980	545,749
	---------	---------

These financial statements have been prepared 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'.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 22 May 2019 , and are signed on behalf of the board by:

S Friedman

Director

Company registration number: 04764307

UNIBELL DESIGNS LIMITED

Notes to the Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1, Hallswelle Road, London, NW11 ODH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

Revenue recognition

The turnover shown in the profit and loss account represents rent receivable for the year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Interest payable and similar expenses

	2018	2017
	£	£
Interest on banks loans and overdrafts	451	5,852
Other interest payable and similar charges	216	358
	----	-------
	667	6,210
	----	-------

5. Tangible assets

	Freehold property	Long leasehold property	Total
	£	£	£
Cost
At 1 June 2017 and 31 May 2018	875,123	144,530	1,019,653
	---------	---------	------------
Depreciation
At 1 June 2017 and 31 May 2018	–	–	–
	---------	---------	------------
Carrying amount
At 31 May 2018	875,123	144,530	1,019,653
	---------	---------	------------
At 31 May 2017	875,123	144,530	1,019,653
	---------	---------	------------

Directors have considered the market value of the properties and concluded that no adjustments necessary since there are no significant differences between the market value and the value stated in the financial statements.

6. Debtors

	2018	2017
	£	£
Trade debtors	1,672	–
Other debtors	334,479	337,582
	---------	---------
	336,151	337,582
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	179,000
Trade creditors	6,415	2,105
Corporation tax	16,415	73,618
Other creditors	876,492	870,998
	---------	------------
	899,322	1,125,721
	---------	------------

8. Related party transactions

The company was under the control of Mrs S Friedman throughout the current and previous year. Mrs S Friedman is the managing director and a shareholder.