UDigital Holdings Ltd Filleted accounts for Companies House (small and micro)

UDIGITAL (HOLDINGS) LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 04202330

UDIGITAL HOLDINGS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2019

UDIGITAL HOLDINGS LTD

STATEMENT OF FINANCIAL POSITION

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	4		–	295,000

Current assets

Debtors	5	164,000		962,239
		----------		----------
Net current assets			164,000	962,239
			----------	-------------
Total assets less current liabilities			164,000	1,257,239
			----------	-------------

Capital and reserves

Called up share capital		37,509	37,509
Capital redemption reserve	6	29,365	29,365
Profit and loss account	6	97,126	1,190,365
		----------	-------------
Shareholders funds		164,000	1,257,239
		----------	-------------

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 December 2019 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 .

These financial statements were approved by the board of directors and authorised for issue on 12 March 2020 , and are signed on behalf of the board by:

Mr T D Keoshgerian
Director

Company registration number: 04202330

UDIGITAL HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.

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.

Going concern

No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the director.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2019	1,169,588
Disposals	( 1,169,588)
	-------------
At 31 December 2019	–
	-------------
Impairment
At 1 January 2019	874,588
Transfers	( 874,588)
	-------------
At 31 December 2019	–
	-------------

Carrying amount
At 31 December 2019	–
	-------------
At 31 December 2018	295,000
	-------------

As at 31.12.19 the company disposed of its 25% shareholding in Peleman Industries Ltd.

5. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	842,238
Other debtors	164,000	120,001
	----------	----------
	164,000	962,239
	----------	----------

6. Reserves

On 31 December 2017 the company passed a special resolution for the share premium account to be cancelled. This was supported by a solvency statement made in accordance with S641(1)(a) of the Companies Act 2006.3

7. Related party transactions

As at 31 December 2019 the company was owed £ Nil(2018: £842,238) by parent company UDigital Ltd.

8. Controlling party

The company is under the immediate control of UDigital Limited.