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Registered number: 03052147
United Optical Industries Limited
Unaudited
Directors' Report and Financial Statements
For the year ended 31 October 2019
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United Optical Industries Limited
Company Information
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Gravelly Industrial Estate
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Hurst Accountants Limited
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United Optical Industries Limited
Contents
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Notes to the financial statements
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United Optical Industries Limited
Directors' Report
For the year ended 31 October 2019
The directors present their report and the financial statements for the year ended 31 October 2019.
The directors who served during the year were:
Post balance sheet events
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Subsequent to the year-end, the directors have restructured the Company's balance sheet. Amounts owed to group undertakings totalling £9,766,177 have been waived by respective parties, and the Company has waived amounts owed by group undertakings totalling £5,600,000. Additionally, other creditors and accruals totalling £26,850 have been released to profit and loss.
On 12 December 2019, the Company reduced its share capital. In accordance with section 642 of the Companies Act 2006, 27,868,334 Ordinary shares of £0.10 each, £5,641,647 to the credit of the share premium account and £4,000 standing to the credit of the capital redemption reserve were all cancelled. The reserve arising from the cancellation of the Ordinary shares, share premium account and the capital redemption reserve has been treated as a distributable reserve. Following the transaction, the Company has share capital of £1 and a deficit on the profit and loss account of £1.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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A Fewkes
Director
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United Optical Industries Limited
Profit and Loss Account
For the year ended 31 October 2019
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Profit for the financial year
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The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.
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The notes on pages 4 to 7 form part of these financial statements.
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United Optical Industries Limited
Registered number: 03052147
Balance Sheet
As at 31 October 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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For the year ended 31 October 2019 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.
Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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A Fewkes
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The notes on pages 4 to 7 form part of these financial statements.
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United Optical Industries Limited
Notes to the Financial Statements
For the year ended 31 October 2019
United Optical Industries Limited is a prviate company limited by share capital incorporated in England and Wales. The address of the registered office and principal place of business is Unit 4, Gravelly Industrial Estate, Birmingham, B24 8HZ. The nature of the company's operation and principal activity is that of a dormant company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company is dependent on continuing support from Seebeck 136 Limited and that company's other subsidiary undertakings. The directors have confirmed support for the foreseeable future and therefore believe that it is appropriate to prepare the financial statements on a going concern basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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United Optical Industries Limited
Notes to the Financial Statements
For the year ended 31 October 2019
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including the directors, during the year was as follows:
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There were no employees in the current or preceding year, other than the directors. The directors did not receive any emoluments in either the current or preceding year.
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United Optical Industries Limited
Notes to the Financial Statements
For the year ended 31 October 2019
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Investments in subsidiary companies
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The Company holds 100% of the Ordinary share capital of E Bittner Limited. The subsidiary undertaking's registered office is Unit 4, Gravelly Industrial Estate, Birmingham, B24 8HZ.
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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United Optical Industries Limited
Notes to the Financial Statements
For the year ended 31 October 2019
The company is a member of the group banking arrangement and has given an unlimited cross corporate guarantee for bank overdraft facilities to its group companies.
At 31 October 2019, the group has an HM Customs duty deferment guarantee of £100,000 (2018 - £100,000).
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Post balance sheet events
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Subsequent to the year-end, the directors have restructured the Company's balance sheet. Amounts owed to group undertakings totalling £9,766,177 have been waived by respective parties, and the Company has waived amounts owed by group undertakings totalling £5,600,000. Additionally, other creditors and accruals totalling £26,850 have been released to profit and loss.
On 12 December 2019, the Company reduced its share capital. In accordance with section 642 of the Companies Act 2006, 27,868,334 Ordinary shares of £0.10 each, £5,641,647 to the credit of the share premium account and £4,000 standing to the credit of the capital redemption reserve were all cancelled. The reserve arising from the cancellation of the Ordinary shares, share premium account and the capital redemption reserve has been treated as a distributable reserve. Following the transaction, the Company has share capital of £1 and a deficit on the profit and loss account of £1.
Seebeck 136 Limited is the parent of the smallest group for which consolidated financial statements are drawn up of which the company is a member.
The registered office of Seebeck 136 Limited is Unit 4 Gravelly Industrial Estate, Birmingham, B24 8HZ.
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