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Registered number: 07959064
Universal Contract Balancing Limited
Financial statements
For the Year Ended 31 December 2019
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Universal Contract Balancing Limited
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Company Information
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J D Lawrence (resigned 29 March 2019)
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D J Payne (resigned 14 May 2019)
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Douglas Road Industrial Park
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Universal Contract Balancing Limited
Registered number:07959064
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Balance Sheet
As at 31 December 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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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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2020.
___________________________
S R Fowler
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The notes on pages 2 to 5 form part of these financial statements.
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Universal Contract Balancing Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2019
Universal Contract Balancing Limited is a private company limited by shares and registered in England and Wales. The address of the registered office is given on the Company Information page. The principal activity of the company is that of contract balancing.
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 following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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Universal Contract Balancing Limited
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Notes to the Financial Statements
For the Year Ended 31 December 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 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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The average monthly number of employees, not including directors, during the year was 1 (2018 - 1).
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Universal Contract Balancing Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2019
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Financial assets measured at undiscounted amounts receivable
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Financial liabilities measured at undiscounted amounts payable
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Financial assets measured at undiscounted amounts receivable comprises trade debtors, amounts owed by group undertakings and cash at bank and in hand.
Financial liabilities measured at undiscounted amounts payable comprises trade creditors.
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Universal Contract Balancing Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2019
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Allotted, called up and fully paid
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100 (2018 - 100) Ordinary shares of £1 each
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Profit and loss account
The profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments.
The pension cost charge represents contributions payable by the company to the fund and amounted to £2,377 (2018 - £1,606). At the year end the amount of contributions outstanding was £217 (2018 - £140).
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Related party transactions
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The company has taken advantage of the exemption conferred by section 33 of Financial Reporting Standard 102 not to disclose transactions within members of the Group headed by Equilibrium Industries Limited on the grounds that 100% of the voting rights in the company are controlled within that group and the company's results are included in the group's publically available consolidated financial statements
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The immediate parent undertaking and controlling party is Equilibrium Industries Limited, a company registered in England and Wales. Group accounts are available to the public and can be obtained from 12 Douglas Road, Douglas Road Industrial Park, Kingswood, Bristol, BS15 8PD.
The ultimate parent undertaking and controlling party is Burke Porter Group Limited, a company incorporated in the British Virgin Islands. Consolidated group accounts are available to the public and can be obtained from the company's registered address, PO Box 957, Offshore Incorporations Centre, Road Town, Tortola, Britsh Virgin Islands.
The auditor's report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed on 25 March 2020 by Andrew Morris FCA (Senior Statutory Auditor) on behalf of Dains LLP.
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