Usemore (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03964991 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

Usemore (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A M Hampton

Mrs S Moir

SECRETARY:

A M Hampton

REGISTERED OFFICE:

Winterfold House

Barhatch Lane

Cranleigh

Surrey

GU6 7NH

REGISTERED NUMBER:

03964991 (England and Wales)

ACCOUNTANT:

Michael T Parker FCA

South Barn

Marches Road

Warnham

West Sussex

RH12 3SL

FIXED ASSETS

Tangible assets

4

32,410

28,440

Investments

5

164,229

165,228

196,639

193,668

CURRENT ASSETS

Stocks

208,663

191,872

Debtors

6

638,676

780,938

Cash at bank

1,470,467

677,267

2,317,806

1,650,077

CREDITORS

Amounts falling due within one year

7

178,798

180,710

NET CURRENT ASSETS

2,139,008

1,469,367

TOTAL ASSETS LESS CURRENT LIABILITIES

2,335,647

1,663,035

PROVISIONS FOR LIABILITIES

6,043

5,263

NET ASSETS

2,329,604

1,657,772

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,329,504

1,657,672

SHAREHOLDERS' FUNDS

2,329,604

1,657,772

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2020 and were signed on its behalf by:

A M Hampton - Director

1.	STATUTORY INFORMATION

Usemore (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Investment property

Leasehold Investment

The long lease was purchased 24th September 2015 and is stated at cost plus legal costs

and stamp duty. No revaluation of the property was necessary.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

118,878

Additions

12,780

At 30 September 2020

131,658

DEPRECIATION

At 1 October 2019

90,438

Charge for year

8,810

At 30 September 2020

99,248

NET BOOK VALUE

At 30 September 2020

32,410

At 30 September 2019

28,440

5.	FIXED ASSET INVESTMENTS

Leasehold Investment:

2020 2019

£ £

Flat 4, 87 Marine Parade, Brighton, Sussex

Cost 611,722 611,723

Mortgage thereon 447,493 446,494

_______ _______

164,229 165,229

_______ _______

Note: The property is held in the names of Mrs J Hampton and Mrs S Moir who hold the property in

trust for the company and its officers.

The directors consider the market value to be approximately the same as the cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

434,630

575,351

Other debtors

204,046

205,587

638,676

780,938

Included in other debtors are loans to the directors amounting to £158,980 (2019 £156,604) at the balance sheet date. This was the maximum outstanding during the year and will be repaid within 9 months of the

balance sheet date.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade creditors

42,223

32,356

Taxation and social security

133,297

137,490

Other creditors

3,278

10,864

178,798

180,710

8.	OTHER FINANCIAL COMMITMENTS

At 30th September 2020 the company had an annual commitment under non-cancellable operating leases as follows:

Expiry date between five and ten years £85,000

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2020 and 30 September 2019:

30.9.20

30.9.19

£

£

A M Hampton

Balance outstanding at start of year

156,604

107,314

Amounts advanced

122,924

156,604

Amounts repaid

(156,604

)

(107,314

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

122,924

156,604

Mrs S Moir

Balance outstanding at start of year

(4,400

)

60,996

Amounts advanced

40,456

3,798

Amounts repaid

-

(69,194

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

36,056

(4,400

)

10.	RELATED PARTY DISCLOSURES

Sales and costs invoiced to associated companies amounted to £127,400 (2019 £348,350) and purchases and costs invoiced by the associated companies amounted to £48,868 (2019 £51,150). At the balance sheet date £nil (2019 £1,380) was owed by the associated companies and £nil (2019 £8,040) was owed to associated companies.

The loans to the directors were interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Suzanne Neville Group Limited. This company is controlled by A.M.Hampton by nature of his 51% shareholding in the company.