Universal Assets Limited Filleted accounts for Companies House (small and micro)

UNIVERSAL ASSETS LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2019-07-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 03379596 2019-07-01 2020-06-30 03379596 2020-06-30 03379596 2019-06-30 03379596 2019-06-30 03379596 bus:OrdinaryShareClass1 2019-07-01 2020-06-30 03379596 bus:Director3 2019-07-01 2020-06-30 03379596 core:WithinOneYear 2020-06-30 03379596 core:WithinOneYear 2019-06-30 03379596 core:AfterOneYear 2020-06-30 03379596 core:AfterOneYear 2019-06-30 03379596 core:ShareCapital 2020-06-30 03379596 core:ShareCapital 2019-06-30 03379596 core:SharePremium 2020-06-30 03379596 core:SharePremium 2019-06-30 03379596 core:CapitalRedemptionReserve 2020-06-30 03379596 core:CapitalRedemptionReserve 2019-06-30 03379596 core:RetainedEarningsAccumulatedLosses 2020-06-30 03379596 core:RetainedEarningsAccumulatedLosses 2019-06-30 03379596 bus:SmallEntities 2019-07-01 2020-06-30 03379596 bus:AuditExemptWithAccountantsReport 2019-07-01 2020-06-30 03379596 bus:FullAccounts 2019-07-01 2020-06-30 03379596 bus:SmallCompaniesRegimeForAccounts 2019-07-01 2020-06-30 03379596 bus:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30 03379596 bus:OrdinaryShareClass1 2020-06-30 03379596 bus:OrdinaryShareClass1 2019-06-30 03379596 core:OfficeEquipment 2019-07-01 2020-06-30 03379596 core:OfficeEquipment 2019-06-30 03379596 core:OfficeEquipment 2020-06-30

COMPANY REGISTRATION NUMBER: 03379596

Universal Assets Limited

Filleted Unaudited Financial Statements

30 June 2020

Universal Assets Limited

Financial Statements

Year ended 30 June 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Universal Assets Limited

Statement of Financial Position

30 June 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	4		1,444,207		824,004

Current assets

Debtors	5	19,500	19,500
Cash at bank and in hand		24,563	630,885
		--------	----------
		44,063	650,385

Creditors: amounts falling due within one year	6	337,476		357,199
		----------		----------
Net current (liabilities)/assets			( 293,413)		293,186
			------------		------------
Total assets less current liabilities			1,150,794		1,117,190

Creditors: amounts falling due after more than one year	7		585,684		585,684

Provisions

Taxation including deferred tax	32,814	32,814
	------------	------------
Net assets	532,296	498,692
	------------	------------

Capital and reserves

Called up share capital	8	250	250
Share premium account		199,800	199,800
Capital redemption reserve		50	50
Profit and loss account		332,196	298,592
		----------	----------
Shareholder funds		532,296	498,692
		----------	----------

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 Section 1A of 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 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has 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 .

Universal Assets Limited

Statement of Financial Position (continued)

30 June 2020

These financial statements were approved by the board of directors and authorised for issue on 30 July 2021 , and are signed on behalf of the board by:

Mr C Hesling
Director

Company registration number: 03379596

Universal Assets Limited

Notes to the Financial Statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wye Lodge, 66 High Street, Old Stevenage, Hertfordshire, SG1 3EA.

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

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tangible assets

	Equipment	Investment property	Total
	£	£	£
Cost
At 1 July 2019	11,044	823,755	834,799
Additions	–	620,253	620,253
	--------	------------	------------
At 30 June 2020	11,044	1,444,008	1,455,052
	--------	------------	------------
Depreciation
At 1 July 2019	10,795	–	10,795
Charge for the year	50	–	50
	--------	------------	------------
At 30 June 2020	10,845	–	10,845
	--------	------------	------------
Carrying amount
At 30 June 2020	199	1,444,008	1,444,207
	--------	------------	------------
At 30 June 2019	249	823,755	824,004
	--------	------------	------------

The Investment properties are included at a fair value of £823,755. The properties were valued by the director, based on comparable properties in the local area.

5. Debtors

	2020	2019
	£	£
Other debtors	19,500	19,500
	--------	--------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Accruals and deferred income	16,440	15,013
Corporation tax	11,833	3,898
Director loan accounts	309,203	338,288
	----------	----------
	337,476	357,199
	----------	----------

7. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	585,684	585,684
	----------	----------

The bank loans are secured by a fixed and floating charge over all the assets of the company in favour of Onesavings Bank PLC and Interbay Funding Ltd.

8. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	250	250	250	250
	----	----	----	----