ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

USP BUSINESS DEVELOPMENT LIMITED - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-3112020-01-01falseBusiness and management consultancy1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04611767 2020-01-01 2020-12-31 04611767 2020-12-31 04611767 2019-01-01 2019-12-31 04611767 2019-12-31 04611767 c:Director1 2020-01-01 2020-12-31 04611767 d:CurrentFinancialInstruments 2020-12-31 04611767 d:CurrentFinancialInstruments 2019-12-31 04611767 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 04611767 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 04611767 d:ShareCapital 2020-12-31 04611767 d:ShareCapital 2019-12-31 04611767 d:RetainedEarningsAccumulatedLosses 2020-12-31 04611767 d:RetainedEarningsAccumulatedLosses 2019-12-31 04611767 c:FRS102 2020-01-01 2020-12-31 04611767 c:AuditExempt-NoAccountantsReport 2020-01-01 2020-12-31 04611767 c:FullAccounts 2020-01-01 2020-12-31 04611767 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure
Registered number: 04611767


USP BUSINESS DEVELOPMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020
 
USP BUSINESS DEVELOPMENT LIMITED
REGISTERED NUMBER: 04611767

BALANCE SHEET
AS AT 31 DECEMBER 2020

2020
2019
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
4,640
25,357

Cash at bank and in hand
 5 
471
2,004

  
5,111
27,361

Creditors: amounts falling due within one year
 6 
(8,630)
(27,350)

Net current (liabilities)/assets
  
 
 
(3,519)
 
 
11

Total assets less current liabilities
  
(3,519)
11

  

Net (liabilities)/assets
  
(3,519)
11


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(3,521)
9

  
(3,519)
11


Page 1
 
USP BUSINESS DEVELOPMENT LIMITED
REGISTERED NUMBER: 04611767
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 director acknowledges her 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 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 by: 




................................................
Ms S McCauley
Director

Date: 29 October 2021

The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
USP BUSINESS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1.


General information

USP Business Development Limited is a private company, limited by shares, domiciled in England and Wales, registration number 04611767. The registered office is 1 Vincent Square, London, SW1P 2PN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

The company continues to meet its day to day working requirements from loans leveraged by the directors and shareholders from associated business interests. The company is therefore dependent upon the support of these loan facilities in order to continue as a going concern.
The directors are satisfied that they can continue to finance the operations of the business in this manner and enable the company to achieve profitability. Accordingly, the directors consider it appropriate to prepare these accounts on a going concern basis.

 
2.3

Revenue

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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3
 
USP BUSINESS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Debtors

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.

 
2.7

Cash and cash equivalents

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.

 
2.8

Creditors

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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).


4.


Debtors

2020
2019
£
£


Other debtors
4,640
25,357

4,640
25,357


Page 4
 
USP BUSINESS DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

5.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
471
2,004

471
2,004



6.


Creditors: Amounts falling due within one year

2020
2019
£
£

Corporation tax
-
22,266

Other taxation and social security
-
5,084

Other creditors
8,630
-

8,630
27,350


 
Page 5