Usemore (UK) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03964991 (England and Wales)

USEMORE (UK) LIMITED

Unaudited Financial Statements

for the Year Ended 30 September 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Major A M Hampton

Ms S Moir

SECRETARY:

Mrs J Hampton

REGISTERED OFFICE:

Winterfold House

Barhatch Lane

Cranleigh

Surrey

GU6 7NH

REGISTERED NUMBER:

03964991 (England and Wales)

ACCOUNTANTS:

The Bailey Partnership

Chartered Accountants

The Old Mill, Kings Mill

Kings Mill Lane

South Nutfield

Surrey

RH1 5NB

FIXED ASSETS

Tangible assets

4

51,969

29,170

Investment property

5

2,767,143

611,722

2,819,112

640,892

CURRENT ASSETS

Stocks

6

198,000

196,592

Debtors

7

940,404

584,158

Cash at bank and in hand

752,837

2,221,186

1,891,241

3,001,936

CREDITORS

Amounts falling due within one year

8

1,139,185

693,475

NET CURRENT ASSETS

752,056

2,308,461

TOTAL ASSETS LESS CURRENT LIABILITIES

3,571,168

2,949,353

PROVISIONS FOR LIABILITIES

10

9,797

5,448

NET ASSETS

3,561,371

2,943,905

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

3,561,271

2,943,805

SHAREHOLDERS' FUNDS

3,561,371

2,943,905

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2023 and were signed on its behalf by:

Major 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

-

25% on reducing balance and 20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 October 2021

100,855

35,422

136,277

Additions

40,122

-

40,122

At 30 September 2022

140,977

35,422

176,399

DEPRECIATION

At 1 October 2021

78,465

28,642

107,107

Charge for year

15,628

1,695

17,323

At 30 September 2022

94,093

30,337

124,430

NET BOOK VALUE

At 30 September 2022

46,884

5,085

51,969

At 30 September 2021

22,390

6,780

29,170

5.	INVESTMENT PROPERTY

Total

£

COST

At 1 October 2021

611,722

Additions

2,155,421

At 30 September 2022

2,767,143

NET BOOK VALUE

At 30 September 2022

2,767,143

At 30 September 2021

611,722

6.

STOCKS

2022

2021

£

£

Stocks

198,000

196,592

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

899,058

433,118

Other debtors

21,250

-

Directors' loan accounts

-

103,855

Prepayments and accrued income

20,096

47,185

940,404

584,158

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

721,514

459,749

Trade creditors

77,015

83,493

Amounts owed to group undertakings

268,365

-

Tax

59,597

57,792

Social security and other taxes

-

6,205

VAT

2,707

81,006

Other creditors

1,987

-

Accrued expenses

8,000

5,230

1,139,185

693,475

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdrafts

274,021

-

Bank loans

447,493

459,749

721,514

459,749

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Other provisions

9,797

5,448

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 October 2021

2,943,805

Profit for the year

1,042,466

Dividends

(425,000

)

At 30 September 2022

3,561,271

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Major A M Hampton.

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