Unitech Projects Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03256794 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

UNITECH PROJECTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A M Imlah

C McCourt

M A J Street

SECRETARY:

M A J Street

REGISTERED OFFICE:

Unitech House

Prospect Road

Burntwood

Staffordshire

WS7 0AU

REGISTERED NUMBER:

03256794 (England and Wales)

AUDITORS:

TC Group

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Tangible assets

4

88

175

CURRENT ASSETS

Stocks

5

25,161

71,946

Debtors

6

243,116

159,026

Cash at bank

171,383

123,802

439,660

354,774

CREDITORS

Amounts falling due within one year

7

333,894

236,426

NET CURRENT ASSETS

105,766

118,348

TOTAL ASSETS LESS CURRENT LIABILITIES

105,854

118,523

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

105,754

118,423

SHAREHOLDERS' FUNDS

105,854

118,523

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2023 and were signed on its behalf by:

A M Imlah - Director

M A J Street - Director

1.	STATUTORY INFORMATION

Unitech Projects 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

There were no material departures from that standard.

Turnover

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

Revenue is recognised on long term contracts where the outcome of the contract can reliably be estimated. Revenue and costs are recognised based on the work performed at the date of the balance sheet. This is measured looking at the actual costs incurred to date as a percentage of the total estimated costs of the project. The estimated costs of a contract are based on detailed models of expected costs, which are regularly reviewed as the project progresses. Adjustments to total expected costs are updated as required.

Revenue is based on contracted amounts, and variations to the extent that they are considered reliable and the receipt can be considered probable. Management assess the likelihood that variations will be recovered considering: the contractual position, success rate of similar claims and the ability of the customer to accept the variation.

Tangible fixed assets

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

Computer equipment

-

50% on reducing balance

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Work in progress under contract is stated at the direct cost of production plus attributable overheads and a proportion of profit according to the stage of completion.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2022

and 31 December 2022

3,861

DEPRECIATION

At 1 January 2022

3,686

Charge for year

87

At 31 December 2022

3,773

NET BOOK VALUE

At 31 December 2022

88

At 31 December 2021

175

5.

STOCKS

2022

2021

£

£

Work-in-progress

1,178

595

Amounts recoverable on contracts

23,983

71,351

25,161

71,946

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

201,936

121,849

Amounts owed by group undertakings

2,202

2,202

Deferred tax asset

37,606

33,383

Prepayments

1,372

1,592

243,116

159,026

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Payments on account

180,682

39,445

Trade creditors

61,701

111,899

Amounts owed to group undertakings

23,275

32,023

Social security and other taxes

6,941

10,481

VAT

52,895

31,903

Other creditors

1,166

2,665

Accruals and deferred income

7,234

8,010

333,894

236,426

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Jones FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the company made sales to group entities not wholly owned by the Unitech group £41,175 (2021: £nil) and purchases of £108,159 (2021: £104,245). Amounts owed to these companies at the year end totalled £2,202 (2021: £2,202) and amounts owing from these companies totalled £23,275 (2021: £32,023).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Unitech Industries Limited.

The ultimate controlling party is A M Imlah.