Universal Foreign Exchange Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 08387366 (England and Wales)

UNIVERSAL FOREIGN EXCHANGE LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD

4 FEBRUARY 2013 TO 31 MARCH 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr C A Joannou

Mr D K Kounnis

Mr A C Stylianou

Mr A M Kounnis

Mr A Y Kounnis

Mr A Karayiannis

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

08387366 (England and Wales)

ACCOUNTANTS:

Kounnis And Partners Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Tangible assets

2

5,027

CURRENT ASSETS

Debtors

199,000

Cash at bank

54,271

253,271

CREDITORS

Amounts falling due within one year

27,150

NET CURRENT ASSETS

226,121

TOTAL ASSETS LESS CURRENT LIABILITIES

231,148

CAPITAL AND RESERVES

Called up share capital

3

250,000

Profit and loss account

(18,852

)

SHAREHOLDERS' FUNDS

231,148

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 9 July 2014 and were signed on its behalf by:

Mr D K Kounnis - Director

Mr A C Stylianou - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents gross receipts of monies to be exchanged into foreign currency, expressed in terms of UK

pounds sterling.

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

-

33% on cost

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain item for taxation and accounting purposes. In general, deferred tax is recognised in respect

of all timing differences that have originated but not reversed at the balance sheet date.

However, deferred tax assets are recognised only to the extent that the director considers that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted. Deferred tax is not recognised on revaluation gains. Deferred taxation is measured

on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing

differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

7,540

At 31 March 2014

7,540

DEPRECIATION

Charge for period

2,513

At 31 March 2014

2,513

NET BOOK VALUE

At 31 March 2014

5,027

3.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

value:

£

250,000

Ordinary shares

£1

250,000

250,000 Ordinary shares of £1 were issued during the period for cash of £ 250,000 .