United Communications Limited - Period Ending 2014-04-30

Registration number: 03651923

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United Communications Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2014
 

Stewarts Accountants Limited
271 High Street
Berkhamsted
Herts
HP4 1AA

United Communications Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 12

United Communications Limited
Company Information

Directors

Matthew Thomas Wallis Simon James Wallis

Company secretary

Elaine Mary Wallis

Registered office

271 High Street Berkhamsted Herts HP4 1AA

Accountants

Stewarts Accountants Limited 271 High Street Berkhamsted Herts HP4 1AA

Page 1

United Communications Limited
Directors' Report for the Year Ended 30 April 2014

The directors present their report and the unaudited financial statements for the year ended 30 April 2014.

Directors of the company

The directors who held office during the year were as follows:

Matthew Thomas Wallis

Simon James Wallis

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 21 October 2014 and signed on its behalf by:

.........................................
Simon James Wallis
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
United Communications Limited
for the Year Ended 30 April 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of United Communications Limited for the year ended 30 April 2014 set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of United Communications Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of United Communications Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than United Communications Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that United Communications Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of United Communications Limited. You consider that United Communications Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of United Communications Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Stewarts Accountants Limited
271 High Street
Berkhamsted
Herts
HP4 1AA

21 October 2014

Page 3

United Communications Limited
Profit and Loss Account for the Year Ended 30 April 2014

		Note			2014 £			2013 £
Turnover					2,059,408			1,895,966
Cost of sales					(624,971)			(606,621)
Gross profit					1,434,437			1,289,345
Administrative expenses					(396,801)			(336,893)
Operating profit		2			1,037,636			952,452
Other interest receivable and similar income					-			8,750
Profit on ordinary activities before taxation					1,037,636			961,202
Tax on profit on ordinary activities		4			(260,256)			(224,399)
Profit for the financial year		12			777,380			736,803

The notes on pages 7 to 12 form an integral part of these financial statements.
Page 4

United Communications Limited
(Registration number: 03651923)
Balance Sheet at 30 April 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets		5			-			31,666
Tangible fixed assets		6			203,903			179,657
					203,903			211,323
Current assets
Debtors		7			-			5,690
Cash at bank and in hand					1,722,121			1,350,153
					1,722,121			1,355,843
Creditors: Amounts falling due within one year		8			(352,220)			(316,721)
Net current assets					1,369,901			1,039,122
Total assets less current liabilities					1,573,804			1,250,445
Provisions for liabilities		9			(33,979)			-
Net assets					1,539,825			1,250,445
Capital and reserves
Called up share capital		10			2,002			2,002
Profit and loss account		12			1,537,823			1,248,443
Shareholders' funds					1,539,825			1,250,445

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 30 April 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the Board on 21 October 2014 and signed on its behalf by:

The notes on pages 7 to 12 form an integral part of these financial statements.
Page 5

United Communications Limited
(Registration number: 03651923)
Balance Sheet at 30 April 2014
......... continued

.........................................
Simon James Wallis
Director

The notes on pages 7 to 12 form an integral part of these financial statements.
Page 6

United Communications Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

1	Accounting policies

Basis of preparation

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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over useful economic life

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 7

United Communications Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Operating profit

Operating profit is stated after charging:

		2014 £			2013 £
Foreign currency losses/(gains)		3,792			(3,450)
Depreciation of tangible fixed assets		65,346			59,885
Amortisation		31,667			31,667

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2014 £			2013 £
Remuneration (including money purchase pension scheme contributions)		118,936			116,420

Page 8

United Communications Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

4

Taxation

Tax on profit on ordinary activities

		2014 £			2013 £
Current tax
Corporation tax charge		226,277			224,399
Deferred tax
Origination and reversal of timing differences		9			-
Deferred tax adjustment relating to previous years		33,970			-
Total deferred tax		33,979			-
Total tax on profit on ordinary activities		260,256			224,399

5	Intangible fixed assets

		Goodwill £			Total £
Cost
At 1 May 2013		95,000			95,000
At 30 April 2014		95,000			95,000
Amortisation
At 1 May 2013		63,334			63,334
Charge for the year		31,666			31,666
At 30 April 2014		95,000			95,000
Net book value
At 30 April 2014		-			-
At 30 April 2013		31,666			31,666

Page 9

United Communications Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

6	Tangible fixed assets

		Plant and machinery £			Total £
Cost or valuation
At 1 May 2013		508,774			508,774
Additions		89,592			89,592
At 30 April 2014		598,366			598,366
Depreciation
At 1 May 2013		329,117			329,117
Charge for the year		65,346			65,346
At 30 April 2014		394,463			394,463
Net book value
At 30 April 2014		203,903			203,903
At 30 April 2013		179,657			179,657

7

Debtors

		2014 £			2013 £
Trade debtors		-			1,381
Other debtors		-			4,309
		-			5,690

8	Creditors: Amounts falling due within one year

		2014 £			2013 £
Trade creditors		29,327			20,690
Corporation tax		226,278			224,399
Other taxes and social security		76,601			68,852
Other creditors		20,014			2,780
		352,220			316,721

Page 10

United Communications Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

9	Provisions

		Deferred tax £			Total £
At 1 May 2013		-			-
Charged to the profit and loss account		33,979			33,979
At 30 April 2014		33,979			33,979

Analysis of deferred tax

		2014 £			2013 £
Difference between accumulated depreciation and amortisation and capital allowances		33,979			-

10	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		2,000			2,000			2,000			2,000
Ordinary A of £1 each		1			1			1			1
Ordinary B of £1 each		1			1			1			1
		2,002			2,002			2,002			2,002

11

Dividends

		2014 £			2013 £
Dividends paid
Current year interim dividend paid		488,000			274,000

Page 11

United Communications Limited
Notes to the Financial Statements for the Year Ended 30 April 2014
......... continued

12

Reserves

		Profit and loss account £			Total £
At 1 May 2013		1,248,443			1,248,443
Profit for the year		777,380			777,380
Dividends		(488,000)			(488,000)
At 30 April 2014		1,537,823			1,537,823

13	Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £100,000 (2013 - £100,000).

14	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Matthew Wallis (Director / Shareholder) During the year the company paid dividends of £216,000 (2013 - £109,000) to Matthew Wallis. At the balance sheet date the amount due to Matthew Wallis was £7,802 (2013 - £nil).

Simon Wallis (Director / Shareholder) During the year the company paid dividends of £216,000 (2013 - £109,000) to Simon Wallis. At the balance sheet date the amount due to Simon Wallis was £1,818 (2013 - £nil).

15

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 12