UK DISCOUNTING LIMITED

UK DISCOUNTING LIMITED

UK DISCOUNTING LIMITED - Company Information

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UK DISCOUNTING LIMITED

Company Registration Number:
03017438 (England and Wales)

Unaudited abridged accounts for the year ended 30 September 2017

Period of accounts

Start date: 01 October 2016

End date: 30 September 2017

UK DISCOUNTING LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2017

Balance sheet
Notes

UK DISCOUNTING LIMITED

Balance sheet

As at 30 September 2017


Notes
2017
2016


£
£
Fixed assets
Investments: 3 581,038 667,726
Total fixed assets: 581,038 667,726
Current assets
Debtors:   24,000 24,000
Cash at bank and in hand: 209,001 130,596
Total current assets: 233,001 154,596
Creditors: amounts falling due within one year: 4 (6,756) (5,955)
Net current assets (liabilities): 226,245 148,641
Total assets less current liabilities: 807,283 816,367
Total net assets (liabilities): 807,283 816,367
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 807,281 816,365
Shareholders funds: 807,283 816,367

The notes form part of these financial statements

UK DISCOUNTING LIMITED

Balance sheet statements

For the year ending 30 September 2017 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 June 2018
and signed on behalf of the board by:

Name: Mrs S Rooney
Status: Director

The notes form part of these financial statements

UK DISCOUNTING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be measured reliably. Revenue comprises commissions and interest receivable.

Valuation and information policy

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

UK DISCOUNTING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

2. Employees

2017 2016
Average number of employees during the period 1 1

UK DISCOUNTING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

3. Fixed investments

..................Listed investments..Unlisted investments....Total...........................................£.......................£.................................£Cost or valuationAt 1/10/16..................587,726...........80,000..................667,726Additions.....................61,445.......................-......................61,445Disposals.................(140,945)......................-...................140,945)Revaluations................(7,188)......................-........................(7,188)At 30/9/17.................501,038...........80,000...................581,038Net book valueAt 30/9/17.................501,038...........80,000...................581,038At 30/9/16................587,726...........80,000...................667,726

UK DISCOUNTING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

4. Creditors: amounts falling due within one year note

Creditors amounts falling due within one year:-..........................................................2017.......................2016................................................................£..............................£Corporation tax...................................-..........................755Other creditors...........................3,335...............................-Accruals & deferred income...3,421......................5,200Total..............................................6,756.....................5,955

UK DISCOUNTING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2017

5. Changes in presentation and prior period adjustments

First time adoption of FRS102.The company transitioned to FRS102 from the previously extant UK GAAP as at 1 October 2015. The impact of the transition to the FRS102 was to restated fixed assets investments to market value from their previous carrying value of original cost and to provide an associated deferred tax liability or asset.As at 1 October 2015 fixed asset investments were reduced by £79,809 from previously reported £710,518 to £630,709 and a deferred tax asset of £33,000 was included. The net shareholders funds as previously reported £827,571 were reduced by £46,809 to £780,762.As at 30 September 2016 fixed asset investments were reduced by £18,185 from previously reported £685,911 to £667,726 and a deferred tax asset of £24,000 was included. The previously reported net shareholders funds of £810,551 was reduced to £816,366. The previously reported loss after tax of £17,021 for the year ended 30 September 2016 is now reported as a profit after tax of £35,603 with the fair value movement in fixed asset investments being £36,921 (previously reported as nil), the loss on disposal of investments being nil (previously reported as £24,703) and a tax charge of £9,755 (previously reported as £755).