UCNS Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 06235680

UCNS Limited

Filleted Unaudited Financial Statements

30 September 2017

UCNS Limited

Financial Statements

Year ended 30 September 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

UCNS Limited

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		19,032		18,428

Current assets

Debtors	6	259,360	262,939
Cash at bank and in hand		66,839	110,188
		----------	----------
		326,199	373,127

Creditors: amounts falling due within one year	7	256,908		263,962
		----------		----------
Net current assets			69,291		109,165
			--------		----------
Total assets less current liabilities			88,323		127,593

Creditors: amounts falling due after more than one year	8	6,930	10,316
		--------	----------
Net assets		81,393	117,277
		--------	----------

Capital and reserves

Called up share capital	9	102	101
Profit and loss account		81,291	117,176
		--------	----------
Shareholders funds		81,393	117,277
		--------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

UCNS Limited

Statement of Financial Position (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 28 September 2018 , and are signed on behalf of the board by:

Mrs. S. J. Owen

Director

Company registration number: 06235680

UCNS Limited

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 October 2016	55,209	–	55,209
Additions	–	6,948	6,948
	--------	-------	--------
At 30 September 2017	55,209	6,948	62,157
	--------	-------	--------
Depreciation
At 1 October 2016	36,781	–	36,781
Charge for the year	4,607	1,737	6,344
	--------	-------	--------
At 30 September 2017	41,388	1,737	43,125
	--------	-------	--------
Carrying amount
At 30 September 2017	13,821	5,211	19,032
	--------	-------	--------
At 30 September 2016	18,428	–	18,428
	--------	-------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	109,997	121,996
Prepayments and accrued income	130,000	130,000
Other debtors	19,363	10,943
	----------	----------
	259,360	262,939
	----------	----------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	163,094	114,522
Accruals and deferred income	3,500	3,500
Corporation tax	1,005	3,433
Social security and other taxes	28,585	35,507
Obligations under finance leases and hire purchase contracts	3,679	13,853
Director loan accounts	46	70
Other creditors	56,999	93,077
	----------	----------
	256,908	263,962
	----------	----------

Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Obligations under finance leases and hire purchase contracts	6,930	10,316
	-------	--------

Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.

9. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary A shares of £ 1 each	100	100	100	100
Ordinary B shares of £ 1 each	1	1	1	1
Ordinary C shares of £ 1 each	1	1	–	–
	----	----	----	----
	102	102	101	101
	----	----	----	----

The number of shares outstanding at the year end date for all other classes of shares is consistent with the prior year.

10. Related party transactions

Transactions entered in to, under normal commercial terms, with companies under the common control of the directors of this company, were as follows: UC Print Limited At the reporting date £19,363 (2016 - £10,943) was owed by UC Print Limited in respect of a short-term interest free loan. UC 24 Limited At the reporting date £56,999 (2016 - £93,077) was owed to UC 24 Limited in respect of a short-term interest free loan.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.