Universal Engineering Holdings Limited Filleted accounts for Companies House (small and micro)

UNIVERSAL ENGINEERING HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 9467348

Universal Engineering Holdings Limited

Filleted Unaudited Financial Statements

31 December 2017

Universal Engineering Holdings Limited

Statement of Financial Position

31 December 2017

	2017	2016
Note	£	£

Fixed assets

Investments	4	2,492,892	2,492,892

Creditors: amounts falling due within one year	5	2,413,787	2,431,230
		------------	------------
Net current liabilities		2,413,787	2,431,230
		------------	------------
Total assets less current liabilities		79,105	61,662
		--------	--------
Net assets		79,105	61,662
		--------	--------

Capital and reserves

Called up share capital	20,000	20,000
Profit and loss account	59,105	41,662
	--------	--------
Shareholders funds	79,105	61,662
	--------	--------

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 31 December 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 .

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:

Mr M T Bryan

Director

Company registration number: 9467348

Universal Engineering Holdings Limited

Notes to the Financial Statements

Year ended 31 December 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 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.

2. Statement of compliance

The financial statements have been prepared in compliance with FRS 102,'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', taking advantage of the small entity exemptions in section 1A of the standard.

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.

Disclosure exemptions

The entity has taken advantage of the disclosure exemptions available to small entities, including the exemption from preparing a cash flow statement.

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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2017 and 31 December 2017	2,492,892
	------------
Impairment
At 1 January 2017 and 31 December 2017	–
	------------

Carrying amount
At 31 December 2017	2,492,892
	------------
At 31 December 2016	2,492,892
	------------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,612,609	1,630,033
Corporation tax	4,157	4,116
Other creditors	797,021	797,081
	------------	------------
	2,413,787	2,431,230
	------------	------------

6. Related party transactions

Universal Drilling & Cutting Equipment Limited A subsidiary company. During the year the company charged the related party £ 89,000 (2016: £115,000) in respect of management fees. Net expenses of £ 4,176 (2016: £6,300) were paid by Universal Drilling & Cutting Equipment Limited on behalf of the company. Net amounts of £ 62,400 (2016: £286,224) were loaned by the related party. Amount due to related party at the balance sheet date: £ 1,612,609 (2016: £1,630,033). BMW Sales LLC An entity controlled by a director . Amount due to related party at the balance sheet date £ 375,000 (2016: £375,000). Interest of 8% per annum is payable on the loan, which has no fixed repayment date. Conjoint Export Services (Near East) Limited An entity controlled by a director . Amount due to related party at the balance sheet date: £ 187,500 (2016: £187,500). Interest of 8% per annum is payable on the loan, which has no fixed repayment date.

7. Controlling party

The directors consider that there is no controlling party.