Union D. Energy Systems Development Corporation Limited Filleted accounts for Companies House (small and micro)

UNION D. ENERGY SYSTEMS DEVELOPMENT CORPORATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03655623

Union D. Energy Systems Development Corporation Limited

Filleted Unaudited Financial Statements

31 October 2017

Union D. Energy Systems Development Corporation Limited

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		–	1,050

Current assets

Debtors	5	1,051	309
Cash at bank and in hand		42,661	1,532
		--------	-------
		43,712	1,841

Creditors: amounts falling due within one year	6	109,487		55,063
		---------		--------
Net current liabilities			65,775	53,222
			--------	--------
Total assets less current liabilities			( 65,775)	( 52,172)
			--------	--------

Capital and reserves

Called up share capital	122	122
Profit and loss account	( 65,897)	( 52,294)
	--------	--------
Shareholders deficit	( 65,775)	( 52,172)
	--------	--------

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 income and retained earnings has not been delivered.

For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 17 January 2019 , and are signed on behalf of the board by:

Mr Hughes
Director

Company registration number: 03655623

Union D. Energy Systems Development Corporation Limited

Notes to the Financial Statements

Year ended 31 October 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 Hallswelle House,, 1 Hallswelle Road,, London,, NW11 ODH.

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 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

Fixtures & fittings	-	15% straight line
Motor vehicles	-	25% straight line

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 November 2016 and 31 October 2017	17,235	14,638	31,873
	--------	--------	--------
Depreciation
At 1 November 2016	16,274	14,549	30,823
Charge for the year	961	89	1,050
	--------	--------	--------
At 31 October 2017	17,235	14,638	31,873
	--------	--------	--------
Carrying amount
At 31 October 2017	–	–	–
	--------	--------	--------
At 31 October 2016	961	89	1,050
	--------	--------	--------

5. Debtors

	2017	2016
	£	£
Other debtors	1,051	309
	-------	----

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Amounts owed to related undertakings	103,681	54,403
Other creditors	5,806	660
	---------	--------
	109,487	55,063
	---------	--------

7. Related party transactions

Amounts due to/from related companies are disclosed separately in the debtors and creditors notes to the accounts.

8. Controlling party

The ultimate holding company is Union D.Energy Systems Development Corporation, a company incorporated in the British Virgin Islands.

9. Transition to FRS 102

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

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