Company Registration No. 08220488 (England and Wales)
Conversion-UK Ltd
Unaudited accounts
for the year ended 30 September 2021
Conversion-UK Ltd
Unaudited accounts
Contents
Conversion-UK Ltd
Company Information
for the year ended 30 September 2021
Company Number
08220488 (England and Wales)
Registered Office
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Accountants
Balmoral Consultancy Services Limited
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Conversion-UK Ltd
Statement of financial position
as at 30 September 2021
Tangible assets
9,011
12,015
Cash at bank and in hand
4,021
23,039
Creditors: amounts falling due within one year
(41,043)
(328,769)
Net current assets
41,421
53,627
Called up share capital
100
100
Profit and loss account
50,332
65,542
Shareholders' funds
50,432
65,642
For the year ending 30 September 2021 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 August 2022 and were signed on its behalf by
Mark Nixon
Director
Company Registration No. 08220488
Conversion-UK Ltd
Notes to the Accounts
for the year ended 30 September 2021
Conversion-UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 08220488. The registered office is Congress House, 14 Lyon Road, Harrow, Middlesex, HA1 2EN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 .
The following principal accounting policies have been applied:
Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Conversion-UK Ltd
Notes to the Accounts
for the year ended 30 September 2021
Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
Plant & machinery
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Conversion-UK Ltd
Notes to the Accounts
for the year ended 30 September 2021
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 October 2020
87,209
977
1,931
90,117
At 30 September 2021
87,209
977
1,931
90,117
At 1 October 2020
75,568
855
1,679
78,102
Charge for the year
2,910
31
63
3,004
At 30 September 2021
78,478
886
1,742
81,106
At 30 September 2021
8,731
91
189
9,011
At 30 September 2020
11,641
122
252
12,015
5
Debtors: amounts falling due within one year
2021
2020
Other debtors
33,000
133,384
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
10,000
10,000
Trade creditors
38
194,973
Taxes and social security
-
16
Other creditors
264
95,103
Loans from directors
25,741
23,563
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
At the year end the sum of £25,741 (2020: £23,563) was due to M Nixon, the director of the company. The loan is interest free and repayable on demand.
9
Transactions with related parties
At the year end the sum of £33,000 (2020: £96,000 due to) was due from Digital Print Technologies Limited, a company under common control. The loan is interest free and repayable on demand.
Conversion-UK Ltd
Notes to the Accounts
for the year ended 30 September 2021
Throughout the year under review, the company was under the control of M. Nixon by virtue of his majority shareholding.
11
Average number of employees
During the year the average number of employees was 1 (2020: 2).