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Registration number: 10922443

Unmanned Tech Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 August 2021

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Unmanned Tech Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Unmanned Tech Limited

Company Information

Director

Mr A W Elliott

Registered office

43 Portland Drive
Willen
Milton Keynes
Buckinghamshire
MK15 9HU

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Unmanned Tech Limited
for the Year Ended 30 August 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Unmanned Tech Limited for the year ended 30 August 2021 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Unmanned Tech Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Unmanned Tech Limited and state those matters that we have agreed to state to the Board of Directors of Unmanned Tech Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Unmanned Tech Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Unmanned Tech Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Unmanned Tech Limited. You consider that Unmanned Tech Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Unmanned Tech Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

17 August 2022

 

Unmanned Tech Limited

(Registration number: 10922443)
Balance Sheet as at 30 August 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

6,714

6,361

Current assets

 

Stocks

5

370,811

256,333

Debtors

6

2,727

4,016

Cash at bank and in hand

 

47,617

179,075

 

421,155

439,424

Creditors: Amounts falling due within one year

7

(267,351)

(331,813)

Net current assets

 

153,804

107,611

Total assets less current liabilities

 

160,518

113,972

Creditors: Amounts falling due after more than one year

7

(50,000)

-

Provisions for liabilities

(1,276)

(1,208)

Net assets

 

109,242

112,764

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

108,242

111,764

Shareholders' funds

 

109,242

112,764

For the financial year ending 30 August 2021 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 17 August 2022
 

 

Unmanned Tech Limited

(Registration number: 10922443)
Balance Sheet as at 30 August 2021

.........................................

Mr A W Elliott
Director

 

Unmanned Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 10922443.

The address of its registered office is:
43 Portland Drive
Willen
Milton Keynes
Buckinghamshire
MK15 9HU

These financial statements were authorised for issue by the director on 17 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Unmanned Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2021

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Unmanned Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Unmanned Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2021

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 5 (2020 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 August 2020

8,538

8,538

Additions

2,333

2,333

At 30 August 2021

10,871

10,871

Depreciation

At 31 August 2020

2,177

2,177

Charge for the year

1,980

1,980

At 30 August 2021

4,157

4,157

Carrying amount

At 30 August 2021

6,714

6,714

At 30 August 2020

6,361

6,361

5

Stocks

2021
£

2020
£

Inventory

370,811

256,333

6

Debtors

2021
£

2020
£

Trade debtors

721

680

Prepayments

1,976

3,336

PAYE and NIC debtor

30

-

2,727

4,016

 

Unmanned Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

1,603

6,475

Directors loan account

239,172

217,888

Accruals

 

1,648

1,500

PAYE and NIC creditor

 

-

2,280

VAT Control account

 

18,550

68,723

Corporation tax control

 

6,378

34,947

 

267,351

331,813

Due after one year

 

Loans and borrowings

8

50,000

-

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

50,000

-

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

50,000

-