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UNLU Securities UK Limited
























Annual report and financial statements



For the year ended 31 December 2021



Registered number: 11424995

 
UNLU Securities UK Limited


Company Information


Directors
Rifat Bilgitay Saybasili 
Can Unalan 




Registered number
11424995



Registered office
53 Davies Street

London

W1K 5JH




Independent auditor
Buzzacott LLP

130 Wood Street

London

EC2V 6DL




Bankers
ISbank
8 Princes Street

London

EC2R 8HL





 
UNLU Securities UK Limited


Contents



Page
Directors' report
 
1 - 2
Strategic report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Notes to the financial statements
 
13 - 20


 
UNLU Securities UK Limited

 
Directors' report
For the year ended 31 December 2021

The directors present their annual report together with the financial statements of UNLU Securities Limited ('the company') for the year ended 31 December 2021.

Principal activity

The principal activity of the company continues to be the provision of financial brokerage services.

Results and dividends

The loss for the year, after taxation, amounted to £281,333 (2020 - £343,996).

The directors did not recommend payment of a dividend during the year.

Directors

The directors who served during the year were:

Rifat Bilgitay Saybasili 
Can Unalan 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report, the Strategic report and the financial statements of UNLU Securities Limited ('the company') in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements of UNLU Securities Limited ('the company') for each financial year. Under that law the directors have elected to prepare the financial statements of UNLU Securities Limited ('the company') in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements of UNLU Securities Limited ('the company') unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements of UNLU Securities Limited ('the company'), the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements of UNLU Securities Limited ('the company') on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements of UNLU Securities Limited ('the company') comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
UNLU Securities UK Limited
 
Directors' report (continued)
For the year ended 31 December 2021

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Strategic report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, engagement
with employees, suppliers, customers and others.

This report was approved by the board on 26 April 2022 and signed on its behalf.
 





Rifat Bilgitay Saybasili
Director

Page 2

 
UNLU Securities UK Limited


Strategic report
For the year ended 31 December 2021

Introduction
 
The directors present the strategic report of the company for the year ended 31 December 2021.

Business review and future developments
 
The directors are satisfied with the results for the year and expect growth in the future performance of the company.
The company has not been materially impacted by the COVID-19 pandemic and the directors are committed to achieving strong returns and growth going forward.

Principal risks and uncertainties
 
Foreign currency risk
The company is not exposed to foreign currency risk.
Credit risk
The company is not exposed to any credit risk.
Liquidity risk
The company is not exposed to significant liquidity risks.
Interest rate risk
The company is not exposed to significant interest rate risks.

Going concern

The company continues to be loss making in the year, earning income of £10,000 (2020 - £nil) and reporting a loss of £281,333 for the year ended 31 December 2021. Despite this, the company remains in a net asset position of £158,541 as at the year end, with a cash balance of £188,768. The parent company, UNLU Menkul Degerler A.S. ('the parent') provides the company with financial support by way of equity finance and holds all the Ordinary share capital in the company. The company is therefore reliant on the support of the parent company to be able to pay its debts as they fall due. 
The directors of the parent company have confirmed that it will continue to provide sufficient financial support to enable the company to meet its past and future financial obligations and commitments as and when they fall due for the foreseeable future, for a period of at least 12 months from the date of approval of the company's financial statements for the year ended 31 December 2021. 
In reviewing the going concern status of the company, the directors have also considered the impact of the COVID-19 pandemic on the company's operations, with a particular focus on its effect on the company's suppliers, directors, and employee. The directors do not consider this to be cause for material uncertainty in respect of the company’s ability to continue as a going concern. The company has adapted well, successfully employing contingency plans, and the directors consider that the company has sufficient financial resources to continue for the foreseeable future.
 
Page 3

 
UNLU Securities UK Limited


Strategic report (continued)
For the year ended 31 December 2021

Going concern (continued)
Although the directors are confident that the company has sufficient cash as at the reporting date, and post year end, to meet its debts as they fall due, should the company require additional capital contributions the directors have no doubts that can be raised. Since the reporting date, the company has obtained additional capital contributions from UNLU Menkul Degerler A.S.. The directors therefore do not consider there to be a material uncertainty in relation to going concern. 

Financial key performance indicators ('KPIs')
 
Given the nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an
understanding of the development, performance or position of the business.

Directors' statement of compliance with duty to promote the success of the company
 
The directors have acted, both individually and together, in a way that they consider in good faith would be the most
likely to promote the success of the company. The directors continue to have regard to the interests of the company’s
employee, suppliers and investors, including the impact of its activities on the company’s reputation when making
decisions.

Engagement with employees

UNLU Securities UK Limited follows best employment practice and provides employment opportunities to all genders, abilities and nationalities, adhering to current laws and regulations.

Engagement with suppliers, customers and others

UNLU Securities UK Limited outsources many of its non-core functions and most suppliers have had a relationship with the company for a considerable period of time. The company follows best business practice and reviews its existing suppliers on a regular basis.


This report was approved by the board on 26 April 2022 and signed on its behalf.



Rifat Bilgitay Saybasili
Director

Page 4

 
 
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Independent auditor's report to the members of UNLU Securities UK Limited
For the year ended 31 December 2021

Opinion


We have audited the financial statements of UNLU Securities UK Limited (the 'company') for the year ended 31 December 2021, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
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Independent auditor's report to the members of UNLU Securities UK Limited (continued)
For the year ended 31 December 2021

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
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Independent auditor's report to the members of UNLU Securities UK Limited (continued)
For the year ended 31 December 2021

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing regulated financial brokerage firms;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with members and other management at the planning stage, and from our knowledge and experience of regulated financial brokerage firms; 
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; 
we considered the impact of COVID-19 on the company and its internal controls;
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, The Financial Services and Markets Act 2000, employment legislation, and taxation legislation; and
we considered the impact of Brexit on the company and the laws and regulations above.
 
We assessed the extent of compliance with the laws and regulations identified above through:

making enquiries of management;
inspecting legal expenditure throughout the year for any potential litigation or claims;
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:
 
determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process, taking into account the impact of COVID-19 on controls during the year;
reviewed journal entries throughout the year to identify unusual transactions, particularly in relation to expenditure;
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company’s management; and
Page 7

 
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Independent auditor's report to the members of UNLU Securities UK Limited (continued)
For the year ended 31 December 2021

carried out substantive testing to check the occurrence and cut-off of expenditure.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:

agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, the Financial Conduct Authority and the company’s legal advisors.
 
There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Katherine White (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

26 April 2022
Page 8

 
UNLU Securities UK Limited


Statement of comprehensive income
For the year ended 31 December 2021

2021
2020
Note
£
£

  

Revenue
 4 
10,000
-

Gross profit
  
10,000
-

Administrative expenses
  
(291,333)
(343,996)

Operating loss
 5 
(281,333)
(343,996)

Loss for the financial year
  
(281,333)
(343,996)

All amounts relate to continuing operations.
There was no other comprehensive income for 2021 or 2020.

The notes on pages 13 to 20 form part of these financial statements.

Page 9

 
UNLU Securities UK Limited - Registered number: 11424995

Statement of financial position
As at 31 December 2021

2021
2020
Note
£
£

  

Current assets
  

Debtors
 8 
13,369
17,746

Cash at bank and in hand
 9 
188,768
143,369

  
202,137
161,115

Creditors: amounts falling due within one year
 10 
(43,596)
(51,241)

Net current assets
  
 
 
158,541
 
 
109,874

Total assets less current liabilities
  
158,541
109,874

  

Net assets
  
158,541
109,874


Capital and reserves
  

Called up share capital 
 12 
1,270,000
940,000

Profit and loss account
 13 
(1,111,459)
(830,126)

  
158,541
109,874


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 April 2022.




Rifat Bilgitay Saybasili
Director

The notes on pages 13 to 20 form part of these financial statements.

Page 10

 
UNLU Securities UK Limited


Statement of changes in equity
For the year ended 31 December 2021


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2020
640,000
(486,130)
153,870


Comprehensive income for the year

Loss for the year
-
(343,996)
(343,996)
Total comprehensive income for the year
-
(343,996)
(343,996)


Contributions by and distributions to owners

Shares issued during the year
300,000
-
300,000


Total transactions with owners
300,000
-
300,000



At 1 January 2021
940,000
(830,126)
109,874


Comprehensive income for the year

Loss for the year
-
(281,333)
(281,333)
Total comprehensive income for the year
-
(281,333)
(281,333)


Contributions by and distributions to owners

Shares issued during the year
330,000
-
330,000


Total transactions with owners
330,000
-
330,000


At 31 December 2021
1,270,000
(1,111,459)
158,541


The notes on pages 13 to 20 form part of these financial statements.

Page 11

 
UNLU Securities UK Limited


Statement of cash flows
For the year ended 31 December 2021

2021
2020
£
£

Cash flows from operating activities

Loss for the financial year
(281,333)
(343,996)

Adjustments for:

Decrease in debtors
14,377
2,232

(Increase) in amounts owed by groups
(10,000)
-

(Decrease)/increase in creditors
(3,395)
1,625

(Decrease) in amounts owed to groups
(4,250)
-

Net cash used in operating activities

(284,601)
(340,139)



Cash flows from financing activities

Issue of ordinary shares
330,000
300,000

Net cash used in financing activities
330,000
300,000

Net increase/(decrease) in cash and cash equivalents
45,399
(40,139)

Cash and cash equivalents at beginning of year
143,369
183,508

Cash and cash equivalents at the end of year
188,768
143,369


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
188,768
143,369

188,768
143,369


The notes on pages 13 to 20 form part of these financial statements.

Page 12

 
UNLU Securities UK Limited

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

UNLU Securities UK Limited is a private company limited by shares and incorporated in England & Wales. Its registered office and principal place of business is 53 Davies Street, London, W1K 6JH. The registered number of the company is 11424995. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Going concern

The company continues to be loss making in the year, earning no income and reporting a loss of £281,333 for the year ended 31 December 2021. Despite this, the company remains in a net asset position of £158,541 as at the year end, with a cash balance of £188,768. The parent company, UNLU Menkul Degerler A.S. ('the parent') provides the company with financial support by way of equity finance and holds all the Ordinary share capital in the company. The company is therefore reliant on the support of the parent company to be able to pay its debts as they fall due. 
The directors of the parent company have confirmed that it will continue to provide sufficient financial support to enable the company to meet its past and future financial obligations and commitments as and when they fall due for the foreseeable future, for a period of at least 12 months from the date of approval of the company's financial statements for the year ended 31 December 2021. 
In reviewing the going concern status of the company, the directors have also considered the impact of the COVID-19 pandemic on the company's operations, with a particular focus on its effect on the company's suppliers, directors, and employee. The directors do not consider this to be cause for material uncertainty in respect of the company’s ability to continue as a going concern. The company has adapted well, successfully employing contingency plans, and the directors consider that the company has sufficient financial resources to continue for the foreseeable future.
Although the directors are confident that the company has sufficient cash as at the reporting date, and post year end, to meet its debts as they fall due, should the company require additional capital contributions the directors have no doubts that can be raised. The directors therefore do not consider there to be a material uncertainty in relation to going concern. 
The financial statements have therefore been prepared on the going concern basis.

Page 13

 
UNLU Securities UK Limited

Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Revenue

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 rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 14

 
UNLU Securities UK Limited

Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss 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 reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Debtors

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.

 
2.9

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.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. 

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 15

 
UNLU Securities UK Limited

 
Notes to the financial statements
For the year ended 31 December 2021

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not consider there to be any significant judgements in applying the company's accounting policies
or key sources of estimation uncertainty.


4.


Revenue

An analysis of revenue by class of business is as follows:


2021
2020
£
£

Advisory fees
10,000
-

10,000
-


Analysis of revenue by country of destination:

2021
2020
£
£

Non-Europe
10,000
-

10,000
-



5.


Operating loss

The operating loss is stated after charging:

2021
2020
£
£

Exchange differences
-
17

Other operating lease rentals
-
31,200

Page 16

 
UNLU Securities UK Limited

 
Notes to the financial statements
For the year ended 31 December 2021

6.


Auditor's remuneration

2021
2020
£
£


Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements
10,000
10,000


Fees payable to the company's auditor and its associates in respect of:


Audit-related assurance services
2,500
2,500

Other services relating to taxation
2,000
2,000

All other services
25,460
6,060

29,960
10,560


7.


Employees

Staff costs were as follows:


2021
2020
£
£

Wages and salaries
165,000
156,000

Social security costs
21,856
20,824

Cost of defined contribution scheme
1,064
1,314

187,920
178,138


The average monthly number of employees during the year was as follows:


        2021
        2020
            No.
            No.







Operations
1
1







 

Page 17

 
UNLU Securities UK Limited

 
Notes to the financial statements
For the year ended 31 December 2021

8.


Debtors

2021
2020
£
£


Amounts owed by group undertakings
10,000
-

Other debtors
3,352
12,420

Prepayments
17
-

Tax recoverable
-
5,326

13,369
17,746



9.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
188,768
143,369

188,768
143,369



10.


Creditors: amounts falling due within one year

2021
2020
£
£

Trade creditors
600
7,236

Amounts owed to group undertakings
-
4,250

Other taxation and social security
6,956
14,094

Other creditors
258
511

Accruals
35,782
25,150

43,596
51,241



11.


Analysis of net debt

An analysis of changes in net debt has not been presented as all of the company’s cash flows relate to movements
in cash, and the company has no items to include in such an analysis.

Page 18

 
UNLU Securities UK Limited

 
Notes to the financial statements
For the year ended 31 December 2021

12.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



1,270,000 (2020 - 940,000) Ordinary shares of £1.00 each
1,270,000
940,000


During the year, 330,000 Ordinary shares were issued at par to the immediate parent company, Unlu Menkul Dergerler A.S. 


13.


Reserves

Profit and loss account
The profit and loss account includes cumulative profits or losses net of any dividends paid.


14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately
from those of the company in an independently administered fund. The pension cost charge represents
contributions payable by the company to the fund and amounted to £ 1,064. At the year end date £258 (2020 - £511) remained due to the fund.


15.


Commitments under operating leases

The company had no commitments under non-cancellable operating leases at the reporting date.


16.


Related party transactions

The financial statements do not include disclosure of transactions between the company and its parent, UNLU Menkul Degerler A.S.,  as the company is a subsidiary whose shares are wholly owned by UNLU Menkul Degerler A.S. and disclosure of transactions between a wholly owned subsidiary and its parent are not required in accordance with Section 33 of FRS 102.
Key management personnel
Key management personnel compensation in the year totalled £187,920 (2020 - £178,138).

Page 19

 
UNLU Securities UK Limited

 
Notes to the financial statements
For the year ended 31 December 2021

17.


Controlling party

The company is a subsidiary undertaking of Unlu Menkul Degerler A.S. Unlu Menkul Dergerler A.S. is a wholly owned subsidiary of Unlu Yatirim Holding A.S.Mahmut Unlu holds the majority of shares in Unlu Yatirim Holding A.S. Therefore the ultimate controlling party is Mahmut Unlu.
The largest group in which the results of the Company are consolidated is that headed by Unlu Yatirim Holding A.S. Ahi Evran Cad No 21 Polaris Plaza, Kat 1, Maslak. Sariyer Istanbul, 34398 Turkey. The smallest group in which they are consolidated is that headed by Unlu Menkul Degerler A.S, Ahi Evran Caddesi, No 21 Polaris Plaza, Kat1. Maslak Istanbul, 34485 Turkey. The  consolidated financial statements of the group headed by Unlu Menkul Degerler A.S. are not available to the public. The consolidated financial statements of the group headed by Unlu Yatirim Holding A.S. can be obtained from https://www.kap.org.tr /tr/Bildirim/1008805.

Page 20