REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
UENI LTD |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
UENI LTD |
UENI LTD (REGISTERED NUMBER: 09368082) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Statement of Financial Position | 5 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
UENI LTD |
COMPANY INFORMATION |
For The Year Ended 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
UENI LTD (REGISTERED NUMBER: 09368082) |
REPORT OF THE DIRECTORS |
For The Year Ended 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company continued to be that of providing marketing and advertising services to small businesses through tailored websites, social media pages and managed Google and Facebook ads. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
UENI LTD |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ueni Ltd for the year ended 31 December 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Ueni Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ueni Ltd and state those matters that we have agreed to state to the Board of Directors of Ueni Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ueni Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Ueni Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ueni Ltd. You consider that Ueni Ltd 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 financial statements of Ueni Ltd. 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 financial statements. |
Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
UENI LTD (REGISTERED NUMBER: 09368082) |
INCOME STATEMENT |
For The Year Ended 31 DECEMBER 2022 |
2022 | 2021 |
£ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(3,980,117 | ) | (3,933,062 | ) |
Other operating income |
(3,980,117 | ) | (3,932,962 | ) |
Interest receivable and similar income |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
UENI LTD (REGISTERED NUMBER: 09368082) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Share based payment reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
UENI LTD (REGISTERED NUMBER: 09368082) |
STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 31 DECEMBER 2022 |
Share |
Called up | based |
share | Retained | Share | payment | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
UENI LTD (REGISTERED NUMBER: 09368082) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Ueni Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis as the directors are satisfied that the |
company will have adequate resources to meet its liabilities to third parties as they fall due. |
Preparation of consolidated financial statements |
The financial statements contain information about Ueni Limited as an individual company and do not contain consolidated financial information as the parent of a group. |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
The following judgments and estimates have had the most significant effects on the accounts recognised in these financial statements: |
Share option charges |
At the end of each financial period the directors' review options. As part of the review process, the number of options expected to vest at maturity are assessed and the share option charge is adjusted accordingly. The actual vesting of these options depends on future events and as such there is significant estimation uncertainty. |
UENI LTD (REGISTERED NUMBER: 09368082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Revenue |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage |
of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed . |
Intangible fixed assets other than goodwill |
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably. |
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Intellectual Property 10% on straight line basis |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Office equipment Over 3 years on a straight line basis |
Computer equipment Over 3 years on a straight line basis |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
UENI LTD (REGISTERED NUMBER: 09368082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has |
significant influence where it has the power to participate in the financial and operating decisions of the associate. |
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities . |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period. |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed. |
UENI LTD (REGISTERED NUMBER: 09368082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs |
are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services |
are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Share-based payments |
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using an option valuation model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
UENI LTD (REGISTERED NUMBER: 09368082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2022 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: K Fialce 1123/16, Praha 5 |
Nature of business: |
% |
Class of shares: | holding |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
UENI LTD (REGISTERED NUMBER: 09368082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2022 |
9. | PENSION COMMITMENTS |
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £4,487 (2021: £6,207) were payable to the fund at the balance sheet date and are included in creditors. |
10. | RELATED PARTY DISCLOSURES |
Included within creditors is an amount of £6,834 (2021: £6,834) owed to a director. |
11. | SHARE-BASED PAYMENT TRANSACTIONS |
During the year the company had share-based payment arrangements as follows: |
The company has share options in existence granting these under an approved EMI option plan and an |
unapproved non-EMI plan. |
All options granted have performance conditions relating to the relevant employee remaining in the employment of the company at exercise. |
The vesting period for all options granted is 3 years with a contractual life of 10 years. |
The table below represents the share options in force that are expected to be exercised: |
Number of share options |
2022 | 2021 |
Number | Number |
Outstanding at start of year | 36,561 | 39,382 |
Granted | - | 1,617 |
Forfeited | (520 | ) | (4,438 | ) |
Outstanding at the end of year | 36,041 | 36,561 |
Vested during the year | 3,600 | 7,456 |
The options outstanding at 31 December 2022 had an exercise price of £0.001p, and a remaining contractual life of between 7 to 10 years. |