Company Registration No. 09266307 (England and Wales)
Universal Image Rights UK Limited
Unaudited financial statements
for the period ended 30 June 2022
Pages for filing with the registrar
Universal Image Rights UK Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Universal Image Rights UK Limited
Statement of financial position
As at 30 June 2022
Page 1
30 June 2022
31 October 2021
Notes
£
£
£
£
Current assets
Debtors
4
2,156,212
1,660,756
Cash at bank and in hand
6,271,659
5,616,680
8,427,871
7,277,436
Creditors: amounts falling due within one year
5
(1,704,034)
(1,134,100)
Net current assets
6,723,837
6,143,336
Provisions for liabilities
-
0
(450,000)
Net assets
6,723,837
5,693,336
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6,723,737
5,693,236
Total equity
6,723,837
5,693,336

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Universal Image Rights UK Limited
Statement of financial position (continued)
As at 30 June 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 16 October 2023 and are signed on its behalf by:
Natasha Bruce-Konuah
Director
Company Registration No. 09266307
Universal Image Rights UK Limited
Notes to the financial statements
For the period ended 30 June 2022
Page 3
1
Accounting policies
Company information

Universal Image Rights UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
Reporting period

The company has shortened its accounting period end to 30 June 2022 to align with the football season. The reason for this is that the majority of the contracts the company enters in to are based on the football season. Therefore, the comparative figures are not entirely comparable as they represent 12 months of trading and the current figures represent 9 months.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion can be estimated reliably. The stage of completion is calculated by reference to the terms set out in the image rights contract.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Universal Image Rights UK Limited
Notes to the financial statements (continued)
For the period ended 30 June 2022
1
Accounting policies (continued)
Page 4
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Universal Image Rights UK Limited
Notes to the financial statements (continued)
For the period ended 30 June 2022
1
Accounting policies (continued)
Page 5
1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.9
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.

1.10
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 in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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 considered to be 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.

Universal Image Rights UK Limited
Notes to the financial statements (continued)
For the period ended 30 June 2022
Page 6
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
2021
Number
Number
Total
1
1
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,420,180
356,373
Other debtors
736,032
1,304,383
2,156,212
1,660,756
5
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
308,709
45,404
Other taxation and social security
365
866
Other creditors
1,394,960
1,087,830
1,704,034
1,134,100
Universal Image Rights UK Limited
Detailed statement of financial position
As at 30 June 2022
Page 7
30 June 2022
31 October 2021
£
£
£
£
Current assets
Debtors
1,445,865
583,681
Prepayments and accrued income
710,347
1,077,075
Cash at bank and in hand
6,271,659
5,616,680
8,427,871
7,277,436
Creditors: amounts falling due within one year
Taxation and social security
309,074
46,270
Other creditors
1,369,960
936,902
Accruals and deferred income
25,000
150,928
1,704,034
1,134,100
Net current assets
6,723,837
6,143,336
Provisions for liabilities
Provisions
-
0
450,000
-
(450,000)
Net assets
6,723,837
5,693,336
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6,723,737
5,693,236
Total equity
6,723,837
5,693,336
2022-06-302021-11-01falseCCH SoftwareCCH Accounts Production 2023.100No description of principal activityRomelu  Lukaku BolingoliEtshaise Bolingoli FoloNatasha Bruce-Konuah092663072021-11-012022-06-30092663072022-06-30092663072021-10-3109266307core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3009266307core:CurrentFinancialInstrumentscore:WithinOneYear2021-10-3109266307core:CurrentFinancialInstruments2022-06-3009266307core:CurrentFinancialInstruments2021-10-3109266307core:ShareCapital2022-06-3009266307core:ShareCapital2021-10-3109266307core:RetainedEarningsAccumulatedLosses2022-06-3009266307core:RetainedEarningsAccumulatedLosses2021-10-3109266307bus:Director32021-11-012022-06-30092663072020-11-012021-10-3109266307core:WithinOneYear2022-06-3009266307core:WithinOneYear2021-10-3109266307bus:PrivateLimitedCompanyLtd2021-11-012022-06-3009266307bus:SmallCompaniesRegimeForAccounts2021-11-012022-06-3009266307bus:FRS1022021-11-012022-06-3009266307bus:AuditExempt-NoAccountantsReport2021-11-012022-06-3009266307bus:Director12021-11-012022-06-3009266307bus:Director22021-11-012022-06-3009266307bus:FullAccounts2021-11-012022-06-30xbrli:purexbrli:sharesiso4217:GBP