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REGISTERED NUMBER: 10181872 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2022

for

UKBC Limited

UKBC Limited (Registered number: 10181872)






Contents of the Financial Statements
for the Year Ended 31 October 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


UKBC Limited

Company Information
for the Year Ended 31 October 2022







DIRECTOR: Mr J R Field





REGISTERED OFFICE: Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW





REGISTERED NUMBER: 10181872 (England and Wales)





ACCOUNTANTS: Harris & Co Limited
Chartered Accountants
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

UKBC Limited (Registered number: 10181872)

Balance Sheet
31 October 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 5 167,955 188,949
Tangible assets 6 75,664 64,080
243,619 253,029

CURRENT ASSETS
Stocks 7,864 4,699
Debtors 7 97,590 106,734
Cash at bank and in hand 3,545 24,898
108,999 136,331
CREDITORS
Amounts falling due within one year 8 (560,684 ) (410,749 )
NET CURRENT LIABILITIES (451,685 ) (274,418 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(208,066

)

(21,389

)

CREDITORS
Amounts falling due after more than one
year

9

(26,162

)

(35,873

)
NET LIABILITIES (234,228 ) (57,262 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings (234,328 ) (57,362 )
SHAREHOLDERS' FUNDS (234,228 ) (57,262 )

UKBC Limited (Registered number: 10181872)

Balance Sheet - continued
31 October 2022


The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 November 2023 and were signed by:





Mr J R Field - Director


UKBC Limited (Registered number: 10181872)

Notes to the Financial Statements
for the Year Ended 31 October 2022

1. STATUTORY INFORMATION

UKBC Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in compliance with FRS 102, 'The Financial Standard Applicable in the UK and the Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The Coronavirus pandemic caused a global health and economic crisis that was without precedent. While governments worldwide, including the UK, responded with extraordinary measures, the crisis had a very significant impact on many businesses, including ours. Despite the challenges posed by the pandemic, we believe that our company is a going concern, and our financial statements are prepared on this basis.

The profound impact of the COVID-19 pandemic on our business has been substantial. Over the course of 14 months, we faced unprecedented challenges that severely limited our income and disrupted our operations. Of these 14 months, 5 were during the winter period when our business is traditionally put on hold, and the remaining 9 were marked by government-imposed lockdowns that prevented us from generating any revenue. These circumstances have undoubtedly took a toll on our finances. The 14 months of restricted funds had a substantial impact on are overall financial health. In addition to this, the increased costs in 2022 have added a further burden, hampering our ability to recover swiftly.

During the pandemic, we took the necessary steps to ensure our survival. One strategy involved selling vouchers at discounted rates directly. This approach was implemented to maintain a flow of income when public confidence and spending were at their lowest. These vouchers were sold at reduced prices and featured extended expiry dates, both of which aimed to support our customers and the business during uncertain times. However, the repercussions of these measures have been felt in the form of increased costs in 2022 when these vouchers have been serviced. Our profit margins have been severely impacted, exacerbating the issues caused by the prolonged pandemic situation. So, it's worth reviewing that although 2021 saw us return to profit, it is important to note that this was mainly due to the fact that we had a large number of vouchers sold pre-pandemic that were then serviced once operations had resumed. This temporary boost to our financial performance showcases our business's viability. However, it's crucial to recognise that the increased costs in 2022, combined with the servicing of low-value vouchers sold during the pandemic, severely impacted our gross profit margins in this year.


UKBC Limited (Registered number: 10181872)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022
Despite these challenges, we have taken proactive measures to rectify the situation. In early 2022, we initiated a strategic shift in our business approach. First, we invested in direct marketing efforts to decrease our reliance on external sales agencies. Given that 65% of our sales come from the gifting period from October to December, our ability to react to increased costs is not as agile as it could be, and it takes time for these changes to come to fruition. However, by promoting our services directly, we aim to regain control over our business trajectory due to more margin. Additionally, we have implemented price adjustments, with increases of up to 50% on certain products as well as scaling back agency commissions from 35% to 25%. These changes are already showing promising results, with our average price per head rising significantly compared to the previous year, and we expect that to rise further as more vouchers from filter through to our events at the new prices. In addition we have also introduced new products aimed at the corporate market. These products have had an immediate impact with higher gross profit margins. We are dedicated to increasing sales of these new offerings significantly moving forward by leveraging our existing platforms and infrastructure, making them highly profitable. The market has responded positively to these new products, and our forecasted contracted income is at its highest-ever levels. This diversification of our product portfolio into the corporate market not only enhances our revenue streams but also strengthens our resilience in the face of economic uncertainties These initiatives, combined with our ongoing commitment to cost management and operational efficiency, have reinforced our position as a going concern and underscore our optimism for a more prosperous future.

Based on our financial forecasts and the measures we have taken to address the challenges posed by the pandemic, we have a reasonable expectation that the company has sufficient financial resources to continue in operational existence for the foreseeable future. Therefore, the financial statements are prepared on a going concern basis.

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

Turnover
Turnover represents amounts earned on goods and services provided during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Turnover is recognised on the day of the event the service relates to, or the day of the sale of the additional event merchandise.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is amortised over a period of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost and Straight line over 5 years
Fixtures and fittings - straight line over 3 years
Motor vehicles - Straight line over 5 years
Computer equipment - 33% on cost

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


UKBC Limited (Registered number: 10181872)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 16 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2021
and 31 October 2022 209,943
AMORTISATION
At 1 November 2021 20,994
Amortisation for year 20,994
At 31 October 2022 41,988
NET BOOK VALUE
At 31 October 2022 167,955
At 31 October 2021 188,949

UKBC Limited (Registered number: 10181872)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2021 77,903 698 12,100 33,714 124,415
Additions 21,155 - - 957 22,112
Disposals (32,236 ) - - - (32,236 )
At 31 October 2022 66,822 698 12,100 34,671 114,291
DEPRECIATION
At 1 November 2021 43,465 698 5,670 10,502 60,335
Charge for year 8,410 - 1,620 498 10,528
Eliminated on disposal (32,236 ) - - - (32,236 )
At 31 October 2022 19,639 698 7,290 11,000 38,627
NET BOOK VALUE
At 31 October 2022 47,183 - 4,810 23,671 75,664
At 31 October 2021 34,438 - 6,430 23,212 64,080

7. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 37,797 48,245
Other debtors 59,143 57,839
96,940 106,084

Amounts falling due after more than one year:
Other debtors 650 650

Aggregate amounts 97,590 106,734

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 32,302 32,132
Hire purchase contracts (see note 10) 694 -
Trade creditors 302,427 197,672
Taxation and social security 63,821 8,653
Other creditors 161,440 172,292
560,684 410,749

UKBC Limited (Registered number: 10181872)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 25,873 35,873
Hire purchase contracts (see note 10) 289 -
26,162 35,873

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2022 2021
£    £   
Net obligations repayable:
Within one year 694 -
Between one and five years 289 -
983 -

The company had non cancellable operating leases for land and buildings. The commitment at the year end was £104,764 (2021: £133,336), of which £28,572 (2021: £28,572) is within 12 months and £76,192 (2021: £104,764) is within 1 to 5 years.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100