Company registration number SC412393 (Scotland)
UMI SCOTLAND LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
UMI SCOTLAND LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
UMI SCOTLAND LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
852,343
474,147
Cash at bank and in hand
163,278
694,062
1,015,621
1,168,209
Creditors: amounts falling due within one year
4
(305,142)
(591,732)
Net current assets
710,479
576,477
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
710,478
576,476
Total equity
710,479
576,477

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
N Clark
Director
Company registration number SC412393 (Scotland)
UMI SCOTLAND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
1
296,869
296,870
Year ended 31 March 2022:
Profit and total comprehensive income
-
279,607
279,607
Balance at 31 March 2022
1
576,476
576,477
Year ended 31 March 2023:
Profit and total comprehensive income
-
134,002
134,002
Balance at 31 March 2023
1
710,478
710,479
UMI SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

UMi Scotland Limited is a private company limited by shares incorporated in Scotland. The registered office is Atrium Business Centre, North Caldeen Road, Coatbridge, Lanarkshire, Scotland, ML5 4EF.

1.1
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.

1.2
Turnover

Revenue recognition has been estimated based on forecasted costs over the life of the Scottish Growth Scheme with an appropriate mark-up applied.

1.3
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 balance sheet 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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.

UMI SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.4
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.

1.5
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, if considered material to the financial statements.

 

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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

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

2023
2022
Number
Number
Total
4
5
UMI SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,665
-
0
Amounts owed by group undertakings
840,087
474,146
Other debtors
591
1
852,343
474,147
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,787
573
Amounts owed to group undertakings
296,857
586,409
Other creditors
6,498
4,750
305,142
591,732
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
6
Parent company

The company's ultimate parent is UMi Holdings Limited, a company incorporated in England and Wales.

 

The company is included in the consolidated financial statements of UMi Holdings Limited. The registered office of UMi Holdings Limited is Navigators Point, Belmont Business Park, Durham, England, DH1 1TW.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Maxine Pott
Statutory Auditor:
Sumer Auditco Limited
2023-03-312022-04-01false14 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedN ClarkS J P GoonG M HodgsonA A MacCollS McCreedyK OliverK OliverfalseSC4123932022-04-012023-03-31SC4123932023-03-31SC4123932022-03-31SC412393core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC412393core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC412393core:CurrentFinancialInstruments2023-03-31SC412393core:CurrentFinancialInstruments2022-03-31SC412393core:ShareCapital2023-03-31SC412393core:ShareCapital2022-03-31SC412393core:RetainedEarningsAccumulatedLosses2023-03-31SC412393core:RetainedEarningsAccumulatedLosses2022-03-31SC412393core:ShareCapital2021-03-31SC412393core:RetainedEarningsAccumulatedLosses2021-03-31SC412393bus:Director12022-04-012023-03-31SC412393core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31SC4123932021-04-012022-03-31SC412393core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31SC412393core:WithinOneYear2023-03-31SC412393core:WithinOneYear2022-03-31SC412393bus:PrivateLimitedCompanyLtd2022-04-012023-03-31SC412393bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC412393bus:FRS1022022-04-012023-03-31SC412393bus:Audited2022-04-012023-03-31SC412393bus:Director22022-04-012023-03-31SC412393bus:Director32022-04-012023-03-31SC412393bus:Director42022-04-012023-03-31SC412393bus:Director52022-04-012023-03-31SC412393bus:Director62022-04-012023-03-31SC412393bus:CompanySecretary12022-04-012023-03-31SC412393bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP