Company registration number 11534427 (England and Wales)
UMI INVESTMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
UMI INVESTMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
UMI INVESTMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Debtors
5
296,858
586,411
Cash at bank and in hand
227,491
227,638
524,349
814,049
Creditors: amounts falling due within one year
6
(457,208)
(774,882)
Net current assets
67,141
39,167
Net assets
67,142
39,168
Capital and reserves
Called up share capital
7
2
2
Share premium account
4,999
4,999
Profit and loss reserves
62,141
34,167
Total equity
67,142
39,168

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 11534427 (England and Wales)
UMI INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

UMi Investment Limited is a private company limited by shares incorporated in England and Wales. The registered office is Navigators Point, Belmont Business Park, Durham, DH1 1TW.

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

Turnover is recognised at the fair value of the consideration received or receivable 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.

1.3
Fixed asset investments

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.

1.4
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 INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.

1.5
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.

2
Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £nil).

3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
UMI INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
General Partner UMi Scotland Limited
1
Ordinary shares
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Atrium Business Centre, North Calden Road, Coatbridge, Lanarkshire, ML5 4EF
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
296,857
586,410
Other debtors
1
1
296,858
586,411
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,745
1
Other creditors
454,463
774,881
457,208
774,882
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
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.

UMI INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
9
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 HodgsonK OliverK Oliverfalse115344272022-04-012023-03-31115344272023-03-31115344272022-03-3111534427core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111534427core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3111534427core:CurrentFinancialInstruments2023-03-3111534427core:CurrentFinancialInstruments2022-03-3111534427core:ShareCapital2023-03-3111534427core:ShareCapital2022-03-3111534427core:SharePremium2023-03-3111534427core:SharePremium2022-03-3111534427core:RetainedEarningsAccumulatedLosses2023-03-3111534427core:RetainedEarningsAccumulatedLosses2022-03-3111534427bus:Director12022-04-012023-03-3111534427core:WithinOneYear2023-03-3111534427core:WithinOneYear2022-03-3111534427bus:PrivateLimitedCompanyLtd2022-04-012023-03-3111534427bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3111534427bus:FRS1022022-04-012023-03-3111534427bus:Audited2022-04-012023-03-3111534427bus:Director22022-04-012023-03-3111534427bus:Director32022-04-012023-03-3111534427bus:Director42022-04-012023-03-3111534427bus:CompanySecretary12022-04-012023-03-3111534427bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP