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COMPANY REGISTRATION NUMBER: 01763227
UNIVAG LIMITED
Unaudited Financial Statements
31 March 2023
UNIVAG LIMITED
Financial Statements
Year ended 31st March 2023
Contents
Pages
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3 to 4
Notes to the financial statements
5 to 7
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
9
UNIVAG LIMITED
Directors' Report
Year ended 31st March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Directors
The directors who served the company during the year were as follows:
L.N. Vaghela
R.N. Vaghela
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 July 2023 and signed on behalf of the board by:
L.N. Vaghela
R.N.Vaghela
Director
Company Secretary
Registered office:
128 Exeter Road
Harrow
Middlesex
England
HA2 9PL
UNIVAG LIMITED
Statement of Income and Retained Earnings
Year ended 31st March 2023
2023
2022
Note
£
£
Administrative expenses
11,126
4,091
Other operating income
72,070
60,020
--------
--------
Operating profit
60,944
55,929
Other interest receivable and similar income
4
466
12
--------
--------
Profit before taxation
61,410
55,941
Tax on profit
11,668
10,629
--------
--------
Profit for the financial year and total comprehensive income
49,742
45,312
--------
--------
Dividends paid and payable
( 32,000)
( 32,000)
Retained earnings at the start of the year
616,293
602,981
---------
---------
Retained earnings at the end of the year
634,035
616,293
---------
---------
All the activities of the company are from continuing operations.
UNIVAG LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
531,751
531,751
Current assets
Cash at bank and in hand
115,822
108,511
Creditors: amounts falling due within one year
6
870
12,340
---------
---------
Net current assets
114,952
96,171
---------
---------
Total assets less current liabilities
646,703
627,922
Creditors: amounts falling due after more than one year
7
11,668
10,629
---------
---------
Net assets
635,035
617,293
---------
---------
UNIVAG LIMITED
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
634,035
616,293
---------
---------
Shareholders funds
635,035
617,293
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31st March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 July 2023 , and are signed on behalf of the board by:
L.N. Vaghela
Director
Company registration number: 01763227
UNIVAG LIMITED
Notes to the Financial Statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 128 Exeter Road, Harrow, Middlesex, HA2 9PL, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
466
12
----
----
5. Tangible assets
Land and buildings
£
Cost
At 1st April 2022 and 31st March 2023
531,751
---------
Depreciation
At 1st April 2022 and 31st March 2023
---------
Carrying amount
At 31st March 2023
531,751
---------
At 31st March 2022
531,751
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
870
12,340
----
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Corporation tax
11,668
10,629
--------
--------
UNIVAG LIMITED
Management Information
Year ended 31st March 2023
The following pages do not form part of the financial statements.
UNIVAG LIMITED
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of UNIVAG LIMITED
Year ended 31st March 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31st March 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
PGK ASSOCIATES LIMITED Chartered accountants
128 Exeter Road Harrow Middlesex HA2 9PL
10 July 2023