Registered number
09147082
Unite Life Limited
Filleted Accounts
31 July 2022
Unite Life Limited
Balance Sheet
as at 31 July 2022
Notes 2022 2021
£ £
Current assets
Debtors 3 128,808 138,697
Cash at bank and in hand 5,056 21,720
133,864 160,417
Creditors: amounts falling due within one year 4 (96,779) (124,024)
Net current assets 37,085 36,393
Total assets less current liabilities 37,085 36,393
Creditors: amounts falling due after more than one year 5 (18,400) (23,200)
Net assets 18,685 13,193
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 17,685 12,193
Shareholder's funds 18,685 13,193
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs J Hopkins
Director
Approved by the board on 24 November 2023
Unite Life Limited
Notes to the Accounts
for the year ended 31 July 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2022 2021
£ £
Trade debtors 14,122 -
Other debtors 114,686 138,697
128,808 138,697
4 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 77,457 123,000
Taxation and social security costs 17,788 -
Other creditors 1,534 1,024
96,779 124,024
5 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 18,400 23,200
6 Related party transactions
The director also controlled the operations of Quick Quote Life Limited. During the previous year Quick Quote Life Limited provided services to Unite Life Limited. The value of these services was £47,864 and was deemed to be at arms length.
2022 2021
£ £
Quick Quote Life
outstanding at the year end 17,457 63,000
7 Controlling party
During the year, the company was under the control of Mrs J Hopkins, the majority shareholder.
8 Other information
Unite Life Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Axis Court
Mallard Way
Swansea Vale
Swansea
SA7 0AJ
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