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Company registration number: 11454447
Unity Chesterfield Ltd
Unaudited filleted financial statements
31 May 2023
Unity Chesterfield Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Unity Chesterfield Ltd
Directors and other information
Directors Mr W Muirhead
Mr M S Riaz
Company number 11454447
Registered office 10 Cliff Parade
Wakefield
West Yorkshire
WF1 2TA
Accountants Andrew Wright & Co
10 Cliff Parade
Wakefield
West Yorkshire
WF1 2TA
Unity Chesterfield Ltd
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 126,050 128,483
_______ _______
126,050 128,483
Current assets
Stocks 24,589 21,635
Debtors 6 125,000 44,499
Cash at bank and in hand 43,830 52,023
_______ _______
193,419 118,157
Creditors: amounts falling due
within one year 7 ( 215,668) ( 225,049)
_______ _______
Net current liabilities ( 22,249) ( 106,892)
_______ _______
Total assets less current liabilities 103,801 21,591
_______ _______
Net assets 103,801 21,591
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 103,701 21,491
_______ _______
Shareholders funds 103,801 21,591
_______ _______
For the year ending 31 May 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 have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 February 2024 , and are signed on behalf of the board by:
Mr M S Riaz
Director
Company registration number: 11454447
Unity Chesterfield Ltd
Notes to the financial statements
Year ended 31 May 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 10 Cliff Parade, Wakefield, West Yorkshire, WF1 2TA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Stated at cost
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 18 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2022 and 31 May 2023 118,750 29,912 148,662
_______ _______ _______
Depreciation
At 1 June 2022 - 20,179 20,179
Charge for the year - 2,433 2,433
_______ _______ _______
At 31 May 2023 - 22,612 22,612
_______ _______ _______
Carrying amount
At 31 May 2023 118,750 7,300 126,050
_______ _______ _______
At 31 May 2022 118,750 9,733 128,483
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 1,272 -
Other debtors 123,728 44,499
_______ _______
125,000 44,499
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 42,181 48,039
Trade creditors 41,774 64,323
Corporation tax 31,056 19,200
Social security and other taxes 25,525 18,309
Other creditors 75,132 75,178
_______ _______
215,668 225,049
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr W Muirhead ( 6,000) - ( 6,000)
Mr M S Riaz ( 1,200) - ( 1,200)
_______ _______ _______
( 7,200) - ( 7,200)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr W Muirhead - ( 6,000) ( 6,000)
Mr M S Riaz - ( 1,200) ( 1,200)
_______ _______ _______
- ( 7,200) ( 7,200)
_______ _______ _______