Registered number: 12287260
UNCAPPED FINANCE LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2023
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UNCAPPED FINANCE LTD
REGISTERED NUMBER: 12287260
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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UNCAPPED FINANCE LTD
REGISTERED NUMBER: 12287260
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 11 form part of these financial statements.
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UNCAPPED FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Uncapped Finance Limited is a private company limited by shares, incorporated in England and Wales, registration number is 12287260. The registered office is International House, 36-38 Cornhill, London, EC3V 3NG.
The financial statements are for the year ended 30 April 2023. The figures for 2022 are for the 18 month period ended 30 April 2022 and are therefore not entirely comparable.
The financial statements include a prior year adjustment to the figures for the year ended 30 April 2022 - see note 12.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional and presentational currency is GBP and the financial statements are rounded to the nearest £1.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Uncapped Ltd as at 30 April 2023 and these financial statements may be obtained from Companies House.
The company has net liabilities of £4,295,148 (2022: £2,548,986) at the balance sheet date.
Uncapped Finance Ltd has the financial support of Uncapped Ltd to provide cash as required to enable the company to continue as a going concern. Uncapped Ltd demonstrates its willingness and ability to support the company for at least 12 months from the date of approval of the financial statements.
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
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UNCAPPED FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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UNCAPPED FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position 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.
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UNCAPPED FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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UNCAPPED FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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The average monthly number of employees, including the director, during the year was as follows:
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UNCAPPED FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Investments in subsidiary companies (as restated)
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At 1 May 2022 (as previously stated)
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At 1 May 2022 (as restated)
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The following was a subsidiary undertaking of the Company:
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Uncapped Tech Finance Germany UTF GmbH & Co. KG (60535)
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Charlottenstrabe 4,
1096, Berlin, Germany.
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and
are repayable on demand.
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UNCAPPED FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and
are repayable on demand.
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Creditors: Amounts falling due after more than one year
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Other loans are secured on the assets of the comany.
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Allotted, called up and fully paid
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1,000 (2022 - 1,000) Ordinary Shares shares of £0.01 each
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Profit and loss account
The profit and loss account represents the accumulation of profits and losses incurred since incorporation.
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UNCAPPED FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Profit and loss account (restated)
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At 1 May 2022 (as previously stated)
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Prior Year Adjustment (note 12)
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At 1 May 2022 (as restated)
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The profit and loss account represents the accumulation of profits and losses incurred since incorporation.
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During the year, an error was found in the financial statements for the period to 30 April 2022. The comparative figures for 30 April 2022 have been restated to reflect a prior year adjustment with regard to investments, amounts owed by group undertakings, other debtors, amounts owed to group undertakings, accruals and deferred income, other creditors and the profit and loss account.
The prior year adjustment reflects the correction of accounting errors, whereby, turnover, investments, creditors and the related other debtors were omitted from the accounts.
The prior year adjustment corrects the above by adjusting the following:
Profit and loss account
•Turnover has increased from £9,834,685 to £11,801,580.
•Cost of sales decreased from £14,522,988 to £14,424,781.
• Administrative expenses increased from CR £58,230 to CR £127,806.
Fixed assets
• Investments increased from £Nil to £84.
Debtors
• Loans have been reclassified as amounts owed by group undertakings and have decreased from £55,920,876 to £469,417
Creditors: Amounts falling due within one year
• Other creditors decreased from £3,000 to £Nil.
• Accruals and deferred income decreased from £444,769 to £443,269.
• Amounts owed to group undertakings decreased from £35,099,454 to £34,540,963.
The prior year adjustment has resulted in the increase to opening reserves by £2,125,389.
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UNCAPPED FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Related party transactions
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Included in debtors at the year end are amounts owed from fellow subsidiaries of the parent entity of £12,733 (2022: £Nil) from Uncapped Europe GP GmBH and £324,716 (2022: £469,417) from Uncapped Management GmBH. These amounts are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Included in debtors at the year end are amounts owed of £5,009,347 (2022: £84 owed to) from Uncapped Tech Finance Germany UTF GmBH & CO. KG, the subsidiary of Uncapped Finance Ltd. This amount is unsecured, interest free, has no fixed date of repayment and is repayable on demand.
Included in creditors at the year end are amounts owed to £10,110,175 (2022: £34,540,879) Uncapped Ltd, the parent entity. This amount is unsecured, interest free, has no fixed date of repayment and is repayable on demand.
Included in creditors at the year end are amounts owed to fellow subsidiaries of the parent entity of £698,596 (2022: £Nil) to Uncapped Technology Inc. These amounts are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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Uncapped Ltd is the ultimate parent company, registered in England and Wales with the registered number 12258266, with a registered office of International House, 36-38 Cornhill, London, EC3V 3NG. Financial statements are available from the Registrar of Companies, Companies House, Cardiff, CF14 3UZ.
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