Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Money transfer2022-04-01false2421falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03547586 2022-04-01 2023-03-31 03547586 2021-04-01 2022-03-31 03547586 2023-03-31 03547586 2022-03-31 03547586 2021-04-01 03547586 c:Director4 2022-04-01 2023-03-31 03547586 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 03547586 d:Buildings d:LongLeaseholdAssets 2023-03-31 03547586 d:Buildings d:LongLeaseholdAssets 2022-03-31 03547586 d:MotorVehicles 2022-04-01 2023-03-31 03547586 d:MotorVehicles 2023-03-31 03547586 d:MotorVehicles 2022-03-31 03547586 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03547586 d:FurnitureFittings 2022-04-01 2023-03-31 03547586 d:FurnitureFittings 2023-03-31 03547586 d:FurnitureFittings 2022-03-31 03547586 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03547586 d:ComputerEquipment 2022-04-01 2023-03-31 03547586 d:ComputerEquipment 2023-03-31 03547586 d:ComputerEquipment 2022-03-31 03547586 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03547586 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03547586 d:ComputerSoftware 2023-03-31 03547586 d:ComputerSoftware 2022-03-31 03547586 d:CurrentFinancialInstruments 2023-03-31 03547586 d:CurrentFinancialInstruments 2022-03-31 03547586 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03547586 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03547586 d:ShareCapital 2023-03-31 03547586 d:ShareCapital 2022-03-31 03547586 d:RetainedEarningsAccumulatedLosses 2023-03-31 03547586 d:RetainedEarningsAccumulatedLosses 2022-03-31 03547586 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03547586 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 03547586 c:FRS102 2022-04-01 2023-03-31 03547586 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03547586 c:FullAccounts 2022-04-01 2023-03-31 03547586 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03547586 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 03547586 d:ComputerSoftware d:OwnedIntangibleAssets 2022-04-01 2023-03-31 03547586 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 03547586









UNITY LINK FINANCIAL SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
UNITY LINK FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 03547586

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
277,113
-

Tangible assets
 5 
412,488
459,822

  
689,601
459,822

Current assets
  

Debtors: amounts falling due within one year
 6 
5,689,250
4,364,814

Cash at bank and in hand
 7 
3,258,761
2,501,207

  
8,948,011
6,866,021

Creditors: amounts falling due within one year
 8 
(5,509,342)
(4,390,390)

Net current assets
  
 
 
3,438,669
 
 
2,475,631

Total assets less current liabilities
  
4,128,270
2,935,453

Provisions for liabilities
  

Deferred tax
 9 
(98,350)
(109,226)

Net assets
  
4,029,920
2,826,227


Capital and reserves
  

Called up share capital 
  
40,000
40,000

Profit and loss account
  
3,989,920
2,786,227

  
4,029,920
2,826,227


Page 1

 
UNITY LINK FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 03547586
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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: 




J O Owusu
Director

Date: 15 March 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
UNITY LINK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Unity Link Financial Services Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the company is 5-17 The Triangle, Hammersmith Grove, London W6 0LG. The principal activity of the company is that of money transfer.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existance for the foreseeable future. In light of the Covid-19 pandemic, there are no material uncertainties that require disclosure. The company has successfully implemented its business continuity plan during the pandemic with 80% of its employees working from home. The directors believe that due to recent focus shift to the development and growth of their online and digital platform, they are well placed to continue their business operations with minimum disruption during and subsequent to the pandemic.

 
2.3

Foreign currency translation

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'.

Page 3

 
UNITY LINK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue represents commission receivable from money transfer business entered into with clients. Revenue is recognised as soon as the money for transfer is received by the agents. 

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
UNITY LINK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
UNITY LINK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over the lease term & 25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

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.

 
2.13

Cash and cash equivalents

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.

 
2.14

Creditors

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
UNITY LINK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 21).


4.


Intangible assets




Computer software

£



Cost


Additions
282,177



At 31 March 2023

282,177



Amortisation


Charge for the year on owned assets
5,064



At 31 March 2023

5,064



Net book value



At 31 March 2023
277,113



At 31 March 2022
-



Page 7

 
UNITY LINK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
64,452
12,798
335,623
456,446
869,319


Additions
-
-
10,582
-
10,582


Disposals
(46,779)
-
-
-
(46,779)



At 31 March 2023

17,673
12,798
346,205
456,446
833,122



Depreciation


At 1 April 2022
57,606
11,481
281,073
59,337
409,497


Charge for the year on owned assets
1,711
1,317
15,178
39,710
57,916


Disposals
(46,779)
-
-
-
(46,779)



At 31 March 2023

12,538
12,798
296,251
99,047
420,634



Net book value



At 31 March 2023
5,135
-
49,954
357,399
412,488



At 31 March 2022
6,846
1,317
54,550
397,109
459,822


6.


Debtors

2023
2022
£
£


Trade debtors
2,439,839
3,318,450

Other debtors
3,143,670
938,652

Prepayments and accrued income
105,741
107,712

5,689,250
4,364,814


Page 8

 
UNITY LINK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,258,761
2,501,207

3,258,761
2,501,207



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,663,776
2,224,388

Corporation tax
348,760
31,882

Other taxation and social security
86,938
11,836

Other creditors
436,022
1,805,961

Accruals and deferred income
973,846
316,323

5,509,342
4,390,390



9.


Deferred taxation




2023
2022


£

£






At beginning of year
109,226
39,445


Charged to profit or loss
(10,876)
69,781



At end of year
98,350
109,226

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
98,350
109,226

98,350
109,226

Page 9

 
UNITY LINK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £9,947 (2022 - £9,285)

 
Page 10