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Registration number: 04247688

UMC Design & Applications Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

UMC Design & Applications Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

UMC Design & Applications Limited

(Registration number: 04247688)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

4,200

4,200

Current assets

 

Debtors

5

29,440

23,030

Cash at bank and in hand

 

13,345

14,284

 

42,785

37,314

Creditors: Amounts falling due within one year

6

(22,019)

(23,432)

Net current assets

 

20,766

13,882

Net assets

 

24,966

18,082

Capital and reserves

 

Called up share capital

7

1

1

Capital redemption reserve

6,000

6,000

Retained earnings

18,965

12,081

Shareholders' funds

 

24,966

18,082

 

UMC Design & Applications Limited

(Registration number: 04247688)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 August 2024
 

.........................................
N Cobban
Director

 

UMC Design & Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
United Kingdom

The principal place of business is:
29th Floor, Joy Nostalg Building
17 ADB Avenue, Ortigas Center
Pasig City 1600, Metro Manila, Philippines

These financial statements were authorised for issue by the director on 7 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

 

UMC Design & Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

During the year the company repurchased and cancelled 12,000 shares at nominal value of 50p per share from shareholder. Repurchased with cash.

 

UMC Design & Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

UMC Design & Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investments

2023
£

2022
£

Investments in subsidiaries

4,200

4,200

Subsidiaries

£

Cost or valuation

At 1 January 2023

4,200

Carrying amount

At 31 December 2023

4,200

At 31 December 2022

4,200

5

Debtors

Current

2023
£

2022
£

Trade debtors

8,211

12,423

Prepayments

348

-

Other debtors

20,881

10,607

 

29,440

23,030

 

UMC Design & Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

6,440

6,006

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

2,301

2,486

Taxation and social security

 

10,302

11,679

Accruals and deferred income

 

3,000

3,000

Other creditors

 

(24)

261

 

22,019

23,432

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.50 each

2

1

2

1

Ordinary A shares of £0 each

-

-

-

-

2

1

2

1

8

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £Nil per each Ordinary shares

-

-

Interim dividend of £Nil per each Ordinary A shares

-

-

-

-

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

 

UMC Design & Applications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Remuneration

18,000

11,500

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

10,607

10,607

At end of period

10,607

10,607

2022

Subsidiary
£

Total
£

At start of period

7,545

7,545

Repaid

3,062

3,062

At end of period

10,607

10,607

Terms of loans to related parties

UMC Philippines owes UMC Design and Applications a Capital loan on a non-fixed repayment period at 0% interest.
 

Loans from related parties

2023

Key management
£

Total
£

At start of period

2,485

2,485

Repaid

(184)

(184)

At end of period

2,301

2,301

2022

Key management
£

Total
£

At start of period

1,485

1,485

Advanced

14,663

14,663

Repaid

(13,663)

(13,663)

At end of period

2,485

2,485

Terms of loans from related parties

Balance owed to director's on a non-fixed repayment period at 0% interest.