Registration number:
Universal Impex Limited
for the Year Ended 31 December 2023
Universal Impex Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Universal Impex Limited
Company Information
Directors |
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Company secretary |
B Chandaria |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Universal Impex Limited
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Universal Impex Limited for the year ended 31 December 2023 which comprise the statement of comprehensive income, balance sheet and the related notes, from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z.
It is your duty to ensure that Universal Impex Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Universal Impex Limited. You consider that Universal Impex Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Universal Impex Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Use of our report
This report is made solely to the Board of Directors of Universal Impex Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Universal Impex Limited and state those matters that we have agreed to state to the Board of Directors of Universal Impex Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Universal Impex Limited and its Board of Directors, as a body, for our work or for this report.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Universal Impex Limited
(Registration number: 00948957)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed asset |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provision for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised for issue by the
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Director
Universal Impex Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Summary of significant accounting policies
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.
Turnover
Turnover represents net confirming commission, interest receivable and management charges from customers, excluding value added tax. Associated expenses such as bank charges, postage etc are also recovered from customers and included in turnover.
Commission income earned from confirming transactions is recognised when invoice is raised and credit is availed.
Interest receivable is recognised over the period of the agreed credit terms.
Foreign currency transactions and balances
Tax
The tax expense for the year comprises current and where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or 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 company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Universal Impex Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Deferred tax is 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 suitable future taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated depreciation and 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, evenly over their expected useful lives as follows:
Asset class |
Depreciation rate and method |
Furniture and fittings |
15% reducing balance basis |
Computer equipment |
33.33% straight line basis |
Motor vehicles |
25% reducing balance basis |
Cash at bank and in hand
This comprises cash at bank.
Financial instruments
Trade debtors
Trade debtors are amounts due from customers for services provided in the ordinary course of business.
A provision for the impairment of trade debtors is made 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. Trade creditors 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.
Universal Impex Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Operating leases
Rentals payable and receivable under operating leases are charged and credited to profit or loss on a straight line basis over the period of the lease.
Dividends
Final equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
Pensions
Contributions payable by the company to private pension schemes of its employees and directors are charged to profit or loss in the year to which they relate.
Employee information |
The average number of persons employed by the company (including directors) during the year was
Universal Impex Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture and fittings |
Motor vehicles |
Computer equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions in the year |
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- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Corporation tax refund |
2,053 |
- |
Other debtors |
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Prepayments |
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Universal Impex Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors: amounts due within one year |
2023 |
2022 |
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Bank loan |
- |
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Trade creditors |
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Directors current account |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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Creditors amounts due within one year includes the following liabilities, on which security was given by the company:
2023 |
2022 |
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Bank loan |
- |
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The bank loan was secured by a fixed and floating charge over all the assets of the company. K K Chandaria, a director of the company, had given a personal guarantee for the bank loan.
Provision for liabilities |
Deferred tax |
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At 1 January 2023 |
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Decrease in existing provision |
( |
At 31 December 2023 |
- |
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Universal Impex Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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500,000 |
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500,000 |
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580,100 |
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580,100 |
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The preference shares are treated as equity shares because they are redeemable at the option of the company at par value for an indefinite period. None of the contractual terms of the share capital meet the definition of a financial liability under FRS 102 and consequently have been treated as part of equity interests.
Commitments under operating leases |
As at 31 December 2023, the company had total future commitments under non-cancellable operating leases as set out below:
2023 |
2022 |
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Less than one year |
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Between one year and five years |
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Controlling party |