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Company registration number: 02810359
Unistates (UK) Limited
Unaudited filleted financial statements
31 March 2024
Unistates (UK) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Unistates (UK) Limited
Directors and other information
Director Mr Albert Anthony Hawkins
Secretary Mr Albert Anthony Hawkins
Company number 02810359
Registered office 41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Bankers Barclays Bank plc
Sheffield Arena Square
PO Box 43
Sheffield
S1 1NG
Unistates (UK) Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 484,303 493,957
_______ _______
484,303 493,957
Current assets
Debtors 6 5,874 7,677
Cash at bank and in hand 1,036 7,214
_______ _______
6,910 14,891
Creditors: amounts falling due
within one year 7 ( 20,794) ( 23,504)
_______ _______
Net current liabilities ( 13,884) ( 8,613)
_______ _______
Total assets less current liabilities 470,419 485,344
Creditors: amounts falling due
after more than one year 8 - ( 5,230)
Provisions for liabilities ( 5,576) ( 7,410)
_______ _______
Net assets 464,843 472,704
_______ _______
Capital and reserves
Called up share capital 5,000 5,000
Share premium account 197,932 197,932
Revaluation reserve 150,180 150,180
Profit and loss account 111,731 119,592
_______ _______
Shareholders funds 464,843 472,704
_______ _______
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 May 2024 , and are signed on behalf of the board by:
Mr Albert Anthony Hawkins
Director
Company registration number: 02810359
Unistates (UK) Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 41 Clarence Road, Chesterfield, Derbyshire, S40 1LH.
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.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 - 2 % straight line
Plant and machinery - 15 % 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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 and 31 March 2024 455,000 3,633 53,320 511,953
_______ _______ _______ _______
Depreciation
At 1 April 2023 - 1,334 16,662 17,996
Charge for the year - 490 9,164 9,654
_______ _______ _______ _______
At 31 March 2024 - 1,824 25,826 27,650
_______ _______ _______ _______
Carrying amount
At 31 March 2024 455,000 1,809 27,494 484,303
_______ _______ _______ _______
At 31 March 2023 455,000 2,299 36,658 493,957
_______ _______ _______ _______
Investment property
Investments properties are revalued annually by the directors of the company, who do not have any formal qualifications in respect of the valuation of property. The directors have based their valuation on their knowledge of the market. The directors are satisfied that the value is not less than the aggregate amount at which they are stated in the accounts.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 March 2024
Aggregate cost 304,820 304,820
Aggregate depreciation - -
_______ _______
Carrying amount 304,820 304,820
_______ _______
At 31 March 2023
Aggregate cost 304,820 304,820
Aggregate depreciation - -
_______ _______
Carrying amount 304,820 304,820
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 5,665 7,365
Other debtors 209 312
_______ _______
5,874 7,677
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 6,676 6,239
Social security and other taxes 3,421 3,316
Other creditors 10,697 13,949
_______ _______
20,794 23,504
_______ _______
The company meets its day to day working capital requirements through a bank overdraft facility for which security has been given by the company and which, in common with such facilities, are repayable on demand. The company is operating within its agreed facility and the directors expect it to be able to continue doing so for at least one year from which they approved the financial statements. In view of their relationship with the company's bankers the director considers it reasonable to rely on the continuation of the overdraft facility.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 5,230
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Albert Anthony Hawkins ( 598) 376 ( 222)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Albert Anthony Hawkins ( 598) - ( 598)
_______ _______ _______
10. Controlling party
The company is controlled by Albert Anthony Hawkins by virtue of his majority interest in Unistates Holdings Limited, of which he is the controlling director.