UB Solutions Limited NI029319 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is software development. Digita Accounts Production Advanced 6.30.9574.0 true NI029319 2023-04-01 2024-03-31 NI029319 2024-03-31 NI029319 bus:OrdinaryShareClass1 2024-03-31 NI029319 core:CurrentFinancialInstruments 2024-03-31 NI029319 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI029319 core:OtherResidualIntangibleAssets 2024-03-31 NI029319 bus:SmallEntities 2023-04-01 2024-03-31 NI029319 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI029319 bus:FilletedAccounts 2023-04-01 2024-03-31 NI029319 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI029319 bus:RegisteredOffice 2023-04-01 2024-03-31 NI029319 bus:Director1 2023-04-01 2024-03-31 NI029319 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI029319 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI029319 1 2023-04-01 2024-03-31 NI029319 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 NI029319 core:OtherResidualIntangibleAssets 1 2023-04-01 2024-03-31 NI029319 countries:NorthernIreland 2023-04-01 2024-03-31 NI029319 2023-03-31 NI029319 core:OtherResidualIntangibleAssets 2023-03-31 NI029319 2022-04-01 2023-03-31 NI029319 2023-03-31 NI029319 bus:OrdinaryShareClass1 2023-03-31 NI029319 core:CurrentFinancialInstruments 2023-03-31 NI029319 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI029319 core:OtherResidualIntangibleAssets 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI029319

UB Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

UB Solutions Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

UB Solutions Limited

(Registration number: NI029319)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

211,341

148,953

Current assets

 

Debtors

5

38,200

79,345

Cash at bank and in hand

 

43,204

26,458

 

81,404

105,803

Creditors: Amounts falling due within one year

6

(361,551)

(244,889)

Net current liabilities

 

(280,147)

(139,086)

Net (liabilities)/assets

 

(68,806)

9,867

Capital and reserves

 

Called up share capital

7

230,000

230,000

Retained earnings

(298,806)

(220,133)

Shareholders' (deficit)/funds

 

(68,806)

9,867

For the financial 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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
Christopher McCoubrey
Director

 

UB Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
50 Ballymacrea Road
Portrush
BT56 8NS
Northern Ireland

These financial statements were authorised for issue by the Board on 26 September 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 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Basis of preparation
There 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.

The presentational currency is £ Sterling.

The level of rounding is to the nearest £ Sterling.

Debtors

Short term debtors are measured at the transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
 

 

UB Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
 

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

Deferred Development Expenditure and Amortisation

Expenditure on the development of computer software programs is capitalised in the balance sheet as an intangible asset in circumstances where future recoverability can be forseen with reasonable assurance. Any expenditure carried forward is amortised in line with the expected revenues from the project.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset. Amortisation commences in the accounting period in which revenues from the project are first generated.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

 

UB Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other
 £

Total
£

Cost or valuation

At 1 April 2023

1,445,025

1,445,025

Additions

185,723

185,723

At 31 March 2024

1,630,748

1,630,748

Amortisation

At 1 April 2023

1,296,072

1,296,072

Provided during the period

123,335

123,335

At 31 March 2024

1,419,407

1,419,407

Carrying amount

At 31 March 2024

211,341

211,341

At 31 March 2023

148,953

148,953

The value of capitalised salary and overhead costs to date is £1,630,748. Each project is being amortised over a four year period as this represents the time over which economic benefits are expected to arise. The development costs of ten of the projects have been fully amortised as at the reporting date.
 

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

9

33,972

77,227

Prepayments

 

4,228

2,118

 

38,200

79,345

 

UB Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings

9

318,894

217,343

Taxation and social security

 

13,612

21,703

Accruals and deferred income

 

3,190

2,900

Other creditors

 

25,855

2,943

 

361,551

244,889

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

230,000

230,000

230,000

230,000

       

8

Ultimate Controlling Party

UBTAS Limited holds 100% of the shares in UB Solutions Limited.
 

9

Related party transactions

The company has availed of the exemptions under FRS102 in relation to the disclosures of transactions with group companies.