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COMPANY REGISTRATION NUMBER: 11426240
Unimed Global Limited
Filleted Unaudited Financial Statements
31 October 2023
Unimed Global Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
9,559
32,687
Current assets
Debtors
6
244,829
14,067
Cash at bank and in hand
882,324
1,740,571
------------
------------
1,127,153
1,754,638
Creditors: amounts falling due within one year
7
1,128,905
1,290,782
------------
------------
Net current (liabilities)/assets
( 1,752)
463,856
-------
---------
Total assets less current liabilities
7,807
496,543
Creditors: amounts falling due after more than one year
8
140,999
150,489
Provisions
1,980
6,211
---------
---------
Net (liabilities)/assets
( 135,172)
339,843
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 135,272)
339,743
---------
---------
Shareholders (deficit)/funds
( 135,172)
339,843
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Unimed Global Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
Mr R V Thakkar
Director
Company registration number: 11426240
Unimed Global Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% straight line
Equipment
-
33 % straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
29,766
45,226
74,992
--------
--------
--------
Depreciation
At 1 November 2022
16,374
25,931
42,305
Charge for the year
7,442
15,686
23,128
--------
--------
--------
At 31 October 2023
23,816
41,617
65,433
--------
--------
--------
Carrying amount
At 31 October 2023
5,950
3,609
9,559
--------
--------
--------
At 31 October 2022
13,392
19,295
32,687
--------
--------
--------
6. Debtors
2023
2022
£
£
Other debtors
244,829
14,067
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,491
9,491
Trade creditors
68,755
50,502
Corporation tax
7,070
Social security and other taxes
7,678
8,028
Company Credit Card
8,189
8,481
Other creditors
1,034,792
1,207,210
------------
------------
1,128,905
1,290,782
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,750
28,240
Other creditors
122,249
122,249
---------
---------
140,999
150,489
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R V Thakkar
( 24,165)
127,706
103,541
Mr R V Thakkar
( 36,609)
40,000
3,391
--------
---------
----
---------
( 60,774)
167,706
106,932
--------
---------
----
---------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R V Thakkar
( 110,264)
88,099
( 2,000)
( 24,165)
Mr R V Thakkar
( 109,699)
75,090
( 2,000)
( 36,609)
---------
---------
-------
--------
( 219,963)
163,189
( 4,000)
( 60,774)
---------
---------
-------
--------
10. Related party transactions
The company provided interest free loans repayable on demand to other companies controlled by the directors amounting to £117,606 (2022: £4,819). During the year the company was charged rent by a company controlled by the directors amounting to £19,250 (2022: £27,271).