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Company registration number: 10142871
Unifai Holdings Limited
Unaudited filleted financial statements
31 December 2023
Unifai Holdings Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Unifai Holdings Limited
Directors and other information
Directors A H Jackson
E A B Jackson
M A Tusch
Company number 10142871
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Unifai Holdings Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Unifai Holdings Limited
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 Unifai Holdings Limited for the year ended 31 December 2023 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Unifai Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 29 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Unifai Holdings Limited and state those matters that we have agreed to state to the board of directors of Unifai Holdings Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Unifai Holdings Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Unifai Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Unifai Holdings Limited. You consider that Unifai Holdings 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 Unifai Holdings 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 financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
24 October 2024
Unifai Holdings Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 50,000 50,000
Investments 7 1 2
__________ __________
50,001 50,002
Current assets
Debtors 8 523,620 647,804
Cash at bank and in hand 5,934 3,775
__________ __________
529,554 651,579
Creditors: amounts falling due
within one year 9 ( 8,449) ( 16,415)
__________ __________
Net current assets 521,105 635,164
__________ __________
Total assets less current liabilities 571,106 685,166
__________ __________
Net assets 571,106 685,166
__________ __________
Capital and reserves
Called up share capital 5,749,600 5,749,600
Profit and loss account ( 5,178,494) ( 5,064,434)
__________ __________
Shareholders funds 571,106 685,166
__________ __________
For the 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.
Directors 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 directors acknowledge 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
E A B Jackson
Director
Company registration number: 10142871
Unifai Holdings Limited
Notes to the financial statements
Year ended 31 December 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 Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents and licences - 25 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. The patents have not yet been granted and as such no amortisation has been charged.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Fittings fixtures and equipment - 25 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being 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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Patents and licences Total
£ £
Cost
At 1 January 2023 and 31 December 2023 50,000 50,000
__________ __________
Amortisation
At 1 January 2023 and 31 December 2023 - -
__________ __________
Carrying amount
At 31 December 2023 50,000 50,000
__________ __________
At 31 December 2022 50,000 50,000
__________ __________
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 and 31 December 2023 4,700 4,700
__________ __________
Depreciation
At 1 January 2023 and 31 December 2023 4,700 4,700
__________ __________
Carrying amount
At 31 December 2023 - -
__________ __________
At 31 December 2022 - -
__________ __________
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 2 2
Disposals ( 1) ( 1)
__________ __________
At 31 December 2023 1 1
__________ __________
Impairment
At 1 January 2023 and 31 December 2023 - -
__________ __________
Carrying amount
At 31 December 2023 1 1
__________ __________
At 31 December 2022 2 2
__________ __________
8. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 517,616 644,488
Other debtors 6,004 3,316
__________ __________
523,620 647,804
__________ __________
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 6,219 14,475
Other creditors 2,230 1,940
__________ __________
8,449 16,415
__________ __________
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
E A B Jackson 1,596 496 ( 1,596) 496
__________ __________ __________ __________
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
E A B Jackson 1,068 1,596 ( 1,068) 1,596
__________ __________ __________ __________