Company registration number SC527931 (Scotland)
Umax Limited
Unaudited financial statements
for the year ended 29 February 2024
Pages for filing with registrar
Umax Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Umax Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Umax Limited for the year ended 29 February 2024 which comprise, the statement of financial position 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Director of Umax Limited, in accordance with the terms of our engagement letter dated 13 November 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Umax Limited and state those matters that we have agreed to state to the Director of Umax Limited, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Umax Limited and its Director, for our work or for this report.
It is your duty to ensure that Umax 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 profit of Umax Limited. You consider that Umax 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 Umax 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.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
21 November 2024
Umax Limited
Statement of financial position
as at 29 February 2024
2
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,980
2,850
Current assets
Debtors
3,093
2,741
Cash at bank and in hand
4,348
3,020
7,441
5,761
Creditors: amounts falling due within one year
(24,616)
(25,347)
Net current liabilities
(17,175)
(19,586)
Net liabilities
(15,195)
(16,736)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(15,196)
(16,737)
Total equity
(15,195)
(16,736)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Umax Limited
Statement of financial position (continued)
as at 29 February 2024
3
The financial statements were approved and signed by the director and authorised for issue on 21 November 2024
Dr Kenneth Thomson
Director
Company registration number SC527931 (Scotland)
Umax Limited
Notes to the financial statements
for the year ended 29 February 2024
4
1
Accounting policies
Company information
Umax Limited is a private company limited by shares incorporated in Scotland. The registered office is 53 Angusfield Avenue, Aberdeen, AB15 6AR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.5
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Umax Limited
Notes to the financial statements (continued)
for the year ended 29 February 2024
5
2
Tangible fixed assets
Total
£
Cost
At 1 March 2023 and 29 February 2024
10,079
Depreciation and impairment
At 1 March 2023
7,229
Depreciation charged in the year
870
At 29 February 2024
8,099
Carrying amount
At 29 February 2024
1,980
At 28 February 2023
2,850
3
Going concern
The company has net liabilities of £15,195 (2023 £16,736), but included in creditors is the sum of £17,672 (2023 - £17,810) owed to the director. The director has confirmed that he will not call in this amount for as long as is necessary to ensure the ongoing viability of the company. The director therefore considers it to be appropriate for the accounts to be prepared on the going concern basis.