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Registration number: 04749638

Unify Business Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Unify Business Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Unify Business Solutions Limited

Company Information

Directors

AG Esposito

E J Bird

Registered office

Dorial House
2 Hazel Court
Midland Way
Barlborough
S43 4FD

Accountants

Wickersham Limited Eckington Business Centre 1
62 Market Street
Eckington
Sheffield
S21 4JH

 

Unify Business Solutions Limited

(Registration number: 04749638)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

81,323

75,533

Current assets

 

Stocks

5

246,039

221,311

Debtors

6

2,962,057

2,321,586

Cash at bank and in hand

 

2,010,509

1,073,163

 

5,218,605

3,616,060

Creditors: Amounts falling due within one year

7

(1,758,805)

(1,116,758)

Net current assets

 

3,459,800

2,499,302

Total assets less current liabilities

 

3,541,123

2,574,835

Creditors: Amounts falling due after more than one year

7

(44,917)

(93,917)

Provisions for liabilities

(12,682)

(10,495)

Net assets

 

3,483,524

2,470,423

Capital and reserves

 

Called up share capital

8

92

92

Retained earnings

3,483,432

2,470,331

Shareholders' funds

 

3,483,524

2,470,423

 

Unify Business Solutions Limited

(Registration number: 04749638)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 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 and 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 21 January 2025 and signed on its behalf by:
 

.........................................
AG Esposito
Director

.........................................
E J Bird
Director

 

Unify Business Solutions Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dorial House
2 Hazel Court
Midland Way
Barlborough
S43 4FD

These financial statements were authorised for issue by the Board on 21 January 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Unify Business Solutions Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% on reducing balance

Plant and machinery etc.

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Unify Business Solutions Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2023 - 45).

 

Unify Business Solutions Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

57,071

170,028

166,728

393,827

Additions

-

6,292

15,819

22,111

At 31 July 2024

57,071

176,320

182,547

415,938

Depreciation

At 1 August 2023

33,499

154,227

130,568

318,294

Charge for the year

2,357

2,371

11,593

16,321

At 31 July 2024

35,856

156,598

142,161

334,615

Carrying amount

At 31 July 2024

21,215

19,722

40,386

81,323

At 31 July 2023

23,572

15,801

36,160

75,533

5

Stocks

2024
£

2023
£

Other inventories

246,039

221,311

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,275,492

1,004,142

Amounts owed by related parties

11

1,487,478

1,160,007

Prepayments

 

61,646

19,996

Other debtors

 

137,441

137,441

   

2,962,057

2,321,586

 

Unify Business Solutions Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

49,000

49,000

Trade creditors

 

518,786

328,189

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

28,953

28,953

Taxation and social security

 

665,753

453,174

Accruals and deferred income

 

474,150

257,442

Other creditors

 

22,163

-

 

1,758,805

1,116,758

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

44,917

93,917

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ord A1 of £0.01 each

2,299

23

2,299

23

Ord A2 of £0.01 each

2,301

23

2,301

23

Ord B1 of £0.01 each

2,299

23

2,299

23

Ord B2 of £0.01 each

2,301

23

2,301

23

9,200

92

9,200

92

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

44,917

93,917

Current loans and borrowings

 

Unify Business Solutions Limited

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

2024
£

2023
£

Bank borrowings

49,000

49,000

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

99,530

71,385

Later than one year and not later than five years

116,016

84,190

215,546

155,575

The amount of non-cancellable operating lease payments recognised as an expense during the year was £114,209 (2023 - £80,603).

11

Related party transactions

 

Unify Business Solutions Limited

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

Transactions with directors

2024

At 1 August 2023
£

At 31 July 2024
£

E J Bird

Advances

57,860

57,860

AG Esposito

Advances

42,075

42,075

2023

At 1 August 2022
£

At 31 July 2023
£

E J Bird

Advances

57,860

57,860

AG Esposito

Advances

42,075

42,075