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Registered number: 10037837









UBISEND LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
UBISEND LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UBISEND LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ubisend Limited for the year ended 30 June 2024 which comprise  the Balance sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Ubisend Limited in accordance with the terms of our engagement letter dated 2 November 2020Our work has been undertaken solely to prepare for your approval the financial statements of Ubisend Limited and state those matters that we have agreed to state to the director of Ubisend Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ubisend Limited and its director for our work or for this report. 

It is your duty to ensure that Ubisend 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 Ubisend Limited. You consider that Ubisend Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Ubisend 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.

  





MA Partners LLP
 
7 The Close
Norwich
Norfolk
NR1 4DJ
24 March 2025
Page 1

 
UBISEND LIMITED
REGISTERED NUMBER: 10037837

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,212
6,561

  
4,212
6,561

Current assets
  

Debtors: amounts falling due within one year
 5 
35,112
51,736

Cash at bank and in hand
  
50,569
29,715

  
85,681
81,451

Creditors: amounts falling due within one year
 6 
(118,834)
(146,450)

Net current liabilities
  
 
 
(33,153)
 
 
(64,999)

Total assets less current liabilities
  
(28,941)
(58,438)

Creditors: amounts falling due after more than one year
 7 
(1,670,545)
(1,053,015)

  

Net liabilities
  
(1,699,486)
(1,111,453)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,699,586)
(1,111,553)

  
(1,699,486)
(1,111,453)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2025.

Page 2

 
UBISEND LIMITED
REGISTERED NUMBER: 10037837
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024


Dr R F Favero
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
UBISEND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office address is 7 The Close, Norwich, Norfolk, NR1 4DJ. 
The company's principal activity is the provision of creative A1 technology. The principal place of business is Norwich, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:

 
2.2

Going concern

The director has confirmed the continued support of the holding company and therefore considers the Company retains sufficient working capital to trade for a period of at least twelve months from the date of approval of the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.



Page 4

 
UBISEND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line basis and also the reducing balance method.

Depreciation is provided on the following basis:

Property improvements
-
over the term of the lease
Fixtures and fittings
-
15% reducing balance
Office equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

Page 5

 
UBISEND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
UBISEND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

2024
2023
£
£

Wages and salaries
488,695
529,710

Cost of defined contribution scheme
13,820
12,161

502,515
541,871


The average monthly number of employees, including directors, during the year was 8 (2023 - 9).


4.


Tangible fixed assets





Property improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
6,548
3,504
18,708
28,760



At 30 June 2024

6,548
3,504
18,708
28,760



Depreciation


At 1 July 2023
6,548
589
15,061
22,198


Charge for the year on owned assets
-
526
1,823
2,349



At 30 June 2024

6,548
1,115
16,884
24,547



Net book value



At 30 June 2024
-
2,389
1,824
4,213



At 30 June 2023
-
2,915
3,647
6,562

Page 7

 
UBISEND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
29,655
43,236

Other debtors
3,367
6,670

Prepayments and accrued income
2,090
1,830

35,112
51,736



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
34,375
37,500

Trade creditors
19,937
5,566

Other taxation and social security
18,126
47,615

Other creditors
37,907
52,579

Accruals and deferred income
8,489
3,190

118,834
146,450



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
34,375

Amounts owed to group undertakings
1,670,545
1,018,640

1,670,545
1,053,015


Page 8

 
UBISEND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 'A' ordinary shares of £1.00 each
50
50
30 'B' ordinary shares of £1.00 each
30
30
10 'C' ordinary shares of £1.00 each
10
10
10 'D' ordinary shares of £1.00 each
10
10

100

100



9.


Commitments, guarantees and contingencies

The company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £19,045

 
Page 9