REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
UNBLU LTD. |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
UNBLU LTD. |
UNBLU LTD. (REGISTERED NUMBER: 11587921) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
UNBLU LTD. |
COMPANY INFORMATION |
For The Year Ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
111 Charterhouse Street |
London |
EC1M 6AW |
UNBLU LTD. (REGISTERED NUMBER: 11587921) |
BALANCE SHEET |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
UNBLU LTD. (REGISTERED NUMBER: 11587921) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Unblu Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
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 Company operates under a service agreement with its parent company. Under the agreement service fees are earned based on an administrative expense plus margin basis. |
Revenue from the sale of the Unblu product is recognised when the significant risks and rewards of the product has transferred to the lawyer. |
Revenue from subscriptions and maintenance contracts is recognised over the subscription period. |
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, using the straight-line method. |
Depreciation is provided on the following basis: |
Computer equipment - 3 years useful life |
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 the Statement of Comprehensive Income. |
UNBLU LTD. (REGISTERED NUMBER: 11587921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
Going concern |
The Company reports a profit of £6,903 (2023: £27,477) and has net liabilities of £612,907 (2023: £619,810). The Company has a cost plus service agreement with the parent Company, Unblu Inc and it has been confirmed that the agreement will not be terminated in the 12 months from signature of these financial statements. The parent company have also confirmed that they are willing to provide ongoing support to the Company in order to meet its financial obligations as they fall due. |
The Directors, having made appropriate enquiries, have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of this report. For this reason they continue to adopt the going concern basis in preparing the Company's accounts. |
UNBLU LTD. (REGISTERED NUMBER: 11587921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
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 the Statement of Comprehensive Income 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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
UNBLU LTD. (REGISTERED NUMBER: 11587921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Deferred tax assets | 144,000 | 156,700 |
VAT |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
VAT | - | 6,170 |
Other creditors |
Accruals and deferred income |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 1,000 | 1,000 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
The Company has taken exemption under FRS 102 section 1AC.35 from disclosing transactions with group companies, on the grounds that each company party to the transactions is wholly owned within the group. |
UNBLU LTD. (REGISTERED NUMBER: 11587921) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the Swiss Confederation represented by the Swiss Federal Department of Finance. The immediate parent company prepares consolidated accounts that are not subject to audit. The parent that prepares audited and published consolidated financial statements is Die Schweizerische Post AG, with registered address at Wankdorfallee 4, Bern 3030, Switzerland. |