Company registration number 09237764 (England and Wales)
Unit Exchange Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Unit Exchange Limited
COMPANY INFORMATION
Director
Mr B Cottrell
(Appointed 31 January 2024)
Company number
09237764
Registered office
Handel House
95 High Street
Edgware
HA8 7DB
Accountants
Pinnick Lewis LLP
Handel House
95 High Street
Edgware
Middlesex
HA8 7DB
Business address
168 Aycliffe Road
Borehamwood
Herts
WD6 4EG
Unit Exchange Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Unit Exchange Limited
BALANCE SHEET
As At 30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
38,000
38,000
Tangible assets
4
3,200
2,400
41,200
40,400
Current assets
Stocks
19,996
18,863
Debtors
5
8,447
8,108
Cash at bank and in hand
8,989
24,534
37,432
51,505
Creditors: amounts falling due within one year
6
(67,580)
(70,128)
Net current liabilities
(30,148)
(18,623)
Total assets less current liabilities
11,052
21,777
Creditors: amounts falling due after more than one year
7
(2,984)
(6,486)
Net assets
8,068
15,291
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
7,968
15,191
Total equity
8,068
15,291
Unit Exchange Limited
BALANCE SHEET (CONTINUED)
As At 30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
..............................................
Mr B Cottrell
Director
Company registration number 09237764 (England and Wales)
Unit Exchange Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2024
- 3 -
1
Accounting policies
Company information

Unit Exchange Limited is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 8 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
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:

Leasehold land and buildings
20% Straight line
Fixtures and fittings
20% Reducing balance
Motor vehicles
20% Straight line
Unit Exchange Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
Unit Exchange Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
62,000
Amortisation and impairment
At 1 October 2023 and 30 September 2024
24,000
Carrying amount
At 30 September 2024
38,000
At 30 September 2023
38,000
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
1,000
1,752
6,000
8,752
Additions
-
0
2,500
-
0
2,500
At 30 September 2024
1,000
4,252
6,000
11,252
Depreciation and impairment
At 1 October 2023
1,000
1,752
3,600
6,352
Depreciation charged in the year
-
0
500
1,200
1,700
At 30 September 2024
1,000
2,252
4,800
8,052
Carrying amount
At 30 September 2024
-
0
2,000
1,200
3,200
At 30 September 2023
-
0
-
0
2,400
2,400
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,582
5,108
Corporation tax recoverable
1,865
-
0
Other debtors
1,250
-
0
Prepayments and accrued income
3,750
3,000
8,447
8,108
Unit Exchange Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 September 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,501
3,414
Trade creditors
10,192
14,898
Corporation tax
85
3,272
Other taxation and social security
3,274
3,225
Other creditors
46,558
43,069
Accruals and deferred income
3,970
2,250
67,580
70,128
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
2,984
6,486
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