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Unaudited Financial Statements for the Year Ended 31 December 2021 |
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United Releasing International Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2021 |
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for |
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United Releasing International Limited |
United Releasing International Limited (Registered number: 03498755) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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United Releasing International Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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First Floor |
Millennium House |
Victoria Road |
Douglas |
Isle of Man |
IM2 4RW |
United Releasing International Limited (Registered number: 03498755) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
as restated |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Other reserves | 8 |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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United Releasing International Limited (Registered number: 03498755) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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United Releasing International Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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Foreign currencies |
Assets and liabilities in foreign currencies, with the exception of share capital, are translated into United States dollars at the rates of exchange ruling at the Balance Sheet date. Share capital is translated at the historical rate. Transactions in foreign currencies are translated into United States dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
$ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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PROVISIONS |
At 1 January 2021 |
and 31 December 2021 | 49,676 |
NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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United Releasing International Limited (Registered number: 03498755) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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4. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Steinstrasse 19th, 77815 Buhl, Germany |
Nature of business:
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Class of shares: | holding |
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The company ceased operations and entered the process of liquidating the company. An application to cancel the company registration was made on 20 February 2020. A provision has been made in the accounts for the cost of this investment. |
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Registered office: First Floor, Millennium House, Victoria Road, Douglas, Isle of Man |
Nature of business:
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Class of shares: | holding |
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2021 | 2020 |
$ | $ |
Aggregate capital and reserves |
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Loss for the year | ( |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
$ | $ |
Prepayments |
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Called up share capital unpaid |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
$ | $ |
Trade creditors |
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Amounts owed to related parties |
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Shareholder loan | 107,465 | 111,892 |
Accruals |
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The amounts owed to related parties and the shareholder loan are unsecured, interest-free and without specified repayment dates. |
United Releasing International Limited (Registered number: 03498755) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | as restated |
$ | $ |
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Ordinary | £1 | 167 | 167 |
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8. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
$ | $ | $ |
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At 1 January 2021 |
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1,183,015 |
Profit for the year |
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At 31 December 2021 |
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1,185,975 |
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9. | PRIOR YEAR ADJUSTMENT |
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In the signed financial statements for year ended 31 December 2020 the profit for the year was overstated by $58,085 due to an accounting error; the creditors were understated by $58,085 and the amounts payable written off figure was overstated by $58,085. The comparative figures in the Profit & Loss Account and Balance Sheet have been restated accordingly. |
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10. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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At 31 December 2021 an amount of $107,465 (2020: $111,892) was due to Unified Holdings Limited, a shareholder holding 40% of the issued share capital. |
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11. | POST BALANCE SHEET EVENTS |
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The effect of events relating to the year ended 31 December 2021, which occurred before the date of approval of the financial statements by the directors, have been included to the extent required to show a true and fair view of the state of affairs at 31 December 2021 and of the results of the year ended on that date. |