false
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No description of principal activity
2017-01-01
Sage Accounts Production Advanced 2017 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
03714318
2017-01-01
2017-12-31
03714318
2017-12-31
03714318
2016-12-31
03714318
2016-01-01
2016-12-31
03714318
2016-12-31
03714318
core:NetGoodwill
2017-01-01
2017-12-31
03714318
core:FurnitureFittings
2017-01-01
2017-12-31
03714318
core:MotorVehicles
2017-01-01
2017-12-31
03714318
bus:Director1
2017-01-01
2017-12-31
03714318
core:RetainedEarningsAccumulatedLosses
2016-01-01
2016-12-31
03714318
core:ShareCapital
2017-01-01
2017-12-31
03714318
core:RetainedEarningsAccumulatedLosses
2017-01-01
2017-12-31
03714318
core:WithinOneYear
2017-12-31
03714318
core:WithinOneYear
2016-12-31
03714318
core:AfterOneYear
2017-12-31
03714318
core:AfterOneYear
2016-12-31
03714318
core:ShareCapital
2017-12-31
03714318
core:ShareCapital
2016-12-31
03714318
core:RevaluationReserve
2017-12-31
03714318
core:RevaluationReserve
2016-12-31
03714318
core:RetainedEarningsAccumulatedLosses
2017-12-31
03714318
core:RetainedEarningsAccumulatedLosses
2016-12-31
03714318
core:ShareCapital
2015-12-31
03714318
core:RevaluationReserve
2015-12-31
03714318
core:RetainedEarningsAccumulatedLosses
2015-12-31
03714318
core:RestatedAmount
2015-12-31
03714318
core:RestatedAmount
2016-12-31
03714318
core:CostValuation
core:Non-currentFinancialInstruments
2017-12-31
03714318
core:Non-currentFinancialInstruments
2017-12-31
03714318
bus:FRS102
2017-01-01
2017-12-31
03714318
bus:AuditExempt-NoAccountantsReport
2017-01-01
2017-12-31
03714318
bus:AbridgedAccounts
2017-01-01
2017-12-31
03714318
bus:SmallCompaniesRegimeForAccounts
2017-01-01
2017-12-31
03714318
bus:PrivateLimitedCompanyLtd
2017-01-01
2017-12-31
03714318
core:OfficeEquipment
2017-01-01
2017-12-31
Statement of Consent to Prepare Abridged Financial Statements
|
|
All of the members of UNITED LETTINGS LIMITED have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31st December 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
03714318
Filleted Unaudited Abridged Financial Statements
|
|
Abridged Financial Statements
|
|
Year ended 31st December 2017
Abridged statement of financial position
|
1
|
|
|
Statement of changes in equity
|
3
|
|
|
Notes to the abridged financial statements
|
4
|
|
|
Abridged Statement of Financial Position
|
|
31 December 2017
Fixed assets
Intangible assets
|
5
|
|
6,754
|
13,504
|
Tangible assets
|
6
|
|
194,735
|
195,836
|
Investments
|
7
|
|
102
|
102
|
|
|
---------
|
---------
|
|
|
201,591
|
209,442
|
|
|
|
|
|
Current assets
Debtors
|
61,510
|
|
87,360
|
Cash at bank and in hand
|
679,661
|
|
677,333
|
|
---------
|
|
---------
|
|
741,171
|
|
764,693
|
|
|
|
|
Creditors: amounts falling due within one year
|
852,253
|
|
850,951
|
|
---------
|
|
---------
|
Net current liabilities
|
|
111,082
|
86,258
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
90,509
|
123,184
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
4,000
|
4,000
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
12,880
|
12,970
|
|
|
--------
|
---------
|
Net assets
|
|
73,629
|
106,214
|
|
|
--------
|
---------
|
|
|
|
|
Abridged Statement of Financial Position (continued)
|
|
31 December 2017
Capital and reserves
Called up share capital
|
|
100
|
4
|
Revaluation reserve
|
|
50,423
|
50,423
|
Profit and loss account
|
|
23,106
|
55,787
|
|
|
--------
|
---------
|
Members funds
|
|
73,629
|
106,214
|
|
|
--------
|
---------
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31st December 2017 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 abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
10 August 2018
, and are signed on behalf of the board by:
Company registration number:
03714318
Statement of Changes in Equity
|
|
Year ended 31st December 2017
|
Called up share capital
|
Revaluation reserve
|
Profit and loss account
|
Total
|
|
£
|
£
|
£
|
£
|
At 1st January 2016
|
4
|
50,423
|
67,652
|
118,079
|
|
|
|
|
|
Profit for the year
|
|
|
48,135
|
48,135
|
|
----
|
--------
|
--------
|
---------
|
Total comprehensive income for the year
|
–
|
–
|
48,135
|
48,135
|
|
|
|
|
|
Dividends paid and payable
|
–
|
–
|
(
60,000)
|
(
60,000)
|
|
----
|
--------
|
--------
|
---------
|
Total investments by and distributions to owners
|
–
|
–
|
(
60,000)
|
(
60,000)
|
|
|
|
|
|
At 31st December 2016
|
4
|
50,423
|
55,787
|
106,214
|
|
|
|
|
|
Profit for the year
|
|
|
30,319
|
30,319
|
|
----
|
--------
|
--------
|
---------
|
Total comprehensive income for the year
|
–
|
–
|
30,319
|
30,319
|
|
|
|
|
|
Issue of shares
|
96
|
–
|
–
|
96
|
Dividends paid and payable
|
–
|
–
|
(
63,000)
|
(
63,000)
|
|
----
|
----
|
--------
|
--------
|
Total investments by and distributions to owners
|
96
|
–
|
(
63,000)
|
(
62,904)
|
|
|
|
|
|
|
----
|
--------
|
--------
|
--------
|
At 31st December 2017
|
100
|
50,423
|
23,106
|
73,629
|
|
----
|
--------
|
--------
|
--------
|
|
|
|
|
|
Notes to the Abridged Financial Statements
|
|
Year ended 31st December 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 205 Wells Road, Knowle, Bristol, BS4 2DF. The address of the company's place of business is 385 Two Mile Hill Road, Kingswood, Bristol, BS15 1AD.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss
. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company. Disclosures in respect of financial instruments have not been presented.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
5% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures & Fittings
|
-
|
15% straight line
|
|
Motor Vehicles
|
-
|
25% straight line
|
|
Equipment
|
-
|
15% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to
9
(2016:
8
).
5.
Intangible assets
|
£
|
Cost
|
|
At 1st January 2017 and 31st December 2017
|
134,997
|
|
---------
|
Amortisation
|
|
At 1st January 2017
|
121,493
|
Charge for the year
|
6,750
|
|
---------
|
At 31st December 2017
|
128,243
|
|
---------
|
Carrying amount
|
|
At 31st December 2017
|
6,754
|
|
---------
|
At 31st December 2016
|
13,504
|
|
---------
|
|
|
6.
Tangible assets
|
£
|
Cost
|
|
At 1st January 2017
|
215,335
|
Additions
|
1,395
|
|
---------
|
At 31st December 2017
|
216,730
|
|
---------
|
Depreciation
|
|
At 1st January 2017
|
19,499
|
Charge for the year
|
2,496
|
|
---------
|
At 31st December 2017
|
21,995
|
|
---------
|
Carrying amount
|
|
At 31st December 2017
|
194,735
|
|
---------
|
At 31st December 2016
|
195,836
|
|
---------
|
|
|
Tangible assets held at valuation
Investment properties have been included in Freehold Land and Buildings at their open market value at the balance sheet date. A valuation was carried out by Besley Hill Estate Agents as at 31 December 2015. This valuation was reviewed by the directors as at 31 December 2017 and no change was considered necessary.
7.
Investments
|
£
|
Cost
|
|
At 1st January 2017 and 31st December 2017
|
102
|
|
----
|
Impairment
|
|
At 1st January 2017 and 31st December 2017
|
–
|
|
----
|
Carrying amount
|
|
At 31st December 2017
|
102
|
|
----
|
|
|
8.
Defined contribution plans
The company operates a group pension scheme for employees. The company makes contributions to the scheme and the benefits are provided by policies effected with Eagle Star and Legal and General. The contributions are defined as such amounts as the company, in it's absolute discretion, shall from time to time decide, subject to certain maxima.
The charge to the profit and loss account in respect of the pension contributions in the period to £9,551 (2016 - £4,801).
9.
Related party transactions
The company was under the control of Mr M D Offer and members of his immediate family throughout the current and previous year. Mr Offer is the managing director and major shareholder
. The company paid commissions during the year to a company controlled by close relative of Mr M D Offer. These commissions amounted to £6,729 of which £Nil was outstanding at 31 December 2017. These commissions are paid on a normal commercial basis.