Company Registration No. 10634903 (England and Wales)
UK200 GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
UK200 GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
UK200 GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL)
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Negative goodwill
3
-
(9,127)
Tangible assets
4
6,915
9,127
6,915
-
Current assets
Debtors
5
51,985
56,118
Cash at bank and in hand
370,843
383,261
422,828
439,379
Creditors: amounts falling due within one year
6
(169,623)
(201,130)
Net current assets
253,205
238,249
Total assets less current liabilities
260,120
238,249
Reserves
Income and expenditure account
260,120
238,249
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 October 2020 and are signed on its behalf by:
M D Swan
S J Vickers
Director
Director
Company Registration No. 10634903
UK200 GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
UK200 Group Limited is a
private
company
, limited by guarantee
and
incorporated in England and Wales, United Kingdom.
The registered office is
The Hart Shaw Building, Sheffield Business Park, Europa Link, Sheffield, S9 1XU.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
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.
In this case negative goodwill was generated on acquisition due to there being £nil consideration for the acquisition of the trade and assets. Negative goodwill represented by the fair value of non-monetary assets acquired is amortised as those assets are recovered. Any excess negative goodwill is amortised over the periods expected to be benefited.
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:
Fixtures and fittings
25% straight line
Computers
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
UK200 GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
paymen
ts 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. A
m
ounts 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The primary purpose of the company is of a mutual trade for the benefit of the members and as such it is exempt from corporation tax. However some incidental income is subject to corporation tax.
UK200 GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
16
16
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
(101,601)
Amortisation and impairment
At 1 April 2019
(92,474)
Amortisation charged for the year
(9,127)
At 31 March 2020
(101,601)
Carrying amount
At 31 March 2020
-
At 31 March 2019
(9,127)
In accordance with FRS 102 the negative goodwill arising on the acquisition of UK 200 Group represented by the fair value of the non-monetary assets acquired is amortised as those assets are recovered. As the only non-monetary assets acquired were tangible fixed assets such negative goodwill is amortised as those assets are depreciated.
FRS 102 requires the remaining negative goodwill to be amortised over the periods expected to be benefited.
UK200 GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019
27,319
Additions
9,220
At 31 March 2020
36,539
Depreciation and impairment
At 1 April 2019
18,193
Depreciation charged in the year
11,431
At 31 March 2020
29,624
Carrying amount
At 31 March 2020
6,915
At 31 March 2019
9,127
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
23,013
26,435
Other debtors
7,929
12,148
Prepayments and accrued income
21,043
17,535
51,985
56,118
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
36,769
13,803
Corporation tax
363
90
Other taxation and social security
9,922
17,702
Deferred income
85,790
126,066
Other creditors
6,470
6,000
Accruals and deferred income
30,309
37,469
169,623
201,130
UK200 GROUP LIMITED
(A COMPANY LIMITED BY GUARANTEE WITH NO SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Martin Clapson.
The auditor was Price Bailey LLP.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
63,413
80,323