UMI DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
UMi Direct Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spectrum 6, Spectrum Business Park, Seaham, SR7 7TT. The company number is 12040070.
The company helps business succeed and grow by providing business information, business events and a range of commercial development programmes. UMi Direct Limited was incorporated and started trading on 10th June 2019 to develop a new platform to be used by the group.
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Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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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 following principal accounting policies have been applied:
The Company relies on the support of fellow group companies and, as a consequence, the directors believe that the Company is well placed to manage its business risks sucessfully and continue in existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of preparation for these financial statements.
The directors are aware of the COVID-19 pandemic but are confident that the associated risks will continue to be mitigated.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Intangible assets are not amortised until completion of the asset. As at 31 March 2020, the platform was still incomplete, so there has been no amortisation on these intangible assets.
Intangible assets are reviewed at the end of each period for impairment.
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