ACCOUNTS - Final Accounts

UBIQUITY COMMUNICATIONS LIMITED - Company Information

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Registered number: 4631715

UBIQUITY COMMUNICATIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 January 2021

UBIQUITY COMMUNICATIONS LIMITED

Registered number: 4631715

STATEMENT OF FINANCIAL POSITION

As at 31 January 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	5		3,409		2,352
			3,409		2,352
Current assets
Debtors: amounts falling due within one year	6	3,892		14,116
Cash at bank and in hand		2,154		8,222
		6,046		22,338
Creditors: amounts falling due within one year	7	(7,931)		(23,358)
Net current liabilities			(1,885)		(1,020)
Total assets less current liabilities			1,524		1,332
Provisions for liabilities
Deferred tax		(483)		(400)
			(483)		(400)
Net assets			1,041		932

Capital and reserves
Called up share capital	100	100
Profit and loss account	941	832
	1,041	932

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UBIQUITY COMMUNICATIONS LIMITED

Registered number: 4631715

STATEMENT OF FINANCIAL POSITION (CONTINUED)

As at 31 January 2021

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

T Juby

Director

Date: 22 October 2021

The notes on pages 3 to 8 form part of these financial statements.

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UBIQUITY COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 January 2021

1.	General information

Ubiquity Communications Limited (registered number 4631715) is a private Company, limited by shares and incorporated in England and Wales. Its registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

2.1

Basis of preparation of financial statements

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.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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UBIQUITY COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 January 2021

2.Accounting policies (continued)

2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

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.

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Fixtures & fittings	-	25%	reducing balance
				Computer equipment	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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UBIQUITY COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 January 2021

2.Accounting policies (continued)

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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UBIQUITY COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 January 2021

2.Accounting policies (continued)

2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 February 2020	30,000
	At 31 January 2021	30,000
	Amortisation
	At 1 February 2020	30,000
	At 31 January 2021	30,000
	Net book value
	At 31 January 2021	-
	At 31 January 2020	-

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UBIQUITY COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 January 2021

5.	Tangible fixed assets

	Fixtures & fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 February 2020	1,177	8,371	9,548
Additions	-	1,995	1,995
Disposals	-	(1,015)	(1,015)
At 31 January 2021	1,177	9,351	10,528
Depreciation
At 1 February 2020	1,080	6,116	7,196
Charge for the year on owned assets	24	890	914
Disposals	-	(991)	(991)
At 31 January 2021	1,104	6,015	7,119
Net book value
At 31 January 2021	73	3,336	3,409
At 31 January 2020	97	2,255	2,352

Debtors

					2021	2020
					£	£


Trade debtors	3,810	14,034
Prepayments and accrued income	82	82
	3,892	14,116

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UBIQUITY COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 January 2021

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Corporation tax	-	4,451
Other taxation and social security	1,626	3,056
Other creditors	4,605	11,408
Accruals and deferred income	1,700	4,443
	7,931	23,358

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