ACCOUNTS - Final Accounts preparation

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Registered number: 09646747

UNIFIEDRING LIMITED

Director's Report and Financial Statements

For the Year Ended 31 December 2020

UNIFIEDRING LIMITED

Company Information

Director	Mr. B. Allirajah


Registered number	09646747


Registered office	Level 18
	40 Bank Street
	London
	E14 5NR


Independent auditors	ASN Partnership Ltd
	Chartered Certified Accountants & Statutory Auditor
	47 York Road
	Ilford
	IG1 3AD


Bankers	Barclays Bank Plc
	Loughton 9
	Leicester
	Leicestershire
	LE87 2BB

UNIFIEDRING LIMITED

Contents

	Page
Director's Report	1
Director's Responsibilities Statement	2
Independent Auditors' Report	3 - 6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10 - 11
Notes to the Financial Statements	12 - 15

UNIFIEDRING LIMITED

Director's Report

For the Year Ended 31 December 2020

The Director presents his report and the financial statements for the year ended 31 December 2020.

Principal activity

The principal activity of the company continued to be that of telecommunications activities.

Director

The Director who served during the year was:

Mr. B. Allirajah

Auditors

Under section 487(2) of the Companies Act 2006, ASN Partnership Ltd will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Disclosure of information to auditors

The Director at the time when this Director's Report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙ has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Going concern

The Director considers it appropriate to prepare the financial statements on a going concern basis as its parent company has confirmed that it will continue to provide financial support for the foreseeable future.
The events since the balance sheet caused by COVID-19 has caused interruption to the trading of the company and to our parent company. Our parent company has sufficient resources to be able to continue provide financial support.
In addition to the support that will be provided by our parent company The UK Government has also announced an "unprecedented" set of financial measures to support the UK economy through COVID-19 and we are of the opinion this will also enable us to continue as a going concern.

Small companies note

In preparing this report, the Director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 25 March 2022 and signed on its behalf.

Mr. B. Allirajah

Director

Page 1

UNIFIEDRING LIMITED

Director's Responsibilities Statement

For the Year Ended 31 December 2020

The Director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

UNIFIEDRING LIMITED

Independent Auditors' Report to the Members of UNIFIEDRING LIMITED

Opinion

We have audited the financial statements of UNIFIEDRING LIMITED (the 'Company') for the year ended 31 December 2020, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2020 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2.3 in the financial statements, which indicates that the company incurred a net loss of £50,960 during the year ended 31 December 2020 and, as of that date, the company’s liabilities exceeded its total assets by £52,140. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3

UNIFIEDRING LIMITED

Independent Auditors' Report to the Members of UNIFIEDRING LIMITED (continued)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of Director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the Director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 2, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

UNIFIEDRING LIMITED

Independent Auditors' Report to the Members of UNIFIEDRING LIMITED (continued)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:

•had a direct effect on the determination of material amounts and disclosures in the financial statements.

These included the UK companies Act and tax legislation; and

•do not have a direct effect on the financial statements but compliance with which may be fundamental to

the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls: -

•we tested the appropriateness of journals and other adjustments;

•we assessed whether the judgements used in making accounting estimates are indicative of a potential

bias; and

•we evaluated the business rationale of any significant transactions that are unusual or outside the normal

course of business.

In addition to the above, our procedures to respond to the risks identified included the following: -

•reviewing financial statement disclosures by testing to supporting documentation to assess compliance

with provisions of relevant laws and regulations described as having a direct effect on the financial

statements;

•performing analytical procedures to identify any unusual or unexpected relationships that may indicate

risks of material misstatement due to fraud;

•enquiring of management concerning actual and potential litigations and claims, and instances of non-

compliance with laws and regulations; and

•reading minutes of meetings of those charged with governance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 5

UNIFIEDRING LIMITED

Independent Auditors' Report to the Members of UNIFIEDRING LIMITED (continued)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Nadeem Siddique FCCA (Senior Statutory Auditor)

for and on behalf of

ASN Partnership Ltd

Chartered Certified Accountants

Statutory Auditor

47 York Road

Ilford

IG1 3AD

25 March 2022

Page 6

UNIFIEDRING LIMITED

Profit and Loss Account

For the Year Ended 31 December 2020

	2020	2019
Note	£	£


Administrative expenses	(50,960)	(1,181)
Operating loss	(50,960)	(1,181)
Loss for the financial year	(50,960)	(1,181)

Page 7

UNIFIEDRING LIMITED

Statement of Comprehensive Income

For the Year Ended 31 December 2020

				2020	2019
			Note	£	£

Loss for the financial year	(50,960)	(1,181)
Other comprehensive income
Total comprehensive income for the year	(50,960)	(1,181)

Page 8

UNIFIEDRING LIMITED

Registered number: 09646747

Balance Sheet

As at 31 December 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	4,200		309
Cash at bank and in hand	5	876		25
		5,076		334
Creditors: amounts falling due within one year	6	(57,216)		(1,514)
Net current liabilities			(52,140)		(1,180)
Total assets less current liabilities			(52,140)		(1,180)

Net liabilities			(52,140)		(1,180)

Capital and reserves
Called up share capital	7	1	1
Profit and loss account		(52,141)	(1,181)
		(52,140)	(1,180)

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 were approved and authorised for issue by the board and were signed on its behalf on 25 March 2022.

Mr. B. Allirajah

Director

Page 9

UNIFIEDRING LIMITED

Statement of Changes in Equity

For the Year Ended 31 December 2020

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2020	1	(1,181)	(1,180)
Comprehensive income for the year
Loss for the year	-	(50,960)	(50,960)
Total comprehensive income for the year	-	(50,960)	(50,960)
At 31 December 2020	1	(52,141)	(52,140)

Page 10

UNIFIEDRING LIMITED

Statement of Changes in Equity

For the Year Ended 31 December 2019

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2019	1	-	1
Comprehensive income for the year
Loss for the year	-	(1,181)	(1,181)
Total comprehensive income for the year	-	(1,181)	(1,181)
At 31 December 2019	1	(1,181)	(1,180)

Page 11

UNIFIEDRING LIMITED

Notes to the Financial Statements

For the Year Ended 31 December 2020

1.	General information

Unifiedring Limited is a private company limited by shares incorporated in England and Wales. The registered office is Level 18, 40 Bank Street, London E14 5NR.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Vectone Investment Holding Limited as at 31 December 2020 and these financial statements may be obtained from its registered office, Level 18, 40 Bank Street, London, E14 5NR..

2.3

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
At 31 December 2020 the company’s had net current liabilities of £52,140 and a net loss of £50,960, however the financial statements have been prepared on a going concern basis.
The World Health Organisation declared the outbreak of a coronavirus (COVID-19) a pandemic. The COVID-19 outbreak in the United Kingdom has resulted in the temporary lockdown and reduction of operations which have been government mandated. At the current time, the Directors are unable to quantify the potential effects of this pandemic on future reporting periods. Based on the current budgeted forecasts and demand for its telecoms services and governments continue to support telecom industry, the Directors consider it appropriate to adopt a going concern basis in preparing the financial statements.

Page 12

UNIFIEDRING LIMITED

Notes to the Financial Statements

For the Year Ended 31 December 2020

2.Accounting policies (continued)

2.4

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.

2.5

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.

2.6

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.

2.7

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.

2.8

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

∙at fair value with changes recognised in the Profit and Loss Account if the shares are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

Page 13

UNIFIEDRING LIMITED

Notes to the Financial Statements

For the Year Ended 31 December 2020

2.Accounting policies (continued)

2.8

Financial instruments (continued)

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Employees

The average monthly number of employees, including directors, during the year was 3 (2019 - 1).

Debtors

					2020	2019
					£	£


Other debtors	4,199	308
Called up share capital not paid	1	1
	4,200	309

Page 14

UNIFIEDRING LIMITED

Notes to the Financial Statements

For the Year Ended 31 December 2020

5.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	876	25
	876	25

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	16,125	-
Amounts owed to group undertakings	29,947	1,514
Other taxation and social security	3,322	-
Other creditors	7,822	-
	57,216	1,514

7.	Share capital
		2020	2019
		£	£

Allotted, called up and not paid

1 (2019 - 1) Ordinary share of £1.00	1	1

8.	Related party transactions
	The company has taken exemption under FRS102 from disclosing group transactions.

9.	Parent company and Controlling party

The immediate parent company is Vectone Holding Limited, a company incorporated in the UK.
The Ultimate parent company is Vectone Investment Holding Limited a company incorporated in the UK.
The ultimate controlling party is Mr B Allirajah.

Page 15