An Udder Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Witan Gate House, 500-600 Witan Gate West, Milton Keynes, Buckinghamshire, MK9 1SH.
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 amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities, including trade and other payables are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small group and the company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare consolidated accounts.
During the year, the company had a share option plan in operation, under which 2,990 options had been previously granted to an employee of subsidiary companies, at an exercise price of £4.
The option can only be exercised upon the sale of the company. If the options remain unexercised after a period of ten years from the date of the grant or if the option holder ceases employment the options expire. The directors have recorded no charge within the statement of income and retained earnings on the grounds of immateriality.
The holders of the A ordinary shares, B ordinary shares and C ordinary shares are entitled to receive notice of, attend, and vote at any general meeting of the company.
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.
Dividends totalling £739,555 (2017 - £430,500) were paid in the year in respect of shares held by the company's directors.
Advances have been granted by the company to its directors as follows: