Unique Secure Limited - Filleted accounts

Registered number

03478880

Unique Secure Limited

Filleted Accounts

31 December 2016

Unique Secure Limited
Registered number:		03478880
Balance Sheet
as at 31 December 2016

Notes			2016			2015
£				£
Fixed assets
Intangible assets	3		195,218			155,482
Tangible assets	4		271,171			282,544
Investments	5		100			100
			466,489			438,126

Current assets
Stocks	6	675,517			291,815
Debtors	7	500,825			996,604
Cash at bank and in hand		36,248			22,321
		1,212,590			1,310,740

Creditors: amounts falling due within one year	8	(1,179,081)			(1,181,936)

Net current assets			33,509			128,804

Total assets less current liabilities			499,998			566,930

Creditors: amounts falling due after more than one year	9		(596,422)			(600,000)



Net liabilities			(96,424)			(33,070)

Capital and reserves
Called up share capital			1,997			1,997
Share premium			207,426			207,426
Capital redemption reserve			612			612
Profit and loss account			(306,459)			(243,105)

Shareholders' funds			(96,424)			(33,070)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
A copy of the company's profit and loss account has not been delivered to the registrar of companies.



D Rimer
Director
Approved by the board on 30 June 2017

Unique Secure Limited
Notes to the Accounts
for the year ended 31 December 2016


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

	Development expenditure
	Costs that are directly attributable to specific development projects are recognised as intangible assets and written down against the future economic benefits of the resulting product. The residual value and life of a project where not amortised is reviewed at each accounting date for impairment. Development expenditure is amortised in line with the commercial production of the product over a period of 5 years.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	33% and 50% straight line
	Fixtures, fittings, tools and equipment	over 5 years

	Investments
	Investments in subsidiaries are measured at cost.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. All differences are charged to profit or loss.

	Leased assets
	Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2016		2015
Number				Number

	Average number of persons employed by the company		13		12


3	Intangible fixed assets				Development
Expenditure
£

	Cost
	At 1 January 2016				155,482
	Additions				70,832
	At 31 December 2016				226,314

	Amortisation
	Provided during the year				31,096
	At 31 December 2016				31,096

	Net book value
	At 31 December 2016				195,218
	At 31 December 2015				155,482

	Intangible fixed assets includes capitalised development costs of £226,314 (2016: £155,482). It is being written off in equal annual instalments over its estimated economic life of 5 years.


4	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 January 2016				554,756
	Additions				156,870
	At 31 December 2016				711,626

	Depreciation
	At 1 January 2016				272,212
	Charge for the year				168,243
	At 31 December 2016				440,455

	Net book value
	At 31 December 2016				271,171
	At 31 December 2015				282,544


5	Investments
Investments in
subsidiary
undertakings
£
	Cost
	At 1 January 2016				100

	At 31 December 2016				100

	The company's investments at the balance sheet date in the share capital of companies include the following:

	I Love Velvet UK Limited
	Country of incorporation: England & Wales
	Nature of business: Dormant subsidiary

	Class of shares:				% holding
	Ordinary £1 shares				100


6	Stock		2016		2015
£				£

	Finished goods		675,517		291,815

			675,517		291,815


7	Debtors		2016		2015
£				£

	Trade debtors		218,417		464,525
	Other debtors		282,408		532,079
			500,825		996,604


8	Creditors: amounts falling due within one year		2016		2015
£				£

	Bank loans and overdrafts		676,176		258,715
	Trade creditors		609,180		388,351
	Corporation tax		(86,045)		(95,287)
	Other taxes and social security costs		(33,474)		52,832
	Other creditors		13,244		577,325
			1,179,081		1,181,936


9	Creditors: amounts falling due after one year		2016		2015
£				£

	Bank loans		596,422		600,000

	In 2014, the company undertook a Senior Term loan with Santander UK plc of £200,000. The loan is repayable in 16 quarterly installments. The interest rate on the loan is 3% plus LIBOR. In 2014, the company undertook a Growth Capital Loan facility of £500,000 with Santander UK plc which was fully drawndown during the year. The loan capital is repayable in full on 31 December 2018 with capitalised interest which is accrued at a rate of 5%. Interest is also repayable quarterly on the loan at a rate of 5% plus LIBOR.


10	Capital redemption reserve		2016		2015
£				£

	At 1 January 2016		612		612

	At 31 December 2016		612		612


11	Events after the reporting date

	In January 2017, the company acquired 100% of Number 8 Technology Limited in a share for share exchange. In January 2017, the company received an investment of £1.5 million in exchange for 199,649 shares. In May 2017, the company received a £1,000,000 unsecured loan from Welton Place. The loan is repayble in full in May 2022. Interest is repayable quarterly in arrears and is accrued at 8% plus base rate.


12	Other financial commitments		2016		2015
£				£

	Total future minimum payments under non-cancellable operating leases
	In less than 1 year		77,475		-
	In 2 - 5 years		238,881		-
	In more than 5 years		-		-


13	Related party transactions

	Under common control
	Sales		-		-
	Purchases		-		-
	Amount due from the related party		93,601		56,091


14	Controlling party

	In the opinion of the directors, no individual has overall control of the company.


15	Other information

	Unique Secure Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:

	1st Floor, 10 Medawar Road
	Surrey Research Park
	Guildford
	Surrey
	GU2 7AE


16	First Year Adoption of FRS 102

	The financial statements for the year ended 31 December 2015 were prepared under the financial reporting framework in accordance with United Kingdon Generally Accepted Accounting Practice (UK GAAP). The transition to the "Financial Reporting Standard 102" ("FRS 102") has no impact on its reported financial position or financial performance. Accordingly, no reconciliations of its equity determined under old UK GAAP to its equity under FRS 102 at 31 December 2015, or of its profit determined under old UK GAAP at 31 December 2015 to its profit determined in accordance with FRS 102 have been presented.