Registered number
03732233
Universal Hardware Supplies Limited
Unaudited Filleted Accounts
31 March 2018
Universal Hardware Supplies Limited
Registered number: 03732233
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 4 468,787 453,921
Investments 5 50,000 50,000
518,787 503,921
Current assets
Stocks 258,945 224,948
Debtors 6 237,314 254,794
Cash at bank and in hand 383,969 253,037
880,228 732,779
Creditors: amounts falling due within one year 7 (562,499) (419,969)
Net current assets 317,729 312,810
Total assets less current liabilities 836,516 816,731
Creditors: amounts falling due after more than one year 8 (254,126) (260,293)
Provisions for liabilities (16,685) (13,019)
Net assets 565,705 543,419
Capital and reserves
Called up share capital 100 100
Revaluation reserve 10 211,717 211,717
Profit and loss account 353,888 331,602
Shareholders' funds 565,705 543,419
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. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A Morris
Director
Approved by the board on 7 November 2018
Universal Hardware Supplies Limited
Notes to the Accounts
for the year ended 31 March 2018
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 25 years
Motor vehicles 25% reducing balance
Plant and machinery 10% reducing balance
Fixtures, fittings, tools and equipment 33.33% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. 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 2018 2017
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2017 172,273
At 31 March 2018 172,273
Amortisation
At 1 April 2017 172,273
At 31 March 2018 172,273
Net book value
At 31 March 2018 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2017 352,154 88,164 97,256 537,574
Additions - 6,191 58,961 65,152
Disposals - - (48,518) (48,518)
At 31 March 2018 352,154 94,355 107,699 554,208
Depreciation
At 1 April 2017 7,043 44,347 32,263 83,653
Charge for the year 3,522 6,742 21,460 31,724
On disposals - - (29,956) (29,956)
At 31 March 2018 10,565 51,089 23,767 85,421
Net book value
At 31 March 2018 341,589 43,266 83,932 468,787
At 31 March 2017 345,111 43,817 64,993 453,921
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2017 50,000
At 31 March 2018 50,000
6 Debtors 2018 2017
£ £
Trade debtors 242,327 259,807
Amounts owed by group undertakings and undertakings in which the company has a participating interest (5,013) (5,013)
237,314 254,794
7 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 22,409 21,291
Obligations under finance lease and hire purchase contracts 15,921 14,234
Trade creditors 173,729 171,128
Taxation and social security costs 163,436 116,531
Other creditors 187,004 96,785
562,499 419,969
8 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 202,478 220,274
Obligations under finance lease and hire purchase contracts 51,648 40,019
254,126 260,293
9 Loans 2018 2017
£ £
Creditors include:
Secured bank loans 219,697 236,435
There is a fixed and floating charge over all the assets of the company in favour of Barclays Bank Plc date 09 January 2014 in respect of the mortgage lpoan taken on by the company.
10 Revaluation reserve 2018 2017
£ £
At 1 April 2017 211,717 211,717
At 31 March 2018 211,717 211,717
11 Related party transactions
The related party transactions were in respect of sums owed to directors in respect of short term loans made to the company which will be repaid in 2019. At the year end Mr V A Williams was owed £44,168; Mrs L M Williams was owed £61,876; Mrs H Davies was owed £36,004; Mrs A Morris was owed £29,365.
12 Controlling party
The company is wholly owned by Mr V A Williams.
13 Other information
Universal Hardware Supplies Limited is a private company limited by shares and incorporated in England. Its registered office is:
Premier House
227-234 Neath Road
Landore
Swansea
SA1 2JG
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