IRIS Accounts Production v22.2.0.402 01239779 director 1.4.21 31.3.22 31.3.22 2.9.2022 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure012397792021-03-31012397792022-03-31012397792021-04-012022-03-31012397792020-03-31012397792020-04-012021-03-31012397792021-03-3101239779ns16:EnglandWales2021-04-012022-03-3101239779ns15:PoundSterling2021-04-012022-03-3101239779ns11:Director12021-04-012022-03-3101239779ns11:PrivateLimitedCompanyLtd2021-04-012022-03-3101239779ns11:SmallEntities2021-04-012022-03-3101239779ns11:Audited2021-04-012022-03-3101239779ns11:SmallCompaniesRegimeForDirectorsReport2021-04-012022-03-3101239779ns11:SmallCompaniesRegimeForAccounts2021-04-012022-03-3101239779ns11:FullAccounts2021-04-012022-03-3101239779ns11:CompanySecretary12021-04-012022-03-3101239779ns11:RegisteredOffice2021-04-012022-03-3101239779ns6:CurrentFinancialInstruments2022-03-3101239779ns6:CurrentFinancialInstruments2021-03-3101239779ns6:Non-currentFinancialInstruments2022-03-3101239779ns6:Non-currentFinancialInstruments2021-03-3101239779ns6:ShareCapital2022-03-3101239779ns6:ShareCapital2021-03-3101239779ns6:RetainedEarningsAccumulatedLosses2022-03-3101239779ns6:RetainedEarningsAccumulatedLosses2021-03-3101239779ns6:LeaseholdImprovements2021-04-012022-03-3101239779ns6:PlantMachinery2021-04-012022-03-3101239779ns6:FurnitureFittings2021-04-012022-03-3101239779ns6:MotorVehicles2021-04-012022-03-3101239779ns6:LeaseholdImprovements2021-03-3101239779ns6:PlantMachinery2021-03-3101239779ns6:FurnitureFittings2021-03-3101239779ns6:MotorVehicles2021-03-3101239779ns6:LeaseholdImprovements2022-03-3101239779ns6:PlantMachinery2022-03-3101239779ns6:FurnitureFittings2022-03-3101239779ns6:MotorVehicles2022-03-3101239779ns6:LeaseholdImprovements2021-03-3101239779ns6:PlantMachinery2021-03-3101239779ns6:FurnitureFittings2021-03-3101239779ns6:MotorVehicles2021-03-3101239779ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-03-3101239779ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-04-012022-03-3101239779ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3101239779ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-03-3101239779ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3101239779ns6:WithinOneYearns6:CurrentFinancialInstruments2021-03-3101239779ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-03-3101239779ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2021-03-3101239779ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-03-3101239779ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2021-03-3101239779ns6:HirePurchaseContracts2022-03-3101239779ns6:HirePurchaseContracts2021-03-3101239779ns6:WithinOneYear2022-03-3101239779ns6:WithinOneYear2021-03-3101239779ns6:BetweenOneFiveYears2022-03-3101239779ns6:BetweenOneFiveYears2021-03-3101239779ns6:MoreThanFiveYears2022-03-3101239779ns6:MoreThanFiveYears2021-03-3101239779ns6:AllPeriods2022-03-3101239779ns6:AllPeriods2021-03-3101239779ns6:Secured2022-03-3101239779ns6:Secured2021-03-3101239779ns11:Director112021-03-3101239779ns11:Director112020-03-3101239779ns11:Director112021-04-012022-03-3101239779ns11:Director112020-04-012021-03-3101239779ns11:Director112022-03-3101239779ns11:Director112021-03-31
REGISTERED NUMBER: 01239779 (England and Wales)






























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

UFAC (UK) LIMITED

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


UFAC (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: Mr RL Jones



SECRETARY: Mr DJ Falconer



REGISTERED OFFICE: Waterwitch House
Exeter Road
Newmarket
Suffolk
CB8 8RX



REGISTERED NUMBER: 01239779 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Westleigh Scales FCA FMAAT



AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 81,075 34,479

CURRENT ASSETS
Stocks 621,661 469,976
Debtors 5 1,563,123 1,187,080
Cash at bank and in hand 449,195 720,713
2,633,979 2,377,769
CREDITORS
Amounts falling due within one year 6 1,189,196 1,304,650
NET CURRENT ASSETS 1,444,783 1,073,119
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,525,858

1,107,598

CREDITORS
Amounts falling due after more than one
year

7

(33,838

)

-

PROVISIONS FOR LIABILITIES (4,344 ) -
NET ASSETS 1,487,676 1,107,598

CAPITAL AND RESERVES
Called up share capital 212,124 212,124
Retained earnings 1,275,552 895,474
SHAREHOLDERS' FUNDS 1,487,676 1,107,598

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2022 and were signed by:





Mr RL Jones - Director


UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

UFAC (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice value less estimated rebates, returns and settlement discounts and including transport costs charged to customers.

The company supplies products to customers from its manufacturing sites and warehouses, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 50% on cost, 20% on cost and 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Creditors
Short term trade 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2021 - 25 ) .

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2021 36,531 306,658 52,381 41,273 436,843
Additions 2,670 27,600 - 50,810 81,080
Disposals - - - (41,273 ) (41,273 )
At 31 March 2022 39,201 334,258 52,381 50,810 476,650
DEPRECIATION
At 1 April 2021 31,923 276,788 52,381 41,272 402,364
Charge for year 1,634 27,556 - 5,293 34,483
Eliminated on disposal - - - (41,272 ) (41,272 )
At 31 March 2022 33,557 304,344 52,381 5,293 395,575
NET BOOK VALUE
At 31 March 2022 5,644 29,914 - 45,517 81,075
At 31 March 2021 4,608 29,870 - 1 34,479

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2021 41,273
Additions 50,810
Disposals (41,273 )
At 31 March 2022 50,810
DEPRECIATION
At 1 April 2021 41,272
Charge for year 5,293
Eliminated on disposal (41,272 )
At 31 March 2022 5,293
NET BOOK VALUE
At 31 March 2022 45,517
At 31 March 2021 1

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,228,128 855,094
Other debtors 334,995 331,986
1,563,123 1,187,080

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts - 143,477
Hire purchase contracts (see note 8) 6,987 12,850
Trade creditors 442,733 648,835
Amounts owed to group undertakings 121,486 121,486
Taxation and social security 36,145 39,495
Other creditors 581,845 338,507
1,189,196 1,304,650

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Hire purchase contracts (see note 8) 33,838 -

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 6,987 12,850
Between one and five years 33,838 -
40,825 12,850

Non-cancellable operating leases
2022 2021
£    £   
Within one year 70,135 74,555
Between one and five years 186,861 167,685
In more than five years 144,500 144,500
401,496 386,740

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdraft - 143,477
Hire purchase contracts 40,825 12,850
40,825 156,327

HSBC hold a fixed and floating charge over the assets of the company.

Hire purchase contracts are secured on the assets to which they relate.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Westleigh Scales FCA FMAAT (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022 2021
£    £   
Mr RL Jones
Balance outstanding at start of year 254,983 170,794
Amounts advanced 229,584 255,189
Amounts repaid (255,000 ) (171,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 229,567 254,983

The loan is interest free and repayable on demand.

12. RELATED PARTY DISCLOSURES

An employee of the Company who is also the Son of a Director was loaned £180,000 by the company in November 2015. The balance outstanding as at 31 March 2022 is £41,042 (2021: £41,042).

At 31 March 2022 £121,486 (2021 - £121,486) was owed to UFAC (UK) Limited from UFAC Holdings Limited.

13. ULTIMATE PARENT COMPANY

In the directors' opinion, the company's ultimate parent company is UFAC Holdings Limited. UFAC Holdings Limited owns 100% of the issued share capital of UFAC (UK) Limited.

The registered office is located at Woolfox Lodge, Great North Road, Stretton, Oakham, Rutland, LE15 7QT.