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COMPANY REGISTRATION NUMBER: 03866950
Universal Toiletries Corporation Ltd
Filleted Unaudited Financial Statements
31 December 2021
Universal Toiletries Corporation Ltd
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
6
48,096
62,837
Current assets
Stocks
505,529
349,320
Debtors
7
1,396,200
1,339,342
Cash at bank and in hand
4,455,060
4,354,374
-----------
-----------
6,356,789
6,043,036
Creditors: amounts falling due within one year
8
2,654,800
2,032,147
-----------
-----------
Net current assets
3,701,989
4,010,889
-----------
-----------
Total assets less current liabilities
3,750,085
4,073,726
Provisions
Taxation including deferred tax
9,138
11,939
-----------
-----------
Net assets
3,740,947
4,061,787
-----------
-----------
Capital and reserves
Called up share capital
2
2
Profit and loss account
3,740,945
4,061,785
-----------
-----------
Shareholder funds
3,740,947
4,061,787
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Universal Toiletries Corporation Ltd
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 9 September 2022 , and are signed on behalf of the board by:
D Shah
K Shah
Director
Director
Company registration number: 03866950
Universal Toiletries Corporation Ltd
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7 Bermer Place, Imperial Way, Watford, WD24 4AY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Deferred tax is measured on a discounted / an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and equipment
-
25% reducing balance
Motor vehicle
-
25% reducing balance
Office equipment
-
33 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable/payable and loans from third parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2020: 10 ).
5. Tax on profit
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
190,029
548,394
Deferred tax:
Origination and reversal of timing differences
( 2,801)
( 1,945)
--------
--------
Tax on profit
187,228
546,449
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2020: lower than) the standard rate of corporation tax in the UK of 19 % (2020: 19 %).
2021
2020
£
£
Profit on ordinary activities before taxation
936,388
2,884,468
--------
-----------
Profit on ordinary activities by rate of tax
177,914
548,049
Effect of expenses not deductible for tax purposes
9,347
( 1,600)
Effect of capital allowances and depreciation
2,768
1,945
Deferred tax
(2,801)
(1,945)
--------
-----------
Tax on profit
187,228
546,449
--------
-----------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2021
27,707
92,029
12,751
132,487
Additions
2,070
2,070
-------
-------
-------
--------
At 31 December 2021
27,707
92,029
14,821
134,557
-------
-------
-------
--------
Depreciation
At 1 January 2021
21,557
40,263
7,830
69,650
Charge for the year
1,538
12,942
2,331
16,811
-------
-------
-------
--------
At 31 December 2021
23,095
53,205
10,161
86,461
-------
-------
-------
--------
Carrying amount
At 31 December 2021
4,612
38,824
4,660
48,096
-------
-------
-------
--------
At 31 December 2020
6,150
51,766
4,921
62,837
-------
-------
-------
--------
7. Debtors
2021
2020
£
£
Trade debtors
656,342
647,486
Other debtors
739,858
691,856
-----------
-----------
1,396,200
1,339,342
-----------
-----------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,033,739
885,544
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,498,500
498,500
Corporation tax
250,928
Social security and other taxes
10,659
74,893
Other creditors
111,902
322,282
-----------
-----------
2,654,800
2,032,147
-----------
-----------
9.
10. Controlling party
The ultimate holding company is Freestyle Beauty Products Limited, a company incorporated in England.