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Company registration number:
05735272
Versatile Utilities Limited
Unaudited Filleted Financial Statements for the year ended
30 September 2023
Versatile Utilities Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Versatile Utilities Limited
Year ended
30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Versatile Utilities Limited
for the year ended
30 September 2023
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Versatile Utilities Limited
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Versatile Utilities Limited
and state those matters that we have agreed to state to the Board of Directors of
Versatile Utilities Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Versatile Utilities Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Versatile Utilities Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Versatile Utilities Limited
. You consider that
Versatile Utilities Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Versatile Utilities Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A&C Chartered Accountants
Marsland Chambers
1a Marsland Road
Sale Moor
Cheshire
M33 3HP
United Kingdom
Versatile Utilities Limited
Statement of Financial Position
30 September 2023
20232022
Note££
Fixed assets    
Tangible assets 5
541,928
 
376,828
 
Current assets    
Stocks
126,782
 
221,556
 
Debtors 6
1,028,649
 
937,094
 
Cash at bank and in hand
3,334
  -  
1,158,765
 
1,158,650
 
Creditors: amounts falling due within one year 7
(934,229
)
(978,216
)
Net current assets
224,536
 
180,434
 
Total assets less current liabilities 766,464   557,262  
Creditors: amounts falling due after more than one year 8
(284,688
)
(299,496
)
Provisions for liabilities
(103,429
)
(72,060
)
Net assets
378,347
 
185,706
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
378,247
 
185,606
 
Shareholders funds
378,347
 
185,706
 
For the year ending
30 September 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have 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.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
1 November 2023
, and are signed on behalf of the board by:
J Knowles
Director
Company registration number:
05735272
Versatile Utilities Limited
Notes to the Financial Statements
Year ended
30 September 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Freedom Works Astral Towers
,
Betts Way
,
Crawley
,
RH10 9UY
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% reducing balance
Office equipment
25% reducing balance
Motor vehicles
25% reducing balance

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 stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 entity 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 entity 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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 in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was
14
(2022:
16.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 October 2022
960,190
 
Additions
276,946
 
At
30 September 2023
1,237,136
 
Depreciation  
At
1 October 2022
583,362
 
Charge
111,846
 
At
30 September 2023
695,208
 
Carrying amount  
At
30 September 2023
541,928
 
At 30 September 2022
376,828
 

6 Debtors

20232022
££
Trade debtors
642,022
 
664,183
 
Other debtors
386,627
 
272,911
 
1,028,649
 
937,094
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
63,171
 
67,471
 
Trade creditors
460,482
 
566,974
 
Taxation and social security
71,972
 
41,436
 
Other creditors
338,604
 
302,335
 
934,229
 
978,216
 
The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
Included in Other creditors is an amount owing on Finance leases in the sum of £140,464 (2022: £123,840). This amount is secured over the assets to which they relate.

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
120,921
 
184,093
 
Other creditors
163,767
 
115,403
 
284,688
 
299,496
 
The finance leases are secured on the assets concerned.
Included in Other creditors is an amount owing on Finance leases in the sum of £163,766 (2022: £115,410). This amount is secured over the assets to which they relate.

9 Directors' advances, credit and guarantees

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:
Year ended 30 September 2022
Balance at 01/10/2021: £124,317 owed to the company.
£18,039 was repaid to the company in the year.
Balance at 30/09/2022: £106,278 owed to the company.
Year ended 30 September 2023
Balance at 01/10/2022: £106,278 owed to the company.
£82,305 was repaid to the company in the year.
Balance at 30/09/2022: £188,583 owed to the company.
The above loans are unsecured, interest free and repayable on demand.

10 Controlling party

During the year ended 30 September 2023, the directors, J Knowles and T Shaw, controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.