Registered number
04723374
Universal Adhesive Systems Limited
Filleted Accounts
30 April 2023
Universal Adhesive Systems Limited
Registered number: 04723374
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 130,668 108,563
Current assets
Stocks 204,305 161,603
Debtors 4 162,376 246,787
Cash at bank and in hand 208,221 62,645
574,902 471,035
Creditors: amounts falling due within one year 5 (241,668) (162,730)
Net current assets 333,234 308,305
Net assets 463,902 416,868
Capital and reserves
Called up share capital 800 800
Profit and loss account 463,102 416,068
Shareholders' funds 463,902 416,868
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.
Mr D Payne
Director
Approved by the board on 11 September 2023
Universal Adhesive Systems Limited
Notes to the Accounts
for the year ended 30 April 2023
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.
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:
Motor Vehicles 25% Reducing balance
Office Equipment 25% Reducing balance
Workshop Equipment 25% Reducing balance
Laboratory Equipment 25% Reducing balance
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.
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. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 6
3 Tangible fixed assets
Land and buildings Laboratory Equipment Motor vehicles
£ £ £
Cost
At 1 May 2022 90,000 56,808 36,871
Additions - - 33,415
At 30 April 2023 90,000 56,808 70,286
Depreciation
At 1 May 2022 - 50,833 25,446
Charge for the year - 1,494 10,089
At 30 April 2023 - 52,327 35,535
Net book value
At 30 April 2023 90,000 4,481 34,751
At 30 April 2022 90,000 5,975 11,425
Workshop Equipment Office Equipment Improvements to Property Total
£ £ £ £
Cost
At 1 May 2022 8,433 3,088 309 195,509
Additions - 650 - 34,065
At 30 April 2023 8,433 3,738 309 229,574
Depreciation
At 1 May 2022 8,172 2,495 - 86,946
Charge for the year 66 311 - 11,960
At 30 April 2023 8,238 2,806 - 98,906
Net book value
At 30 April 2023 195 932 309 130,668
At 30 April 2022 261 593 309 108,563
4 Debtors 2023 2022
£ £
Trade debtors 161,651 246,313
Other debtors 725 474
162,376 246,787
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 196,553 101,727
Taxation and social security costs 32,192 47,696
Other creditors 12,923 13,307
241,668 162,730
6 Events after the reporting date
There are no known events since the balance sheet date which require disclosure or which would materially effect the amounts in the accounts, other than those already disclosed or included in the accounts.
7 Contingent liabilities
There are no known contingent liabilities which require disclosure or which would materially effect the amounts in the accounts, other than those already included in the accounts.
8 Controlling party
The company does not have a controlling party as no one shareholder owns more than 50% of the shares.
9 Other information
Universal Adhesive Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
B12 Farthing Road Industrial Estate
Ipswich
Suffolk
IP1 5AP
Universal Adhesive Systems Limited 04723374 false 2022-05-01 2023-04-30 2023-04-30 VT Final Accounts April 2022 Mr D Payne No description of principal activity 04723374 2021-05-01 2022-04-30 04723374 core:WithinOneYear 2022-04-30 04723374 core:ShareCapital 2022-04-30 04723374 core:RetainedEarningsAccumulatedLosses 2022-04-30 04723374 2022-05-01 2023-04-30 04723374 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04723374 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 04723374 bus:Director40 2022-05-01 2023-04-30 04723374 1 2022-05-01 2023-04-30 04723374 2 2022-05-01 2023-04-30 04723374 core:LandBuildings 2022-05-01 2023-04-30 04723374 core:PlantMachinery 2022-05-01 2023-04-30 04723374 core:Vehicles 2022-05-01 2023-04-30 04723374 1 2022-05-01 2023-04-30 04723374 countries:England 2022-05-01 2023-04-30 04723374 bus:FRS102 2022-05-01 2023-04-30 04723374 bus:FullAccounts 2022-05-01 2023-04-30 04723374 2023-04-30 04723374 core:WithinOneYear 2023-04-30 04723374 core:ShareCapital 2023-04-30 04723374 core:RetainedEarningsAccumulatedLosses 2023-04-30 04723374 core:LandBuildings 2023-04-30 04723374 core:PlantMachinery 2023-04-30 04723374 core:Vehicles 2023-04-30 04723374 2022-04-30 04723374 core:LandBuildings 2022-04-30 04723374 core:PlantMachinery 2022-04-30 04723374 core:Vehicles 2022-04-30 iso4217:GBP xbrli:pure