1
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2022-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
2,032,500
353,605
1,678,895
1,993,127
8,935
345,933
1,656,129
22,766
39,373
xbrli:pure
xbrli:shares
iso4217:GBP
1989128
2022-06-01
2023-05-31
1989128
2023-05-31
1989128
2022-05-31
1989128
2021-06-01
2022-05-31
1989128
2022-05-31
1989128
2021-05-31
1989128
bus:OrdinaryShareClass1
2022-06-01
2023-05-31
1989128
bus:Director1
2022-06-01
2023-05-31
1989128
core:PlantMachinery
2022-05-31
1989128
core:PlantMachinery
2023-05-31
1989128
core:WithinOneYear
2023-05-31
1989128
core:WithinOneYear
2022-05-31
1989128
core:PlantMachinery
2022-06-01
2023-05-31
1989128
core:ShareCapital
2023-05-31
1989128
core:ShareCapital
2022-05-31
1989128
core:RetainedEarningsAccumulatedLosses
2023-05-31
1989128
core:RetainedEarningsAccumulatedLosses
2022-05-31
1989128
core:PlantMachinery
2022-05-31
1989128
bus:SmallEntities
2022-06-01
2023-05-31
1989128
bus:AuditExempt-NoAccountantsReport
2022-06-01
2023-05-31
1989128
bus:SmallCompaniesRegimeForAccounts
2022-06-01
2023-05-31
1989128
bus:PrivateLimitedCompanyLtd
2022-06-01
2023-05-31
1989128
bus:FullAccounts
2022-06-01
2023-05-31
1989128
bus:OrdinaryShareClass1
2023-05-31
1989128
bus:OrdinaryShareClass1
2022-05-31
COMPANY REGISTRATION NUMBER:
1989128
UNIVERSAL FABRICATION & SHEET METAL LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
UNIVERSAL FABRICATION & SHEET METAL LIMITED |
|
YEAR ENDED 31 MAY 2023
Notes to the financial statements |
2 |
|
|
UNIVERSAL FABRICATION & SHEET METAL LIMITED |
|
31 May 2023
Fixed assets
Tangible assets |
5 |
|
22,766 |
|
39,373 |
|
|
|
|
|
|
Current assets
Debtors |
6 |
36,749 |
|
32,996 |
|
Cash at bank and in hand |
22,703 |
|
23,431 |
|
|
------- |
|
------- |
|
|
59,452 |
|
56,427 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
159,685) |
|
(
156,321) |
|
|
-------- |
|
-------- |
|
Net current liabilities |
|
(
100,233) |
|
(
99,894) |
|
|
-------- |
|
------- |
Total assets less current liabilities |
|
(
77,467) |
|
(
60,521) |
|
|
------- |
|
------- |
Net liabilities |
|
(
77,467) |
|
(
60,521) |
|
|
------- |
|
------- |
|
|
|
|
|
|
Capital and reserves
Called up share capital |
8 |
|
1,000 |
|
1,000 |
Profit and loss account |
|
(
78,467) |
|
(
61,521) |
|
|
------- |
|
------- |
Total shareholders' funds |
|
(
77,467) |
|
(
60,521) |
|
|
------- |
|
------- |
|
|
|
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
22 November 2023
, and are signed on behalf of the board by:
Company registration number:
1989128
UNIVERSAL FABRICATION & SHEET METAL LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MAY 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, Bucks, HP18 0RA.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
The turnover shown in the profit and loss account represents amounts for services provided during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
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:
|
Plant and machinery |
- |
12.5% - 25% per annum straight line
|
|
|
|
|
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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 when it is reasonable to expect that the grants will be received and that all related conditions will be met. Government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. Grants in respect of capital expenditure are credited to a deferred income account and are released to profit on a systematic basis over the expected useful lives of the relevant assets.
Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Financial assets comprise of debtors and cash. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities comprise of creditors. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Tangible assets
|
Plant and machinery |
Total |
|
£ |
£ |
Cost |
|
|
At 1 June 2022 |
2,032,500 |
2,032,500 |
Disposals |
(
353,605) |
(
353,605) |
|
----------- |
----------- |
At 31 May 2023 |
1,678,895 |
1,678,895 |
|
----------- |
----------- |
Depreciation |
|
|
At 1 June 2022 |
1,993,127 |
1,993,127 |
Charge for the year |
8,935 |
8,935 |
Disposals |
(
345,933) |
(
345,933) |
|
----------- |
----------- |
At 31 May 2023 |
1,656,129 |
1,656,129 |
|
----------- |
----------- |
Carrying amount |
|
|
At 31 May 2023 |
22,766 |
22,766 |
|
----------- |
----------- |
At 31 May 2022 |
39,373 |
39,373 |
|
----------- |
----------- |
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
36,749 |
32,996 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
1,805 |
– |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
137,513 |
125,195 |
Social security and other taxes |
18,242 |
29,001 |
Other creditors |
2,125 |
2,125 |
|
-------- |
-------- |
|
159,685 |
156,321 |
|
-------- |
-------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------ |
------ |
------ |
------ |
|
|
|
|
|
9.
Controlling party
The ultimate holding company is Universal Fabrication & Sheet Metal Holdings Limited, a company incorporated in England and Wales.