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COMPANY REGISTRATION NUMBER: 04563413
UNITED SILICONES LIMITED
Filleted Unaudited Financial Statements
31 October 2023
UNITED SILICONES LIMITED
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
195,831
110,918
Current assets
Stocks
29,700
73,997
Debtors
6
410,467
542,441
Cash at bank and in hand
585,349
615,037
------------
------------
1,025,516
1,231,475
Creditors: amounts falling due within one year
7
363,744
346,246
------------
------------
Net current assets
661,772
885,229
---------
---------
Total assets less current liabilities
857,603
996,147
Creditors: amounts falling due after more than one year
8
238,498
276,587
---------
---------
Net assets
619,105
719,560
---------
---------
Capital and reserves
Called up share capital
20
30
Profit and loss account
619,085
719,530
---------
---------
Shareholders funds
619,105
719,560
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 October 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 .
UNITED SILICONES LIMITED
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 1 February 2024 , and are signed on behalf of the board by:
S Ramsey
Director
Company registration number: 04563413
UNITED SILICONES LIMITED
Notes to the Financial Statements
Year ended 31 October 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 Unit 10, Kingsgrove Industrial Estate, Invincible Road, Farnborough, GU14 7SS, Hants.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Lease
-
Over 10 years
Plant & Machinery
-
15% reducing balance
Motor Vehicle
-
15% reducing balance
Office equipment
-
15% 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.
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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 16 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
6,925
359,587
7,194
4,921
378,627
Additions
119,530
119,530
-------
---------
-------
-------
---------
At 31 October 2023
6,925
479,117
7,194
4,921
498,157
-------
---------
-------
-------
---------
Depreciation
At 1 November 2022
6,925
252,951
3,436
4,397
267,709
Charge for the year
33,924
614
79
34,617
-------
---------
-------
-------
---------
At 31 October 2023
6,925
286,875
4,050
4,476
302,326
-------
---------
-------
-------
---------
Carrying amount
At 31 October 2023
192,242
3,144
445
195,831
-------
---------
-------
-------
---------
At 31 October 2022
106,636
3,758
524
110,918
-------
---------
-------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
390,799
533,030
Prepayments and accrued income
19,668
8,211
Other debtors
1,200
---------
---------
410,467
542,441
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
195,937
261,946
Accruals and deferred income
7,869
3,613
Corporation tax
89,457
68,474
Social security and other taxes
68,497
10,581
Other creditors
1,984
1,632
---------
---------
363,744
346,246
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
238,498
276,587
---------
---------