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REGISTERED NUMBER: 02319068 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Ultrasonic Sciences Limited

Ultrasonic Sciences Limited (Registered number: 02319068)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ultrasonic Sciences Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: R B Phillips
C S Gartside
N J Gray





SECRETARY: Mrs E J Phillips





REGISTERED OFFICE: Unit 4
Spring Lakes Industrial Estate
Deadbrook Lane
Aldershot
Hampshire
GU12 4UH





REGISTERED NUMBER: 02319068 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL

Ultrasonic Sciences Limited (Registered number: 02319068)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 41,929 45,303
41,929 45,303

CURRENT ASSETS
Stocks 668,653 492,404
Debtors 6 1,002,141 1,686,221
Cash at bank and in hand 355,033 117,789
2,025,827 2,296,414
CREDITORS
Amounts falling due within one year 7 944,784 888,118
NET CURRENT ASSETS 1,081,043 1,408,296
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,122,972

1,453,599

CREDITORS
Amounts falling due after more than one
year

8

4,887

11,389
NET ASSETS 1,118,085 1,442,210

CAPITAL AND RESERVES
Called up share capital 11 450 450
Retained earnings 1,117,635 1,441,760
SHAREHOLDERS' FUNDS 1,118,085 1,442,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ultrasonic Sciences Limited (Registered number: 02319068)

Balance Sheet - continued
31 October 2023


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by:





R B Phillips - Director


Ultrasonic Sciences Limited (Registered number: 02319068)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. STATUTORY INFORMATION

Ultrasonic Sciences Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of goods, excluding value added tax, adjusted for amounts recoverable on long term contracts at the year end.

Income in relation to long term contracts is recognised based on the stage of completion of the project at the accounting date. Where appropriate, income is recognised based on the costs incurred and the projected profile of income and costs on each individual contract.

Goodwill
Goodwill has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets
Amortisation is provided at the following rates in order to write off each asset over its estimated useful life.

Intellectual property, research and development - 5%/10%/20% per annum of cost/revaluation

Research and development expenditure represents salary and related employment costs of those employees engaged principally in the research and development of testing equipment. Prior to 2009 these costs were capitalised, and together with intellectual property are amortised at rates stated above, to reflect their economic life. Research and development expenditure is now written off in the period in which it is incurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold Improvements - over the remaining life of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Ultrasonic Sciences Limited (Registered number: 02319068)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress and long term contracts are valued in relation to the stage of completion at the date of accounts. An appropriate proportion of the expected profit on the contract is recognised in accordance with the stage of completion.

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, adjusted for indexation where applicable.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Ultrasonic Sciences Limited (Registered number: 02319068)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 50,000 1,816,121 1,866,121
AMORTISATION
At 1 November 2022
and 31 October 2023 50,000 1,816,121 1,866,121
NET BOOK VALUE
At 31 October 2023 - - -
At 31 October 2022 - - -

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
Improvements machinery fittings
£    £    £   
COST
At 1 November 2022 27,945 156,460 -
Additions - - 3,595
Disposals - - -
At 31 October 2023 27,945 156,460 3,595
DEPRECIATION
At 1 November 2022 24,760 152,984 -
Charge for year 277 1,234 899
Eliminated on disposal - (658 ) -
At 31 October 2023 25,037 153,560 899
NET BOOK VALUE
At 31 October 2023 2,908 2,900 2,696
At 31 October 2022 3,185 3,476 -

Ultrasonic Sciences Limited (Registered number: 02319068)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 97,507 55,207 337,119
Additions - 10,037 13,632
Disposals (13,296 ) (29,677 ) (42,973 )
At 31 October 2023 84,211 35,567 307,778
DEPRECIATION
At 1 November 2022 60,849 53,223 291,816
Charge for year 9,130 5,329 16,869
Eliminated on disposal (12,501 ) (29,677 ) (42,836 )
At 31 October 2023 57,478 28,875 265,849
NET BOOK VALUE
At 31 October 2023 26,733 6,692 41,929
At 31 October 2022 36,658 1,984 45,303

The company has allowed a fixed charge over all assets owned outright with a carrying value of £29,242 (2022: £28,250), as security for the bank. The obligations under hire purchase agreements are secured against the items of plant and machinery to which they relate that have a carrying value of £12,687 (2022 - £17,053).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 609,385 1,201,903
Amounts recoverable on long term
contracts

278,437

305,792
Other debtors 114,319 178,526
1,002,141 1,686,221

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts (see note 9) 6,502 6,502
Trade creditors 280,299 359,032
Taxation and social security 30,047 16,529
Other creditors 627,936 506,055
944,784 888,118

Ultrasonic Sciences Limited (Registered number: 02319068)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts (see note 9) 4,887 11,389

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.23 31.10.22
£    £   
Net obligations repayable:
Within one year 6,502 6,502
Between one and five years 4,887 11,389
11,389 17,891

Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 180,026 180,026
Between one and five years 90,013 270,039
270,039 450,065

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Hire purchase contracts 11,389 17,891

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
250 Ordinary class A £1 250 250
200 Ordinary class B £1 200 200
450 450

12. CONTINGENT LIABILITIES

The company has provided performance guarantees and indemnities relating to performance bonds and letters of credit issued by its bank on its behalf in the ordinary course of business. These are not expected to result in any material financial loss.