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2023-12-31
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No description of principal activities is disclosed
2023-08-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
SC427626
Ultimate Insulation Supplies Ltd
Unaudited filleted financial statements
31 December 2023
Ultimate Insulation Supplies Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Ultimate Insulation Supplies Ltd
Directors and other information
|
|
|
|
Director |
Mr Darren Smith |
|
|
|
|
|
|
|
Company number |
SC427626 |
|
|
|
|
|
|
|
Registered office |
16-18 Weir Street |
|
|
Falkirk |
|
|
FK1 1RA |
|
|
|
|
|
|
|
Business address |
Unit 3 |
|
|
24 Munro Road |
|
|
Springkerse Industrial Estate |
|
|
Stirling |
|
|
FK7 7UU |
|
|
|
|
|
|
|
Accountants |
Barrie Scott & Co. |
|
|
16-18 Weir Street |
|
|
Falkirk |
|
|
FK1 1RA |
|
|
|
Ultimate Insulation Supplies Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Ultimate Insulation Supplies Ltd
Period ended 31 December 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 Ultimate Insulation Supplies Ltd for the period ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of Ultimate Insulation Supplies Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ultimate Insulation Supplies Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ultimate Insulation Supplies Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Ultimate Insulation Supplies Ltd 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 Ultimate Insulation Supplies Ltd. You consider that Ultimate Insulation Supplies Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Ultimate Insulation Supplies Ltd. 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.
Barrie Scott & Co.
Accountants & Tax Advisers
16-18 Weir Street
Falkirk
FK1 1RA
Ultimate Insulation Supplies Ltd
Statement of financial position
31 December 2023
|
|
|
31/12/23 |
|
|
|
31/07/23 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
191,666 |
|
|
|
200,000 |
|
|
Tangible assets |
|
6 |
251,752 |
|
|
|
164,914 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
443,418 |
|
|
|
364,914 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
490,117 |
|
|
|
314,847 |
|
|
Debtors |
|
7 |
823,939 |
|
|
|
693,463 |
|
|
Cash at bank and in hand |
|
|
18,468 |
|
|
|
34,940 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,332,524 |
|
|
|
1,043,250 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
1,301,497) |
|
|
|
(
1,037,228) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
31,027 |
|
|
|
6,022 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
474,445 |
|
|
|
370,936 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
210,034) |
|
|
|
(
184,012) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
264,411 |
|
|
|
186,924 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
445,001 |
|
|
|
445,001 |
Profit and loss account |
|
|
|
|
(
180,590) |
|
|
|
(
258,077) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
264,411 |
|
|
|
186,924 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the period ending 31 December 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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The director acknowledges 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 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.
These financial statements were approved by the
board of directors
and authorised for issue on
22 March 2024
, and are signed on behalf of the board by:
Mr Darren Smith
Director
Company registration number:
SC427626
Ultimate Insulation Supplies Ltd
Notes to the financial statements
Period ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 16-18 Weir Street, Falkirk, FK1 1RA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 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.
Revenue recognition
Turnover represents the total invoice value, excluding value added tax, of insulation sales made during the year.Revenue is recognised at the point of sale.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
10 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are 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:
|
|
|
|
|
|
Tenants improvements |
- |
10 % |
straight line |
|
Plant and equipment |
- |
15 % |
reducing balance |
|
Computer equipment |
- |
33.3 % |
straight line |
|
Motor vehicles |
- |
10 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.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 are largely dependent of the cash inflows from other assets or groups of assets.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangment constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
16
(2023:
12
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 August 2023 and 31 December 2023 |
200,000 |
200,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 August 2023 |
- |
- |
|
|
|
|
|
Charge for the period |
8,334 |
8,334 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
8,334 |
8,334 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2023 |
191,666 |
191,666 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 July 2023 |
200,000 |
200,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Short leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 August 2023 |
25,683 |
47,208 |
19,097 |
373,174 |
465,162 |
|
|
|
Additions |
5,900 |
- |
1,679 |
100,852 |
108,431 |
|
|
|
Disposals |
- |
- |
- |
(
45,625) |
(
45,625) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 December 2023 |
31,583 |
47,208 |
20,776 |
428,401 |
527,968 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 August 2023 |
11,370 |
25,619 |
17,561 |
245,696 |
300,246 |
|
|
|
Charge for the year |
1,301 |
1,332 |
873 |
9,141 |
12,647 |
|
|
|
Disposals |
- |
- |
- |
(
36,677) |
(
36,677) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 December 2023 |
12,671 |
26,951 |
18,434 |
218,160 |
276,216 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
18,912 |
20,257 |
2,342 |
210,241 |
251,752 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 July 2023 |
14,313 |
21,589 |
1,536 |
127,478 |
164,916
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
31/12/23 |
31/07/23 |
|
|
|
£ |
£ |
|
Trade debtors |
|
26,459 |
34,212 |
|
Other debtors |
|
797,480 |
659,251 |
|
|
|
_______ |
_______ |
|
|
|
823,939 |
693,463 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
31/12/23 |
31/07/23 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
169,846 |
120,074 |
|
Trade creditors |
|
899,575 |
736,269 |
|
Social security and other taxes |
|
138,323 |
165,319 |
|
Other creditors |
|
93,753 |
15,566 |
|
|
|
_______ |
_______ |
|
|
|
1,301,497 |
1,037,228 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
31/12/23 |
31/07/23 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
135,632 |
184,012 |
|
Other creditors |
|
74,402 |
- |
|
|
|
_______ |
_______ |
|
|
|
210,034 |
184,012 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £ -
(2022 £ 35,333 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10.
Directors advances, credits and guarantees
|
During the period the director entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 31/12/23 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Darren Smith |
- |
19,902 |
19,902 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Year ended 31/07/23 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Darren Smith |
84,668 |
(
84,668) |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
This loan has been charged interest @ 2.5% and has no fixed terms of repayment.
11.
Related party transactions
During the period the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
Period |
Year |
Period |
Year |
|
|
ended |
ended |
ended |
ended |
|
|
31/12/23 |
31/07/23 |
31/12/23 |
31/07/23 |
|
|
£ |
£ |
£ |
£ |
|
Ardmhor Developments Limited |
29,792 |
136,121 |
167,912 |
138,121 |
|
Pro-Tex Floor Protection Limited |
33,250 |
(
192,727) |
33,250 |
- |
|
Ultimate Private Hire Ltd. |
36,142 |
(
130,061) |
478,714 |
442,573 |
|
Ultimate Shine Autos Ltd |
(
156) |
- |
1,128 |
1,284 |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
During the period
Ultimate Insulation Supplies Ltd
. Paid (received) amounts totalling £29,792 (31 December 2022: £136,121) to Ardmhor Developments Limited, a company controlled by Mr Ronnie Smith, father of Mr Darren Smith
.During the period Ultimate Insultation Supplies Ltd. paid (received) amounts totalling £33,250 (31 December 2022: £(192,727)) to Pro-Tex Floor Protection Limited, a company controlled by Mr Darren Smith
.During the period Ultimate Insulation Supplies Ltd
. paid (received) amounts totalling £36,141 (31 December 2022: £(130,061)) to Ultimate Private Hire Ltd., a company jointly controlled by the shareholders, Mrs Linda Smith, mother of Mr Darren Smith, Mr Trevor Smith, brother of Mr Darren Smith and Mr Darren Smith.During the period Ultimate Insulation Supplies Ltd
. paid (received) amounts totalling £(156) (31 December 2022: £-) to Ultimate Shine Autos Limited, a company jointly controlled by the shareholders, Mrs Linda Smith, mother of Mr Darren Smith & Mr Trevor Smith, brother of Mr Darren Smith.
12.
Controlling party
The company is controlled by Mr Darren Smith, director and shareholder of the ordinary shares in the company.