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Registered Number: 02440504
England and Wales

 

 

 

UNIVERSAL FIRE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 5 358,146    413,130 
358,146    413,130 
Current assets      
Stocks 6 9,672    59,992 
Debtors 7 94,837    101,231 
Cash at bank and in hand 127,327    13,931 
231,836    175,154 
Creditors: amount falling due within one year 8 (80,900)   (109,422)
Net current assets 150,936    65,732 
 
Total assets less current liabilities 509,082    478,862 
Creditors: amount falling due after more than one year 9 (127,275)   (174,486)
Provisions for liabilities 10 (31,700)   (15,883)
Net assets 350,107    288,493 
 

Capital and reserves
     
Called up share capital 197    197 
General Reserves 11 803    803 
Profit and loss account 349,107    287,493 
Shareholder's funds 350,107    288,493 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 05 April 2024 and were signed on its behalf by:


-------------------------------
J A Higgs
Director
1
General Information
Universal Fire Limited is a private company, limited by shares, registered in England and Wales, registration number 02440504, registration address Unit 2 Apollo House , Calleva Park, Aldermaston, Berkshire, RG7 8TN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared under the historical cost convention and in compliance 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). 

Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Income is recognised when the company obtains the right to consideration.
Operating lease agreements
Rentals paid under operating leases are charged to profit or loss on a straight line casis over the period of the lease.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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 and 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.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Goodwill being the amount paid in connection with the acquisition of a business has been fully amortised.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles                                   20% straight line
Computer Equipment                       33% straight line
Fixtures and Fittings                          15% straight line
Plant and Machinery                         20% straight line
Land and Buildings                            2% straight line 
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Hire purchase and leasing agreements
Assets held under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Stocks and work in progress
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 is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any forseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 6 (2022 : 6).
3.

Secured debts

The Hire purchase  and finance lease creditors of £117,740 (2022 - £43,408) are secured by a charge over the assets concerned.

4.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 December 2022 2,400    2,400 
Additions  
Disposals  
At 30 November 2023 2,400    2,400 
Amortisation
At 01 December 2022 2,400    2,400 
Charge for year  
On disposals  
At 30 November 2023 2,400    2,400 
Net book values
At 30 November 2023  
At 30 November 2022  


5.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Fixtures and Fittings   Computer Equipment   Motor Vehicles   Total
  £   £   £   £   £   £
At 01 December 2022 388,242    37,069    41,030    12,596    105,432    584,369 
Additions   1,781    2,359    2,130    152,815    159,085 
Disposals (212,738)         (67,794)   (280,532)
At 30 November 2023 175,504    38,850    43,389    14,726    190,453    462,922 
Depreciation
At 01 December 2022 62,413    37,069    13,832    11,158    46,767    171,239 
Charge for year 7,056    149    5,088    972    26,082    39,347 
On disposals (62,449)         (43,361)   (105,810)
At 30 November 2023 7,020    37,218    18,920    12,130    29,488    104,776 
Net book values
Closing balance as at 30 November 2023 168,484    1,632    24,469    2,596    160,965    358,146 
Opening balance as at 01 December 2022 325,829      27,198    1,438    58,665    413,130 

The net book value of Motor Vehicles includes £ 160,965 (2022 £58,665) in respect of assets leased under finance leases or hire purchase contracts.

6.

Stocks

2023
£
  2022
£
Work in Progress 1,816    54,623 
Stocks 7,856    5,369 
9,672    59,992 

7.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 88,872    96,477 
Prepayments & Accrued Income 5,965    4,754 
94,837    101,231 

8.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 13,839    27,917 
Bank Loans & Overdrafts 9,749    32,173 
Corporation Tax   744 
PAYE & Social Security 22,415    22,807 
Accrued Expenses 4,560    3,460 
Other Creditors 5,659    6,288 
Obligations under HP/Financial Leases 23,428    15,407 
Directors' Current Accounts 1,250    626 
80,900    109,422 

9.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 32,963    146,485 
Obligations Under HP/Financial Leases 94,312    28,001 
127,275    174,486 

10.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 31,700    15,883 
31,700    15,883 

11.

General Reserves

2023
£
  2022
£
General Reserve 803    803 
803    803 

12.

Ultimate controlling party

The company is controlled by J Higgs and Mrs L Higgs by virtue of their shareholding in the company.
2