Company registration number SC482977 (Scotland)
UK RUBBER LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
UK RUBBER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
UK RUBBER LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,077,753
1,091,114
Current assets
Stocks
32,057
-
Debtors
4
656,869
597,123
Cash at bank and in hand
4,967
80,766
693,893
677,889
Creditors: amounts falling due within one year
5
(682,505)
(533,164)
Net current assets
11,388
144,725
Total assets less current liabilities
1,089,141
1,235,839
Creditors: amounts falling due after more than one year
6
(1,345,533)
(1,117,713)
Net (liabilities)/assets
(256,392)
118,126
Capital and reserves
Called up share capital
200
200
Share premium account
514,400
514,400
Profit and loss reserves
(770,992)
(396,474)
Total equity
(256,392)
118,126

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

UK RUBBER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2022
30 September 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 March 2024
Mr D Ashurst
Director
Company Registration No. SC482977
UK RUBBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 3 -
1
Accounting policies
Company information

UK Rubber Limited is a private company limited by shares incorporated in Scotland. The registered office is Liberty Steel Building, Park Street, Motherwell, North Lanarkshire, United Kingdom, ML1 1PU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. To achieve this, it will require the continued financial support of the director, suppliers and bank.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% Reducing balance
Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Reducing balance
Computers
33.33% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

UK RUBBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

UK RUBBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
10
10
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2021
75,819
1,060,676
5,222
8,116
55,312
1,205,145
Additions
2,530
16,860
-
0
-
0
127,180
146,570
Disposals
-
0
-
0
-
0
-
0
(51,729)
(51,729)
At 30 September 2022
78,349
1,077,536
5,222
8,116
130,763
1,299,986
Depreciation and impairment
At 1 October 2021
25,070
73,669
1,316
3,745
10,231
114,031
Depreciation charged in the year
10,656
71,836
586
1,457
34,983
119,518
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(11,316)
(11,316)
At 30 September 2022
35,726
145,505
1,902
5,202
33,898
222,233
Carrying amount
At 30 September 2022
42,623
932,031
3,320
2,914
96,865
1,077,753
At 30 September 2021
50,749
987,007
3,906
4,371
45,081
1,091,114
UK RUBBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
70,616
53,936
Corporation tax recoverable
110,285
29,482
Other debtors
475,968
370,256
656,869
453,674
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
143,449
Total debtors
656,869
597,123

At the date of signing, the director reviewed the prior year deferred tax asset provision and deemed it appropriate to release in the current year as to give a true and fair reflection of the company at the year-end.

5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
18,521
53,674
Obligations under finance leases
164,099
239,441
Other borrowings
779
-
0
Trade creditors
253,319
91,223
Corporation tax
110,885
29,482
Other taxation and social security
126,832
83,899
Other creditors
5,076
21,698
Accruals and deferred income
2,994
13,747
682,505
533,164
6
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
792,500
527,324
Obligations under finance leases
553,033
590,389
1,345,533
1,117,713
UK RUBBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
437,924
447,481
7
Securities

The company has granted the following security in relation to the loan from Together:

 

1. A legal charge over properties owned by David Ashurst.

 

2. A floating charge over all of the company assets.

 

3. Personal guarantee(s) from:

 

The bank loan from Reward Capital Limited is secured by way of a floating charge over all of the property and undertakings of the company. The charge contains a negative pledge.

 

 

The Hire Purchase agreements are secured over the related assets.

8
Directors transactions

As at 30 September 2022 the director owed the company £341,859. A significant element of this balance is due to the buy out of another shareholders shares to become the company's sole shareholder to drive the business forward.

 

Interest of £3,319 has been charged in the year and there are no fixed terms of repayment.

9
Related party transactions
Amounts owed by
Amounts owed to
related parties
related parties
2022
2021
2022
2021
£
£
£
£
Key management personnel
341,859
199,353
-
0
-
0
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