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COMPANY REGISTRATION NUMBER: 07719148
Underground Solutions Limited
Filleted Unaudited Financial Statements
31 July 2023
Underground Solutions Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
2,663,442
2,133,392
Current assets
Stocks
171,116
243,999
Debtors
7
1,375,676
841,232
Cash at bank and in hand
699,566
806,299
------------
------------
2,246,358
1,891,530
Creditors: amounts falling due within one year
8
832,447
551,127
------------
------------
Net current assets
1,413,911
1,340,403
------------
------------
Total assets less current liabilities
4,077,353
3,473,795
Creditors: amounts falling due after more than one year
9
936,774
772,961
------------
------------
Net assets
3,140,579
2,700,834
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
3,140,577
2,700,832
------------
------------
Shareholders funds
3,140,579
2,700,834
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 July 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 .
Underground Solutions Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
S J Warmisham
Director
Company registration number: 07719148
Underground Solutions Limited
Notes to the Financial Statements
Year ended 31 July 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 10 Corporation Road, Newport, South Wales, NP19 0AR.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office furniture
-
15% reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 40 (2022: 35 ).
5. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
25,000
20,000
--------
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2022
2,485,358
636,539
637
3,122,534
Additions
866,076
203,588
3,737
1,073,401
------------
---------
-------
------------
At 31 July 2023
3,351,434
840,127
4,374
4,195,935
------------
---------
-------
------------
Depreciation
At 1 August 2022
772,886
215,902
354
989,142
Charge for the year
386,782
156,056
513
543,351
------------
---------
-------
------------
At 31 July 2023
1,159,668
371,958
867
1,532,493
------------
---------
-------
------------
Carrying amount
At 31 July 2023
2,191,766
468,169
3,507
2,663,442
------------
---------
-------
------------
At 31 July 2022
1,712,472
420,637
283
2,133,392
------------
---------
-------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 July 2023
1,607,352
324,287
1,931,639
------------
---------
------------
At 31 July 2022
1,055,684
276,402
1,332,086
------------
---------
------------
7. Debtors
2023
2022
£
£
Trade debtors
1,277,313
648,505
Other debtors
98,363
192,727
------------
---------
1,375,676
841,232
------------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
209,762
131,482
Social security and other taxes
55,078
Company credit card
3,537
306
Other creditors
564,070
419,339
---------
---------
832,447
551,127
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
936,774
772,961
---------
---------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
557,470
393,077
Later than 1 year and not later than 5 years
936,774
772,961
------------
------------
1,494,244
1,166,038
------------
------------
11. Directors' advances, credits and guarantees
The Directors are jointly owed £200 as at 31 July 2023 (2022:£19,961).
12. Related party transactions
The company was under the joint control of the Directors throughout the period.