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Registration number: 03267923

UK Veneer Systems Limited

trading as UK Veneering

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

UK Veneer Systems Limited

trading as UK Veneering

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

Property, plant and equipment

8

 

UK Veneer Systems Limited

trading as UK Veneering

Company Information

Directors

Mr D Hariri

Mr M Elson

Registered office

Unit 6A Harding Way
Somersham Road
St Ives Huntingdon
Cambridgeshire
PE27 3WR

Accountants

Rutland Accountancy
41 St Austins Grove
Sheringham
Norfolk
NR26 8DF

 

UK Veneer Systems Limited

trading as UK Veneering

(Registration number: 03267923)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

553,180

560,997

Current assets

 

Stocks

5

94,101

84,222

Debtors

6

380,400

227,049

Cash at bank and in hand

 

84,446

139,155

 

558,947

450,426

Creditors: Amounts falling due within one year

7

(292,734)

(221,421)

Net current assets

 

266,213

229,005

Total assets less current liabilities

 

819,393

790,002

Creditors: Amounts falling due after more than one year

7

(84,133)

(120,738)

Provisions for liabilities

(8,010)

3,216

Net assets

 

727,250

672,480

Capital and reserves

 

Called up share capital

8

1,017

1,017

Retained earnings

726,233

671,463

Shareholders' funds

 

727,250

672,480

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

UK Veneer Systems Limited

trading as UK Veneering

(Registration number: 03267923)
Balance Sheet as at 31 October 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr D Hariri
Director

.........................................
Mr M Elson
Director

 

UK Veneer Systems Limited

trading as UK Veneering

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6A Harding Way
Somersham Road
St Ives Huntingdon
Cambridgeshire
PE27 3WR
England

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

UK Veneer Systems Limited

trading as UK Veneering

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line basis

Furniture and fittings

15% straight line basis

Office equipment

25% straight line basis

 

UK Veneer Systems Limited

trading as UK Veneering

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

Motor vehicles

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

UK Veneer Systems Limited

trading as UK Veneering

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

UK Veneer Systems Limited

trading as UK Veneering

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

499,998

43,922

202,058

745,978

Additions

-

3,433

2,799

6,232

At 31 October 2023

499,998

47,355

204,857

752,210

Depreciation

At 1 November 2022

-

35,420

149,561

184,981

Charge for the year

-

2,816

11,233

14,049

At 31 October 2023

-

38,236

160,794

199,030

Carrying amount

At 31 October 2023

499,998

9,119

44,063

553,180

At 31 October 2022

499,998

8,502

52,497

560,997

Included within the net book value of land and buildings above is £499,998 (2022 - £499,998) in respect of freehold land and buildings.
 

 

UK Veneer Systems Limited

trading as UK Veneering

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

5

Stocks

2023
£

2022
£

Raw materials and consumables

94,101

84,222

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

209,813

61,912

Amounts owed by related parties

11

139,010

136,510

Prepayments

 

13,015

8,046

Other debtors

 

18,562

20,581

   

380,400

227,049

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

40,824

43,634

Trade creditors

 

137,112

112,253

Taxation and social security

 

86,256

20,077

Accruals and deferred income

 

3,940

3,481

Other creditors

 

24,602

41,976

 

292,734

221,421

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

84,133

120,738

 

UK Veneer Systems Limited

trading as UK Veneering

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A share of £1 each

1,000

1,000

1,000

1,000

Preference B share of £1 each

1

1

1

1

Preference C share of £1 each

1

1

1

1

Preference D share of £1 each

1

1

1

1

Preference E share of £1 each

1

1

1

1

Preference F share of £1 each

1

1

1

1

Preference G share of £1 each

1

1

1

1

Preference H share of £1 each

1

1

1

1

Ordinary B share of £1 each

10

10

10

10

 

1,017

1,017

1,017

1,017

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

84,133

120,738

2023
£

2022
£

Current loans and borrowings

Bank borrowings

40,824

43,634

 

UK Veneer Systems Limited

trading as UK Veneering

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

Bank borrowings

Bank building loan is denominated in GBP with a nominal interest rate of 2.3%, and the final instalment is due on 18 March 2025. The carrying amount at year end is £47,926 (2022 - £58,420).

Bank share capital loan is denominated in GBP with a nominal interest rate of 4.51%%, and the final instalment is due on 17 April 2026. The carrying amount at year end is £51,197 (2022 - £70,119).

Bounce back loan is denominated in GBP with a nominal interest rate of 2.5%%, and the final instalment is due on 14 May 2026. The carrying amount at year end is £25,833 (2022 - £35,833).

 

UK Veneer Systems Limited

trading as UK Veneering

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

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £36,542.00 (2022 - £30,000.00) per each Preference B share

 

36,542

 

30,000

Final dividend of £28,056.00 (2022 - £34,332.00) per each Preference C share

 

28,056

 

34,332

Final dividend of £20,042.00 (2022 - £24,042.00) per each Preference D share

 

20,042

 

24,042

Final dividend of £Nil (2022 - £7,542.00) per each Preference E share

 

-

 

7,542

Final dividend of £Nil per each Preference F share

 

-

 

-

Final dividend of £2,200.00 (2022 - £Nil) per each Preference G share

 

2,200

 

-

Final dividend of £13,394.00 (2022 - £6,025.00) per each Preference H share

 

13,394

 

6,025

   

100,234

 

101,941

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £5,000.00 per each Ordinary B share

 

50,000

 

50,000

         

11

Related party transactions

 

UK Veneer Systems Limited

trading as UK Veneering

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

27,600

27,600

Contributions paid to money purchase schemes

49,980

19,215

77,580

46,815

 

UK Veneer Systems Limited

trading as UK Veneering

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

Summary of transactions with parent

Holding company transactions
 

Loans to related parties

2023

Parent
£

Total
£

At start of period

136,500

136,500

Advanced

52,500

52,500

Repaid

(50,000)

(50,000)

At end of period

139,000

139,000

2022

Parent
£

Total
£

At start of period

153,000

153,000

Advanced

33,500

33,500

Repaid

(50,000)

(50,000)

At end of period

136,500

136,500

12

Parent and ultimate parent undertaking

The company's immediate parent is U.K.V.S. Holdings Limited, incorporated in England and Wales.