UNITED MILKING SYSTEMS LIMITED
Balance Sheet
as at 31 December 2023
Notes 2023 2022
Fixed assets £ £
Intangible assets 3 5,191 6,918
Tangible assets 4 1,026,147 987,533
1,031,338 994,451
Current assets
Stocks 381,267 325,386
Debtors 5 399,646 205,219
Cash at bank and in hand 162,795 12,224
943,708 542,829
Creditors: amounts falling due within one year 6 (1,098,614) (649,227)
Net current liabilities (154,906) (106,398)
Total assets less current liabilities 876,432 888,053
Creditors: amounts falling due after more than one year 7 (576,364) (628,487)
Provisions for liabilities (38,982) (26,302)
Net assets 261,086 233,264
Capital and reserves
Called up share capital 100 100
Profit and loss account 260,986 233,164
Shareholder's funds 261,086 233,264
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C.J. PLATT
Director
Approved by the board on 1 July 2024
UNITED MILKING SYSTEMS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Freehold property 0%
Plant , machinery, tools and equipment 15% reducing balance basis
Motor vehicles 15% reducing balance basis
Computer equipment 33⅓% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Work in progress is stated at direct cost plus appropriate proportions of attributable overheads, based on normal levels of activity.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 34,550
At 31 December 2023 34,550
Amortisation
At 1 January 2023 27,632
Provided during the year 1,727
At 31 December 2023 29,359
Net book value
At 31 December 2023 5,191
At 31 December 2022 6,918
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Freehold property Computer equipment, plant and machinery etc. Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 758,563 239,552 164,067 1,162,182
Additions - 80,884 21,224 102,108
Disposals - - (16,490) (16,490)
At 31 December 2023 758,563 320,436 168,801 1,247,800
Depreciation
At 1 January 2023 - 126,001 48,648 174,649
Charge for the year - 32,962 18,618 51,580
On disposals - - (4,576) (4,576)
At 31 December 2023 - 158,963 62,690 221,653
Net book value
At 31 December 2023 758,563 161,473 106,111 1,026,147
At 31 December 2022 758,563 113,551 115,419 987,533
5 Debtors 2023 2022
£ £
Trade debtors 399,032 205,219
Prepayments 614 -
399,646 205,219
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts (secured) 9,392 11,810
Mortgage account (secured) 17,000 14,000
Invoice discount account (secured) 89,037 113,861
Obligations under finance lease and hire purchase contracts (secured) 50,814 54,703
Trade creditors and accruals 569,234 352,988
Deferred income 207,594 -
Taxes and social security costs 85,035 46,841
Director's loan account 70,508 55,024
1,098,614 649,227
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans (secured) 22,286 75,655
Mortgage account (secured) 477,083 497,108
Obligations under finance lease and hire purchase contracts (secured) 76,995 55,724
576,364 628,487
8 Loans
Amounts owing in respect of a mortgage totalling £494,083 (2022: £511,108) at the Balance Sheet date are secured by a floating charge on the undertaking of the company including its uncalled capital for the time being and further supported by personal guarantees of the director. Invoice discounting advances totalling £89,037 (2022: £113,861) are secured on trade debtors.
9 Contingent liabilities
There is a contingent liabiliy for remedial work in respect of installation warranties, no such liabilities had been notified at the date of the director's report.
10 Controlling party
Mr. C.J. Platt, the sole director of the company at the Balance Sheet date, owns 100% of the issued share capital of the company.
11 Other information
UNITED MILKING SYSTEMS LIMITED is a private company limited by shares and incorporated in England (Company Number 05642406). Its registered office is Bank House Farm, Tilstock,Whitchurch, Shropshire, SY13 3NL.
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