Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false16supply of ancillary equipment to the plastics industrytrue2023-04-01false19falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01236685 2023-04-01 2024-03-31 01236685 2022-04-01 2023-03-31 01236685 2024-03-31 01236685 2023-03-31 01236685 2022-04-01 01236685 c:Director3 2023-04-01 2024-03-31 01236685 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 01236685 d:Buildings d:ShortLeaseholdAssets 2024-03-31 01236685 d:Buildings d:ShortLeaseholdAssets 2023-03-31 01236685 d:PlantMachinery 2023-04-01 2024-03-31 01236685 d:PlantMachinery 2024-03-31 01236685 d:PlantMachinery 2023-03-31 01236685 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01236685 d:MotorVehicles 2023-04-01 2024-03-31 01236685 d:FurnitureFittings 2023-04-01 2024-03-31 01236685 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01236685 d:Goodwill 2024-03-31 01236685 d:Goodwill 2023-03-31 01236685 d:CurrentFinancialInstruments 2024-03-31 01236685 d:CurrentFinancialInstruments 2023-03-31 01236685 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01236685 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01236685 d:ShareCapital 2024-03-31 01236685 d:ShareCapital 2023-03-31 01236685 d:ShareCapital 2022-04-01 01236685 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01236685 d:RetainedEarningsAccumulatedLosses 2024-03-31 01236685 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01236685 d:RetainedEarningsAccumulatedLosses 2023-03-31 01236685 d:RetainedEarningsAccumulatedLosses 2022-04-01 01236685 c:OrdinaryShareClass1 2023-04-01 2024-03-31 01236685 c:OrdinaryShareClass1 2024-03-31 01236685 c:FRS102 2023-04-01 2024-03-31 01236685 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01236685 c:FullAccounts 2023-04-01 2024-03-31 01236685 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01236685 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01236685 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01236685 2 2023-04-01 2024-03-31 01236685 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01236685









UPM CONVEYORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
UPM CONVEYORS LIMITED
REGISTERED NUMBER: 01236685

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
33,808
54,990

  
33,808
54,990

Current assets
  

Stocks
 6 
160,935
126,699

Debtors: amounts falling due within one year
 7 
352,917
379,054

Cash at bank and in hand
 8 
261,084
413,386

  
774,936
919,139

Creditors: amounts falling due within one year
 9 
(363,691)
(392,377)

Net current assets
  
 
 
411,245
 
 
526,762

Total assets less current liabilities
  
445,053
581,752

Provisions for liabilities
  

Deferred tax
  
(7,544)
(8,684)

Net assets
  
437,509
573,068


Capital and reserves
  

Called up share capital 
 11 
2,000
2,000

Profit and loss account
  
435,509
571,068

  
437,509
573,068


Page 1

 
UPM CONVEYORS LIMITED
REGISTERED NUMBER: 01236685
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.




S C Martin
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
UPM CONVEYORS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
2,000
571,068
573,068



Loss for the year
-
(135,559)
(135,559)


At 31 March 2024
2,000
435,509
437,509


The notes on pages 4 to 12 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
2,000
457,337
459,337



Profit for the year
-
113,731
113,731


At 31 March 2023
2,000
571,068
573,068


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
UPM CONVEYORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

UPM Conveyors Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
The company specialises in the supply of ancillary equipment to the plastics industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 4

 
UPM CONVEYORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following bases:

Leasehold improvements
-
20%
straight line
Plant and machinery and fixtures and fittings
-
25%
reducing balance
Motor vehicles
-
33%
straight line
Computer equipment
-
33%
straight line

Page 5

 
UPM CONVEYORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.


 
Page 6

 
UPM CONVEYORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

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 measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 19).

Page 7

 
UPM CONVEYORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
24,200



At 31 March 2024

24,200



Amortisation


At 1 April 2023
24,200



At 31 March 2024

24,200



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 8

 
UPM CONVEYORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Leasehold improvements
Other fixed assets
Total

£
£
£



Cost 


At 1 April 2023
83,109
386,057
469,166


Additions
-
11,745
11,745


Disposals
-
(744)
(744)



At 31 March 2024

83,109
397,058
480,167



Depreciation


At 1 April 2023
62,854
351,322
414,176


Charge for the year
16,622
16,289
32,911


Disposals
-
(728)
(728)



At 31 March 2024

79,476
366,883
446,359



Net book value



At 31 March 2024
3,633
30,175
33,808



At 31 March 2023
20,255
34,735
54,990


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
160,935
126,699

160,935
126,699


Page 9

 
UPM CONVEYORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
78,735
192,609

Amounts owed by group undertakings
220,033
135,679

Other debtors
1,596
-

Prepayments and accrued income
52,553
50,766

352,917
379,054



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
261,084
413,386

261,084
413,386



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
218,692
218,068

Corporation tax
-
37,163

Other taxation and social security
11,992
19,218

Other creditors
121,038
102,138

Accruals and deferred income
11,969
15,790

363,691
392,377


Page 10

 
UPM CONVEYORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
8,684
11,785


Charged to the Statement of comprehensive income
(1,140)
(3,101)



At end of year
7,544
8,684

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
7,544
8,684

7,544
8,684


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000 Ordinary shares of £1 each
2,000
2,000



12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,691 (2023 - £5,929). The contributions payable at the year end were £882 (2023 - £1,292).


13.


Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 not to disclose any transactions with other wholly owned members of the group.

Page 11

 
UPM CONVEYORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Controlling party

During the year, the immediate and ultimate parent undertaking of the company is UPM Conveyors Holdings Limited, a company registered in England and Wales.
The ultimate controlling parties are the directors.

 
Page 12