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Registration number: 08277933

Ukpoptops Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Ukpoptops Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Ukpoptops Limited

Company Information

Directors

Mr DW Harris

Mr A Blenkiron

Registered office

Unit 5 & 6 Portobello Trade Park
Portobello Road
Birtley
Chester Le Street
DH3 2SB

Accountants

DJM Accountants BLJ Limited
26 High Street
Rickmansworth
WD3 1ER

 

Ukpoptops Limited

(Registration number: 08277933)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

903,848

1,057,213

Current assets

 

Stocks

5

3,773,298

3,293,487

Debtors

6

1,239,417

1,204,639

Cash at bank and in hand

 

4,148,885

4,293,745

 

9,161,600

8,791,871

Creditors: Amounts falling due within one year

7

(1,170,620)

(1,884,710)

Net current assets

 

7,990,980

6,907,161

Total assets less current liabilities

 

8,894,828

7,964,374

Creditors: Amounts falling due after more than one year

7

(61,585)

(61,585)

Provisions for liabilities

(2,758)

(2,758)

Net assets

 

8,830,485

7,900,031

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

8,830,484

7,900,030

Shareholders' funds

 

8,830,485

7,900,031

For the financial year ending 30 November 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.

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.

 

Ukpoptops Limited

(Registration number: 08277933)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr DW Harris
Director

 

Ukpoptops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Unit 5 & 6 Portobello Trade Park
Portobello Road
Birtley
Chester Le Street
DH3 2SB

These financial statements were authorised for issue by the Board on 22 August 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.

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.

 

Ukpoptops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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% Reducing Balance Method

Motor Vehicles

25% Reducing Balance Method

Furniture and fittings

25% Reducing Balance Method

Office equipment

25% Reducing Balance Method

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.

 

Ukpoptops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ukpoptops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 16 (2022 - 18).

 

Ukpoptops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,549,189

411,056

1,960,245

Additions

46,615

209,584

256,199

Disposals

-

(176,279)

(176,279)

At 30 November 2023

1,595,804

444,361

2,040,165

Depreciation

At 1 December 2022

773,524

129,508

903,032

Charge for the year

205,570

71,784

277,354

Eliminated on disposal

-

(44,069)

(44,069)

At 30 November 2023

979,094

157,223

1,136,317

Carrying amount

At 30 November 2023

616,710

287,138

903,848

At 30 November 2022

775,665

281,548

1,057,213

5

Stocks

2023
£

2022
£

Other inventories

3,773,298

3,293,487

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,030,799

1,058,109

Prepayments

35,372

19,515

Other debtors

173,246

127,015

 

1,239,417

1,204,639

 

Ukpoptops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

573,080

1,062,894

Trade creditors

 

310,351

269,285

Taxation and social security

 

252,255

524,181

Accruals and deferred income

 

13,189

13,189

Other creditors

 

21,745

15,161

 

1,170,620

1,884,710

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

61,585

61,585

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share capital of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

61,585

61,585

Current loans and borrowings

 

Ukpoptops Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Bank borrowings

44,669

110,509

Hire purchase contracts

28,374

42,475

Other borrowings

500,037

909,910

573,080

1,062,894

10

Dividends

2023

2022

£

£

Final dividend of £1.00 (2022 - £2.00) per ordinary share

-

-

Interim dividend of £3.00 (2022 - £130,000.00) per ordinary share

-

130,000

-

130,000

 

 

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

56,844

56,844