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Registration number: 02028529

Unilite Limited

Annual Report and Financial Statements

for the Period from 1 April 2023 to 31 December 2023

 

Unilite Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Unilite Limited

Company Information

Directors

AR Insley

A Wakelin

K C Bergin

Company secretary

L Evans

Registered office

Aspen Building
Apex Way
Hailsham
BN27 3WA

Auditors

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Unilite Limited

(Registration number: 02028529)
Balance Sheet as at 31 December 2023

Note

2023
£

2023
£

Fixed assets

 

Intangible assets

4

1,385

5,540

Tangible assets

5

290,260

249,901

 

291,645

255,441

Current assets

 

Stocks

6

2,123,183

1,244,820

Debtors

7

1,164,591

896,293

Cash at bank and in hand

 

385,459

759,666

 

3,673,233

2,900,779

Creditors: Amounts falling due within one year

8

(1,851,748)

(1,402,100)

Net current assets

 

1,821,485

1,498,679

Total assets less current liabilities

 

2,113,130

1,754,120

Provisions for liabilities

(72,566)

(33,300)

Net assets

 

2,040,564

1,720,820

Capital and reserves

 

Called up share capital

25,000

25,000

Retained earnings

2,015,564

1,695,820

Shareholders' funds

 

2,040,564

1,720,820

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.

Approved and authorised by the Board on 7 July 2024 and signed on its behalf by:
 

.........................................
A Wakelin
Director

 

Unilite Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

1

General information

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

The address of its registered office is:
Aspen Building
Apex Way
Hailsham
BN27 3WA
Great Britain

The principal place of business is:
The Lab
Winyates Way
Moons Moat North Industrial Estate
Redditch
Worcestershire
B98 9FG
Great Britain

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the neared £.

Disclosure of short period

The financial period has been shortened to bring the year end inline with the wider group reporting dates. The comparatives are not directly comparable as a result.

Going concern

The directors have prepared the financial statements on the going concern basis. The directors have carried out a detailed review on the trading position and cash flow projections for 12 months from the date of signing. Based on the results of this review, the directors have a reasonable expectation that the company is a going concern.

Audit report

The Independent Auditors' Report was qualified. The name of the Senior Statutory Auditor who signed the audit report on 9 July 2024 was James Syree BSc ACA, who signed for and on behalf of Ballards LLP.

 

Unilite Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

Judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

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 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.

 

Unilite Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

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

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Mould cost

33.3% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

E-Commerce website

20% on straight line

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.

 

Unilite Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 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 period, was 24 (2023 - 23).

4

Intangible assets

E-Commerce website
 £

Total
£

Cost or valuation

At 1 April 2023

27,700

27,700

At 31 December 2023

27,700

27,700

Amortisation

At 1 April 2023

22,160

22,160

Amortisation charge

4,155

4,155

At 31 December 2023

26,315

26,315

Carrying amount

At 31 December 2023

1,385

1,385

At 31 March 2023

5,540

5,540

 

Unilite Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Mould cost
 £

Property, plant and equipment
£

Total
£

Cost or valuation

At 1 April 2023

334,833

95,004

-

62,360

492,197

Additions

255

-

85,000

12,528

97,783

At 31 December 2023

335,088

95,004

85,000

74,888

589,980

Depreciation

At 1 April 2023

153,305

45,638

-

43,353

242,296

Charge for the period

26,504

9,256

16,528

5,136

57,424

At 31 December 2023

179,809

54,894

16,528

48,489

299,720

Carrying amount

At 31 December 2023

155,279

40,110

68,472

26,399

290,260

At 31 March 2023

181,528

49,366

-

19,007

249,901

6

Stocks

2023
£

2023
£

Other inventories

2,123,183

1,244,820

7

Debtors

Current

2023
£

2023
£

Trade debtors

1,036,169

884,349

Prepayments

128,422

5,029

Other debtors

-

6,915

 

1,164,591

896,293

 

Unilite Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 31 December 2023

8

Creditors

Note

2023
£

2023
£

Due within one year

 

Trade creditors

 

95,869

50,923

Amounts owed to related parties

9

1,092,442

1,068,597

Taxation and social security

 

82,796

141,587

Other creditors

 

580,641

140,993

 

1,851,748

1,402,100

9

Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33.1A from disclosing transactions with other wholly-owned members of the group.