Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31633228true85535912067699truefalse2023-01-01Provision of specialist proof load testing and buoyancy equipment.28truetrue 02121139 2023-01-01 2023-12-31 02121139 2022-01-01 2022-12-31 02121139 2023-12-31 02121139 2022-12-31 02121139 2022-01-01 02121139 c:CompanySecretary1 2023-01-01 2023-12-31 02121139 c:Director1 2023-01-01 2023-12-31 02121139 c:Director2 2023-01-01 2023-12-31 02121139 c:RegisteredOffice 2023-01-01 2023-12-31 02121139 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02121139 d:Buildings d:LongLeaseholdAssets 2023-12-31 02121139 d:Buildings d:LongLeaseholdAssets 2022-12-31 02121139 d:PlantMachinery 2023-01-01 2023-12-31 02121139 d:PlantMachinery 2023-12-31 02121139 d:PlantMachinery 2022-12-31 02121139 d:MotorVehicles 2023-01-01 2023-12-31 02121139 d:MotorVehicles 2023-12-31 02121139 d:MotorVehicles 2022-12-31 02121139 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02121139 d:FurnitureFittings 2023-01-01 2023-12-31 02121139 d:FurnitureFittings 2023-12-31 02121139 d:FurnitureFittings 2022-12-31 02121139 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02121139 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02121139 d:OtherPropertyPlantEquipment 2023-12-31 02121139 d:OtherPropertyPlantEquipment 2022-12-31 02121139 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02121139 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02121139 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 02121139 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 02121139 d:CurrentFinancialInstruments 2023-12-31 02121139 d:CurrentFinancialInstruments 2022-12-31 02121139 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02121139 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02121139 d:ShareCapital 2023-12-31 02121139 d:ShareCapital 2022-12-31 02121139 d:ShareCapital 2022-01-01 02121139 d:SharePremium 2023-12-31 02121139 d:SharePremium 2022-12-31 02121139 d:SharePremium 2022-01-01 02121139 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02121139 d:RetainedEarningsAccumulatedLosses 2023-12-31 02121139 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02121139 d:RetainedEarningsAccumulatedLosses 2022-12-31 02121139 d:RetainedEarningsAccumulatedLosses 2022-01-01 02121139 c:FRS102 2023-01-01 2023-12-31 02121139 c:Audited 2023-01-01 2023-12-31 02121139 c:FullAccounts 2023-01-01 2023-12-31 02121139 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02121139 d:Subsidiary1 2023-01-01 2023-12-31 02121139 d:Subsidiary1 1 2023-01-01 2023-12-31 02121139 d:WithinOneYear 2023-12-31 02121139 d:WithinOneYear 2022-12-31 02121139 d:BetweenOneFiveYears 2023-12-31 02121139 d:BetweenOneFiveYears 2022-12-31 02121139 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02121139 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02121139 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02121139 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02121139 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02121139 2 2023-01-01 2023-12-31 02121139 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered Number:02121139













UNIQUE SEAFLEX LIMITED






INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
UNIQUE SEAFLEX LIMITED
 

COMPANY INFORMATION


Directors
Graham Brading 
Himanshu Suresh Gandhi 




Company secretary
Nicholas Mackie



Registered number
02121139



Registered office
Unique Seaflex
Seaview Road

Cowes

Isle Of Wight

PO31 7US





 
UNIQUE SEAFLEX LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 17


 
UNIQUE SEAFLEX LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1
 

 
UNIQUE SEAFLEX LIMITED
REGISTERED NUMBER: 02121139

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
453,685
582,230

Investments
 7 
3,090,101
3,090,101

  
3,543,786
3,672,331

Current assets
  

Stocks
 8 
540,779
762,327

Debtors: amounts falling due within one year
 9 
8,615,614
7,700,156

Cash at bank and in hand
 10 
91,380
245,405

  
9,247,773
8,707,888

Creditors: amounts falling due within one year
 11 
(9,651,817)
(9,753,835)

Net current liabilities
  
 
 
(404,044)
 
 
(1,045,947)

Total assets less current liabilities
  
3,139,742
2,626,384

Provisions for liabilities
  

Deferred tax
 12 
(71,958)
(79,126)

  
 
 
(71,958)
 
 
(79,126)

Net assets
  
3,067,784
2,547,258


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
29,700
29,700

Profit and loss account
  
3,037,084
2,516,558

  
3,067,784
2,547,258


Page 2
 

 
UNIQUE SEAFLEX LIMITED
REGISTERED NUMBER: 02121139

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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 by: 



Graham Brading
Director

Date: 22 April 2024

The notes on pages 5 to 17 form part of these financial statements.

Page 3
 

 
UNIQUE SEAFLEX LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,000
29,700
2,050,227
2,080,927



Profit for the year
-
-
466,331
466,331



At 1 January 2023
1,000
29,700
2,516,558
2,547,258



Profit for the year
-
-
520,526
520,526


At 31 December 2023
1,000
29,700
3,037,084
3,067,784


The notes on pages 5 to 17 form part of these financial statements.

Page 4
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Unique Seaflex Ltd is a limited company incorporated in England. The company's registered address is Seaview Road, Cowes, Isle of Wight, PO31 7US. The principal activity of the company is the provision of specialist proof load testing and buoyancy equipment.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company is exempt by virtue of the small companies regime of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not its group.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. Whilst the company has net current liabilities of £404,044, there are amounts included within creditors due within one year related to group undertakings amounting to £9,162,856. The company has received assurances and confirmation of support from these group companies that amounts will not be demanded for repayment at the expense of the company being able to continue to meet its obligations as they fall due and operate as a going concern. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements. 

Page 5
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss 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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Pensions

Defined contribution pension plan
The Company contributes to 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 Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 8
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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, using the below methods.

Depreciation is provided on the following basis:

Leasehold property
-
20% straight line
Rental stock
-
20% straight line
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 profit or loss.

 
2.12

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.

Page 9
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.




 
Page 10
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 11
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Admin
28
28


4.


Exceptional items

2023
2022
£
£



Redunancy payments
25,653
4,890


5.


Intangible assets




Patents

£



Cost


At 1 January 2023
2,312



At 31 December 2023

2,312



Amortisation


At 1 January 2023
2,312



At 31 December 2023

2,312



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 12
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Leasehold property
Rental stock
Motor vehicles
Fixtures and fittings
Plant & Machinery
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
119,994
946,824
7,000
83,174
516,209
1,673,201


Additions
-
102,706
-
5,450
1,125
109,281


Disposals
-
(307,809)
-
-
-
(307,809)



At 31 December 2023

119,994
741,721
7,000
88,624
517,334
1,474,673



Depreciation


At 1 January 2023
112,261
659,707
6,663
71,925
240,415
1,090,971


Charge for the year on owned assets
1,600
100,245
84
2,911
27,665
132,505


Disposals
-
(202,488)
-
-
-
(202,488)



At 31 December 2023

113,861
557,464
6,747
74,836
268,080
1,020,988



Net book value



At 31 December 2023
6,133
184,257
253
13,788
249,254
453,685



At 31 December 2022
7,733
287,117
337
11,249
275,794
582,230




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
6,133
7,733


Page 13
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,090,101



At 31 December 2023
3,090,101





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Water Weights Limited
Unit 1a Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21 0GL
Ordinary
100%


8.


Stocks

2023
2022
£
£

Raw materials and consumables
353,021
493,903

Finished goods and goods for resale
187,758
268,424

540,779
762,327


Page 14
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Debtors

2023
2022
£
£


Trade debtors
333,285
742,510

Amounts owed by group undertakings
8,180,406
6,841,349

Other debtors
44,127
30,382

Prepayments and accrued income
57,796
85,915

8,615,614
7,700,156



10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
91,380
245,405



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
178,606
531,639

Amounts owed to group undertakings
9,162,856
9,095,127

Corporation tax
152,271
23,272

Other taxation and social security
25,504
24,957

Other creditors
44,565
6,332

Accruals and deferred income
88,015
72,508

9,651,817
9,753,835


Page 15
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Deferred taxation




2023


£






At beginning of year
(79,126)


Charged to profit or loss
7,168



At end of year
(71,958)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(73,254)
(80,225)

Tax losses carried forward
1,296
1,099

(71,958)
(79,126)


13.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
37,900


14.


Pension commitments

During the year the company contributed £85,535 (2022 - £91,206) to define contribution pension schemes on behalf of employees. There were contributions of £7,699 (2022 - £6,332) outstanding at year end.


15.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
96,915
95,005

Later than 1 year and not later than 5 years
80,589
35,347

177,504
130,352

Page 16
 

 
UNIQUE SEAFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33.1A from the requirement to disclose transactions with 100% owned subsidiaries. 


17.


Controlling party

The parent company is Unique Group FZC which is incorporated in United Arab Emirates.
The ultimate controlling party is UMG Holdco 1 Ltd, a limited liability company which is incorporated in Jersey. 


18.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 22 April 2024 by James Pirrie (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


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