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REGISTERED NUMBER: 06993205 (England and Wales)












Financial Statements

for the Year Ended 31 December 2023

for

UK Insulations Limited

UK Insulations Limited (Registered number: 06993205)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


UK Insulations Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C Hartshorn
I G Billing
S Nolan
D Merrick
M Cooke





REGISTERED OFFICE: Syke Mill
Belthorn Road
Belthorn
Blackburn
Lancashire
BB1 2NN





REGISTERED NUMBER: 06993205 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ

UK Insulations Limited (Registered number: 06993205)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 50,000 100,000
Tangible assets 4 518,514 562,577
568,514 662,577

CURRENT ASSETS
Stocks 5 1,551,034 1,805,174
Debtors 6 5,542,863 5,433,019
Cash at bank and in hand 708,259 483,592
7,802,156 7,721,785
CREDITORS
Amounts falling due within one year 7 930,594 1,142,903
NET CURRENT ASSETS 6,871,562 6,578,882
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,440,076

7,241,459

CREDITORS
Amounts falling due after more than
one year

8

(36,594

)

-

PROVISIONS FOR LIABILITIES (129,142 ) (140,051 )
NET ASSETS 7,274,340 7,101,408

CAPITAL AND RESERVES
Called up share capital 10,786 10,786
Share premium 878,043 878,043
Retained earnings 6,385,511 6,212,579
SHAREHOLDERS' FUNDS 7,274,340 7,101,408

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





D Merrick - Director


UK Insulations Limited (Registered number: 06993205)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

UK Insulations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover consists of revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on cost
Plant and machinery - 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 100% on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks comprise consumable items and goods held for resale. Stocks are stated at the lower of cost and net realisable value. Cost is calculated on a first in, first out basis and includes invoice price, import duties and transportation costs. Net realisable value comprises the actual or estimated selling price less all further costs to completion or to be incurred in marketing, selling and distribution.

At the end of each reporting period inventories are assessed for impairment. If an item of stock is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account.

UK Insulations Limited (Registered number: 06993205)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
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. Nonmonetary 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 the fair value was determined.

Hire purchase and leasing commitments
Leases in which substantially all the risks and rewards of ownership are transferred by the lessor are classified as finance leases.

Tangible fixed assets acquired under finance leases are capitalised at the lease's commencement at the lower of the fair value of the leased property and the present value of the minimum lease payments and are depreciated over the shorter of the lease term and their useful lives. The capital element of the lease obligation is recorded as a liability and the interest element of the finance lease rentals is charged to the profit and loss account on an annuity basis. Each lease payment is apportioned between the liability and finance charges using the effective interest method.

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 (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.

UK Insulations Limited (Registered number: 06993205)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Debtors
Trade and other 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.

Creditors
Trade and other 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. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,000,000
AMORTISATION
At 1 January 2023 900,000
Amortisation for year 50,000
At 31 December 2023 950,000
NET BOOK VALUE
At 31 December 2023 50,000
At 31 December 2022 100,000

UK Insulations Limited (Registered number: 06993205)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 117,819 1,222,221 195,328 104,764 1,640,132
Additions - 62,214 - - 62,214
At 31 December 2023 117,819 1,284,435 195,328 104,764 1,702,346
DEPRECIATION
At 1 January 2023 117,819 815,240 39,732 104,764 1,077,555
Charge for year - 60,928 45,349 - 106,277
At 31 December 2023 117,819 876,168 85,081 104,764 1,183,832
NET BOOK VALUE
At 31 December 2023 - 408,267 110,247 - 518,514
At 31 December 2022 - 406,981 155,596 - 562,577

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 61,590
DEPRECIATION
At 1 January 2023 3,849
Charge for year 15,398
At 31 December 2023 19,247
NET BOOK VALUE
At 31 December 2023 42,343
At 31 December 2022 57,741

5. STOCKS
2023 2022
£    £   
Stocks 1,551,034 1,805,174

UK Insulations Limited (Registered number: 06993205)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,483,713 1,688,798
Amounts owed by group undertakings 4,010,891 3,698,649
Other debtors 18,407 10,775
Tax - 8,217
Prepayments and accrued income 29,852 26,580
5,542,863 5,433,019

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 8,443 53,479
Trade creditors 682,698 877,535
Tax 79,616 65,198
Social security and other taxes 127,841 132,172
Accrued expenses 31,996 14,519
930,594 1,142,903

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 36,594 -

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keith Roberts (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

10. RELATED PARTY DISCLOSURES

Three of the directors, D Merrick, M Cooke and S Nolan, received dividends totalling £304,736 (2022:£384,035) from the holding company, UK Insulations Holdings Limited.

11. ULTIMATE CONTROLLING PARTY

The name of the parent undertaking is UK Insulations Holdings Limited. The parent company registered office and principal place of business is Syke Mill, Belthorn Road, Blackburn, Lancashire, BB1 2NN.