Company Registration No. 02003935 (England and Wales)
UNIVERSAL TOOL & PRODUCTION CO LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
UNIVERSAL TOOL & PRODUCTION CO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
UNIVERSAL TOOL & PRODUCTION CO LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
264,187
340,581
Current assets
Stocks
1,514,166
1,394,283
Debtors
4
1,217,221
1,096,586
Cash at bank and in hand
83,503
105,527
2,814,890
2,596,396
Creditors: amounts falling due within one year
5
(2,311,739)
(2,078,565)
Net current assets
503,151
517,831
Total assets less current liabilities
767,338
858,412
Creditors: amounts falling due after more than one year
6
(314,417)
(403,464)
Provisions for liabilities
(31,572)
(46,087)
Net assets
421,349
408,861
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
411,349
398,861
Total equity
421,349
408,861

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

UNIVERSAL TOOL & PRODUCTION CO LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 July 2024 and are signed on its behalf by:
Mr G C Papworth
Director
Company registration number 02003935 (England and Wales)
UNIVERSAL TOOL & PRODUCTION CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Universal Tool & Production Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Vulcan Way, Daedalus East, Lee on the Solent, Hampshire, PO13 9FW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

UNIVERSAL TOOL & PRODUCTION CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Long leasehold property
10 years- straight line
General plant and machinery
25% reducing balance
Precision plant & equipment
Between 3 and 7 years - straight line
Office equipment & furniture
Between 3 and 7 years - straight line
Motor vehicles
3 years - straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

UNIVERSAL TOOL & PRODUCTION CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
42
39
3
Tangible fixed assets
Long leasehold property
General plant and machinery
Precision plant & equipment
Office equipment & furniture
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
996,034
244,350
3,677,156
192,653
13,738
5,123,931
Additions
-
0
-
0
-
0
2,756
-
0
2,756
At 31 March 2024
996,034
244,350
3,677,156
195,409
13,738
5,126,687
Depreciation and impairment
At 1 April 2023
898,017
227,946
3,455,757
187,892
13,738
4,783,350
Depreciation charged in the year
-
0
850
75,638
2,662
-
0
79,150
At 31 March 2024
898,017
228,796
3,531,395
190,554
13,738
4,862,500
Carrying amount
At 31 March 2024
98,017
15,554
145,761
4,855
-
0
264,187
At 31 March 2023
98,017
16,404
221,399
4,761
-
0
340,581
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
909,125
908,898
Other debtors
308,096
187,688
1,217,221
1,096,586
UNIVERSAL TOOL & PRODUCTION CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
556,138
600,669
Trade creditors
869,988
894,863
Taxation and social security
123,266
136,373
Other creditors
762,347
446,660
2,311,739
2,078,565
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
314,417
403,464
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