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REGISTERED NUMBER: SC424826 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

UMS Flowell Assets Limited

UMS Flowell Assets Limited (Registered number: SC424826)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

UMS Flowell Assets Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: W Boyd





REGISTERED OFFICE: 29 Brandon Street
Hamilton
South Lanarkshire
ML3 6DA





REGISTERED NUMBER: SC424826 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

UMS Flowell Assets Limited (Registered number: SC424826)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 28,033 46,876
Tangible assets 6 804,705 683,186
832,738 730,062

CURRENT ASSETS
Debtors 7 7,626 7,198
Cash at bank and in hand 39,691 2,280
47,317 9,478
CREDITORS
Amounts falling due within one year 8 483,368 545,047
NET CURRENT LIABILITIES (436,051 ) (535,569 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

396,687

194,493

CREDITORS
Amounts falling due after more than one
year

9

(161,902

)

-

PROVISIONS FOR LIABILITIES (64,799 ) (25,107 )
NET ASSETS 169,986 169,386

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 169,886 169,286
SHAREHOLDERS' FUNDS 169,986 169,386

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

UMS Flowell Assets Limited (Registered number: SC424826)

Balance Sheet - continued
31 December 2023


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 director and authorised for issue on 8 August 2024 and were signed by:





W Boyd - Director


UMS Flowell Assets Limited (Registered number: SC424826)

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

1. STATUTORY INFORMATION

UMS Flowell Assets Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover & revenue recognition
Turnover is derived from engineering design services supplied by the company.

Turnover is measured at the fair value of engineering design services supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost and Straight line over 4 years
Plant and machinery etc - Straight line over 4 years

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Government grants
Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.


UMS Flowell Assets Limited (Registered number: SC424826)

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

3. 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 activities is recognised in profit or loss as incurred.

Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses.

Foreign currencies
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items are measured at historic cost in a foreign currency are not retranslated.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

UMS Flowell Assets Limited (Registered number: SC424826)

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

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 94,214
AMORTISATION
At 1 January 2023 47,338
Charge for year 18,843
At 31 December 2023 66,181
NET BOOK VALUE
At 31 December 2023 28,033
At 31 December 2022 46,876

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 438,116 1,526,244 1,964,360
Additions - 326,978 326,978
Disposals - (34,670 ) (34,670 )
At 31 December 2023 438,116 1,818,552 2,256,668
DEPRECIATION
At 1 January 2023 72,312 1,208,862 1,281,174
Charge for year 19,200 177,592 196,792
Eliminated on disposal - (26,003 ) (26,003 )
At 31 December 2023 91,512 1,360,451 1,451,963
NET BOOK VALUE
At 31 December 2023 346,604 458,101 804,705
At 31 December 2022 365,804 317,382 683,186

UMS Flowell Assets Limited (Registered number: SC424826)

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

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 289,500
At 31 December 2023 289,500
DEPRECIATION
Charge for year 52,656
At 31 December 2023 52,656
NET BOOK VALUE
At 31 December 2023 236,844

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 7,626 7,198

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 62,920 -
Trade creditors 123,226 83,600
Amounts owed to group undertakings 239,098 194,326
Taxation and social security 22,354 19,281
Other creditors 35,770 247,840
483,368 545,047

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 161,902 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 224,822 -

Hire purchase contracts are secured over the assets concerned.

UMS Flowell Assets Limited (Registered number: SC424826)

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

11. ULTIMATE CONTROLLING PARTY

The controlling party is UMS Flowell Holdings Limited.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
UMS Flowell Assets Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of UMS Flowell Assets Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of UMS Flowell Assets Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of UMS Flowell Assets Limited and state those matters that we have agreed to state to the director of UMS Flowell Assets Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that UMS Flowell Assets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of UMS Flowell Assets Limited. You consider that UMS Flowell Assets Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of UMS Flowell Assets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


8 August 2024