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Registered number: NI011510














Unitrunk Cable Trunking Systems Limited





Director's Report and Financial Statements

For the Year Ended 31 December 2023

 
Unitrunk Cable Trunking Systems Limited
 

Company Information


Director
D Morrow 




Company secretary
M Clarke



Registered number
NI011510



Registered office
4 Altona Road
Lisburn

Co. Antrim

Lisburn

BT27 5QB




Independent auditors
ASM (B) Ltd

4th Floor

Glendinning House

6 Murray Street

Belfast

BT1 6DN





 
Unitrunk Cable Trunking Systems Limited
 

Contents



Page
Director's Report
 
 
1 - 2
Independent Auditors' Report
 
 
3 - 5
Statement of Comprehensive Income
 
 
6
Balance Sheet
 
 
7
Statement of Changes in Equity
 
 
8
Notes to the Financial Statements
 
 
9 - 17


 
Unitrunk Cable Trunking Systems Limited
 

 
Director's Report
For the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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;

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £704,038 (2022: £1,145,151).

Director

The director who served during the year was:

D Morrow 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

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Page 1

 
Unitrunk Cable Trunking Systems Limited
 

 
Director's Report (continued)
For the Year Ended 31 December 2023

Auditors

The auditorsASM (B) Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 April 2024 and signed on its behalf.
 





M Clarke
Secretary

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Page 2

 
Unitrunk Cable Trunking Systems Limited
 

 
Independent Auditors' Report to the Members of Unitrunk Cable Trunking Systems Limited
 

Opinion


We have audited the financial statements of Unitrunk Cable Trunking Systems Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


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Page 3

 
Unitrunk Cable Trunking Systems Limited
 

 
Independent Auditors' Report to the Members of Unitrunk Cable Trunking Systems Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


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Page 4

 
Unitrunk Cable Trunking Systems Limited
 

 
Independent Auditors' Report to the Members of Unitrunk Cable Trunking Systems Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: completeness of income and management override of controls. We discussed these risks with client management, designed audit procedures to test the completeness of income, a sample of journals to confirm they were appropriate and review areas of judgment for indicators of management bias to address these risks.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Michael Nixon (Senior Statutory Auditor)
  
for and on behalf of
ASM (B) Ltd
 
4th Floor
Glendinning House
6 Murray Street
Belfast
BT1 6DN

17 April 2024
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Page 5

 
Unitrunk Cable Trunking Systems Limited
 

Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
19,628,334
18,909,668

Cost of sales
  
(17,642,717)
(16,441,516)

Gross profit
  
1,985,617
2,468,152

Administrative expenses
  
(1,152,577)
(1,134,952)

Operating profit
 5 
833,040
1,333,200

Interest receivable and similar income
 8 
2,534
-

Profit before tax
  
835,574
1,333,200

Tax on profit
 9 
(131,536)
(188,049)

Profit for the financial year
  
704,038
1,145,151

Other comprehensive income for the year
  

Currency translation differences
  
(69,814)
102,382

Other comprehensive income for the year
  
(69,814)
102,382

Total comprehensive income for the year
  
634,224
1,247,533

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 9 to 17 form part of these financial statements.

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Page 6

 
Unitrunk Cable Trunking Systems Limited
Registered number: NI011510

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
83,191
12,076

  
83,191
12,076

Current assets
  

Stocks
 11 
872,134
643,918

Debtors: amounts falling due within one year
 12 
7,127,458
7,889,577

Cash at bank and in hand
 13 
1,743,121
1,383,278

  
9,742,713
9,916,773

Creditors: amounts falling due within one year
 14 
(6,096,335)
(6,833,504)

Net current assets
  
 
 
3,646,378
 
 
3,083,269

Total assets less current liabilities
  
3,729,569
3,095,345

  

Net assets
  
3,729,569
3,095,345


Capital and reserves
  

Called up share capital 
 15 
2
2

Foreign exchange reserve
 16 
215,327
285,141

Profit and loss account
 16 
3,514,240
2,810,202

  
3,729,569
3,095,345


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.


D Morrow
Director

The notes on pages 9 to 17 form part of these financial statements.

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Page 7

 
Unitrunk Cable Trunking Systems Limited
 

Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2
182,759
1,665,051
1,847,812



Profit for the year
-
-
1,145,151
1,145,151

Currency translation differences
-
102,382
-
102,382



At 1 January 2023
2
285,141
2,810,202
3,095,345


Comprehensive income for the year

Profit for the year
-
-
704,038
704,038

Currency translation differences
-
(69,814)
-
(69,814)


At 31 December 2023
2
215,327
3,514,240
3,729,569


The notes on pages 9 to 17 form part of these financial statements.

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Page 8

 
Unitrunk Cable Trunking Systems Limited
 

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

1.


General information

Unitrunk Cable Trunking Systems Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.
The presentation currency is that of Sterling.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors of Unitrunk Cable Trunking Systems Limited have reviewed the appropriateness of the going concern assumption and consider that the company has sufficient resources to continue as a trading entity for the foreseeable future.
Accordingly, the directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

 
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.

 
2.4

Interest income

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

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Page 9

 
Unitrunk Cable Trunking Systems Limited
 

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

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates 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 profit or loss 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.

 
2.6

Taxation

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.

 
2.7

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing-balance method
Fixtures and fittings
-
25%
reducing-balance method
Computer equipment
-
33%
reducing-balance method

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.

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Page 10

 
Unitrunk Cable Trunking Systems Limited
 

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

  
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the company’s accounting policies, management has not made any significant judgements. There are no key assumptions concerning the future or other key sources of estimation, that have significant risk of raising a material adjustment to the carrying amounts of assets and liabilities within the financial year.


4.


Turnover

2023
2022
£
£

Sales
19,628,334
18,909,668

19,628,334
18,909,668


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Page 11

 
Unitrunk Cable Trunking Systems Limited
 

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

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
17,697
(150,282)

Other operating lease rentals
10,869
10,908


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
3,500
3,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
757,185
723,212

Cost of defined contribution scheme
11,007
8,825

768,192
732,037


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


        2023
        2022
            No.
            No.







Staff employed
8
7

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Page 12

 
Unitrunk Cable Trunking Systems Limited
 

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

8.


Interest receivable

2023
2022
£
£


Other interest receivable
2,534
-

2,534
-


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
131,536
191,789


131,536
191,789


Total current tax
131,536
191,789

Deferred tax


Origination and reversal of timing differences
-
(3,740)

Total deferred tax
-
(3,740)


Taxation on profit on ordinary activities
131,536
188,049
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Page 13

 
Unitrunk Cable Trunking Systems Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 12.5% (2022: 12.5%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
835,574
1,333,200


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the ROI of 12.5% (2022: 12.5%)
104,514
166,691

Effects of:


Withholding tax
27,022
25,098

Deferred tax
-
(3,740)

Total tax charge for the year
131,536
188,049


10.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
20,581
99,088
30,736
150,405


Additions
-
99,931
-
99,931



At 31 December 2023

20,581
199,019
30,736
250,336



Depreciation


At 1 January 2023
20,476
87,117
30,736
138,329


Charge for the year on owned assets
4
28,812
-
28,816



At 31 December 2023

20,480
115,929
30,736
167,145



Net book value



At 31 December 2023
101
83,090
-
83,191



At 31 December 2022
105
11,971
-
12,076

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Page 14

 
Unitrunk Cable Trunking Systems Limited
 

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

11.


Stocks

2023
2022
£
£

Finished goods and goods for resale
872,134
643,918

872,134
643,918



12.


Debtors

2023
2022
£
£


Trade debtors
3,311,591
5,068,032

Amounts owed by group undertakings
3,814,298
2,820,032

Prepayments and accrued income
1,569
1,513

7,127,458
7,889,577


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Unitrunk Cable Trunking Systems Limited
 

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

13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,743,121
1,383,278

1,743,121
1,383,278



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
123,252
182,625

Amounts owed to group undertakings
3,991,138
4,441,409

Corporation tax
15,687
103,636

Other taxation and social security
487,936
736,475

Other creditors and accruals
1,478,322
1,369,359

6,096,335
6,833,504



15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 Ordinary shares of £1.00 each
2
2



16.


Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Foreign exchange reserve

This reserve records historical and current foreign exchange gains and losses.

Profit and loss account

This balance includes all prior and current periods retained profits and losses.


17.


Capital commitments

There were no capital commitments unprovided for at year end.

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Unitrunk Cable Trunking Systems Limited
 

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

18.


Pension commitments

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £11,007 (2022: £8,825).


19.


Transactions with directors

There have been no directors advances, credits or guarantees during the year.


20.


Related party transactions

Unitrunk Cable Trunking Systems Limited is a company incorporated in Northern Ireland and is the subsidiary of Uni-Trunk Holdings Limited for which consolidated group financial statements are prepared.  Copies of the group financial statements can be obtained from Companies House.
The company is controlled by its board of directors.
Key management are considered to be the directors of the company.
Advantage has been taken of the exemption under FRS 102 Section 33.1A not to disclose transactions between wholly owned members of the group.


21.


Controlling party

The immediate parent company is Uni-Trunk Limited, a company registered in Northern Ireland and the ultimate parent company is Uni-Trunk Group Holdings Limited, a company registered in Northern Ireland. The ultimate controlling party is David Morrow.


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