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Registered number: 03924974
UK Mats Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 03924974
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,577 7,290
Tangible Assets 5 290,451 174,219
295,028 181,509
CURRENT ASSETS
Stocks 6 655,233 622,527
Debtors 7 239,817 292,023
Cash at bank and in hand 483 -
895,533 914,550
Creditors: Amounts Falling Due Within One Year 8 (673,621 ) (579,341 )
NET CURRENT ASSETS (LIABILITIES) 221,912 335,209
TOTAL ASSETS LESS CURRENT LIABILITIES 516,940 516,718
Creditors: Amounts Falling Due After More Than One Year 9 (355,844 ) (388,484 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (70,033 ) (38,795 )
NET ASSETS 91,063 89,439
CAPITAL AND RESERVES
Called up share capital 11 105 105
Income Statement 90,958 89,334
SHAREHOLDERS' FUNDS 91,063 89,439
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
A J Preece
Director
2nd August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
UK Mats Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03924974 . The registered office is Unit 1 Edmonds Road, Lane End, High Wycombe, Buckinghamshire, HP14 3EN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are initially recognised at cost and are amortised to the income statement over 4 years on a straight line basis.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 15%/25% Straight Line
Computer Equipment 25% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding 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 income statement as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2023: 27)
28 27
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 15,099
As at 31 March 2024 15,099
Amortisation
As at 1 April 2023 7,809
Provided during the period 2,713
As at 31 March 2024 10,522
Net Book Value
As at 31 March 2024 4,577
As at 1 April 2023 7,290
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 April 2023 323,571 282,888 19,356 23,854 649,669
Additions 267 87,960 - 886 89,113
Disposals - (84,220 ) - - (84,220 )
As at 31 March 2024 323,838 286,628 19,356 24,740 654,562
Depreciation
As at 1 April 2023 223,638 218,634 18,772 14,406 475,450
Provided during the period 20,417 33,536 222 3,292 57,467
Disposals - (84,220 ) - - (84,220 )
On revaluations (84,586 ) - - - (84,586 )
As at 31 March 2024 159,469 167,950 18,994 17,698 364,111
Net Book Value
As at 31 March 2024 164,369 118,678 362 7,042 290,451
As at 1 April 2023 99,933 64,254 584 9,448 174,219
Plant and Machinery assets have been revalued to their estimated market value which has been determined by an independent, professionally qualified valuer by reference to the recent market prices of similar assets within the market.
6. Stocks
2024 2023
£ £
Stock 655,233 622,527
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 208,236 254,784
Other debtors 31,581 37,239
239,817 292,023
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 33,075 21,434
Trade creditors 112,889 129,779
Bank loans and overdrafts 299,670 235,456
Other creditors 123,729 87,729
Taxation and social security 104,258 104,943
673,621 579,341
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 80,286 28,953
Bank loans 275,558 359,531
355,844 388,484
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 33,075 21,434
Later than one year and not later than five years 80,286 28,953
113,361 50,387
113,361 50,387
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 105 105
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