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Registration number: 06270617

Ugalde & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Ugalde & Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Ugalde & Son Limited

Company Information

Directors

Mr B T Ugalde

Mrs L A Ugalde

Mr R C Ugalde

Company secretary

Mr B T Ugalde

Registered office

Trelawney House
Heathlands Road
Liskeard
Cornwall
PL14 4DH

Accountants

ADC Accountants (SW)
Chartered Certified Accountants
22 Churchill Way
Plymouth
Devon
PL3 4PR

 

Ugalde & Son Limited

(Registration number: 06270617)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

728,000

800,800

Tangible assets

5

449,023

440,173

 

1,177,023

1,240,973

Current assets

 

Stocks

6

4,950

4,150

Debtors

7

124,501

100,373

Cash at bank and in hand

 

105,659

159,770

 

235,110

264,293

Creditors: Amounts falling due within one year

8

(164,536)

(196,909)

Net current assets

 

70,574

67,384

Total assets less current liabilities

 

1,247,597

1,308,357

Creditors: Amounts falling due after more than one year

8

(74,645)

(44,484)

Provisions for liabilities

(49,214)

(56,010)

Net assets

 

1,123,738

1,207,863

Capital and reserves

 

Called up share capital

9

680,444

680,444

Retained earnings

443,294

527,419

Shareholders' funds

 

1,123,738

1,207,863

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Ugalde & Son Limited

(Registration number: 06270617)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
Mr B T Ugalde
Company secretary and director

.........................................
Mr R C Ugalde
Director

 

Ugalde & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Trelawney House
Heathlands Road
Liskeard
Cornwall
PL14 4DH

These financial statements were authorised for issue by the Board on 20 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Ugalde & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Plant and machinery

15% reducing balance

Furniture and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33.33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ugalde & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

4

Intangible assets

Goodwill
 £

Database
 £

Total
£

Cost or valuation

At 1 April 2023

1,456,000

6,917

1,462,917

At 31 March 2024

1,456,000

6,917

1,462,917

Amortisation

At 1 April 2023

655,200

6,917

662,117

Amortisation charge

72,800

-

72,800

At 31 March 2024

728,000

6,917

734,917

Carrying amount

At 31 March 2024

728,000

-

728,000

At 31 March 2023

800,800

-

800,800

 

Ugalde & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

367,753

40,011

236,182

62,361

706,307

Additions

-

3,941

68,910

-

72,851

Disposals

-

-

(56,015)

-

(56,015)

At 31 March 2024

367,753

43,952

249,077

62,361

723,143

Depreciation

At 1 April 2023

36,567

31,494

159,697

38,376

266,134

Charge for the year

7,355

3,408

31,918

3,597

46,278

Eliminated on disposal

-

-

(38,292)

-

(38,292)

At 31 March 2024

43,922

34,902

153,323

41,973

274,120

Carrying amount

At 31 March 2024

323,831

9,050

95,754

20,388

449,023

At 31 March 2023

331,186

8,517

76,485

23,985

440,173

Included within the net book value of land and buildings above is £323,831 (2023 - £331,186) in respect of long leasehold land and buildings.
 

 

Ugalde & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Stocks

4,950

4,150

7

Debtors

Current

2024
£

2023
£

Trade debtors

82,023

89,349

Prepayments

22,491

11,024

Other debtors

19,987

-

 

124,501

100,373

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,852

23,491

trade creditors

 

23,747

7,751

Taxation and social security

 

42,326

43,613

Accruals and deferred income

 

31,083

34,553

Other creditors

 

56,528

87,501

 

164,536

196,909

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,852 (2023 - £23,491).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

74,645

44,484

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £74,645 (2023 - £44,484).

 

Ugalde & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

Ordinary A shares of £1 each

10

10

10

10

Ordinary B shares of £1 each

10

10

10

10

Ordinary C shares of £1 each

10

10

10

10

Ordinary D shares of £1 each

10

10

10

10

Preference shares of £1 each

680,400

680,400

680,400

680,400

 

680,444

680,444

680,444

680,444

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,128

19,128

Contributions paid to money purchase schemes

40,000

50,000

59,128

69,128