Registered number
03732233
Universal Hardware Supplies Limited
Unaudited Filleted Accounts
31 March 2024
Universal Hardware Supplies Limited
Registered number: 03732233
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 447,423 444,619
Investments 5 50,000 50,000
497,423 494,619
Current assets
Stocks 344,563 374,281
Debtors 6 365,220 430,897
Cash at bank and in hand 592,655 667,382
1,302,438 1,472,560
Creditors: amounts falling due within one year 7 (529,928) (702,944)
Net current assets 772,510 769,616
Total assets less current liabilities 1,269,933 1,264,235
Creditors: amounts falling due after more than one year 8 (99,256) (117,514)
Provisions for liabilities (24,688) (23,213)
Net assets 1,145,989 1,123,508
Capital and reserves
Called up share capital 100 100
Revaluation reserve 10 211,717 211,717
Profit and loss account 934,172 911,691
Shareholders' funds 1,145,989 1,123,508
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs H L Davies
Director
Approved by the board on 19 August 2024
Universal Hardware Supplies Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 25 years
Motor Vehicles 25% reducing balance
Plant and machinery 10% reducing balance
Fixtures, fittings, tools and equipment 33.33% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 172,273
At 31 March 2024 172,273
Amortisation
At 1 April 2023 172,273
At 31 March 2024 172,273
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 352,154 141,302 84,315 577,771
Additions - 11,701 27,590 39,291
Disposals - - (18,637) (18,637)
At 31 March 2024 352,154 153,003 93,268 598,425
Depreciation
At 1 April 2023 28,172 79,971 25,009 133,152
Charge for the year 3,522 7,566 16,845 27,933
On disposals - - (10,083) (10,083)
At 31 March 2024 31,694 87,537 31,771 151,002
Net book value
At 31 March 2024 320,460 65,466 61,497 447,423
At 31 March 2023 323,982 61,331 59,306 444,619
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 50,000
At 31 March 2024 50,000
6 Debtors 2024 2023
£ £
Trade debtors 370,220 435,897
Amounts owed by group undertakings and undertakings in which the company has a participating interest (5,000) (5,000)
365,220 430,897
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 26,399 26,003
Trade creditors 175,099 153,757
Taxation and social security costs 170,896 (27,368)
Other creditors 157,534 550,552
529,928 702,944
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 99,256 117,514
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans - 137,961
[Give an indication of the nature and form of the security for the bank loans]
10 Revaluation reserve 2024 2023
£ £
At 1 April 2023 211,717 211,717
At 31 March 2024 211,717 211,717
11 Related party transactions
The related party transactions were in respect of sums owed to directors in respect of short term loans made to the company which will be repaid in the next year. At the year end Mr V A Williams was owed £24,076; Mrs L M Williams was owed £58,421; Mrs H Davies was owed £41,074; Mrs A Morris was owed £25,653.
12 Controlling party
The company is jointly owned by Mrs A Morris, Mrs H L Davies and Mr V A Williams who are directors and shareholders.
13 Other information
Universal Hardware Supplies Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Premier House
227-234 Neath Road
Landore
Swansea
SA1 2JG
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