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Registration number: 06638121

Universal Site Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Universal Site Supplies Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Universal Site Supplies Limited

Company Information

Directors

Mr R Errington

Mr PD Holt

Mr N O'Shea

Registered office

Unit 4 Concord Farm
School Road
Rayne
Essex
CM77 6SP

 

Universal Site Supplies Limited

(Registration number: 06638121)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

378,246

271,585

Other financial assets

5

50,000

50,000

 

428,246

321,585

Current assets

 

Stocks

383,132

308,908

Debtors

6

1,049,472

1,211,152

Cash at bank and in hand

 

697,303

607,545

 

2,129,907

2,127,605

Creditors: Amounts falling due within one year

7

(804,857)

(870,984)

Net current assets

 

1,325,050

1,256,621

Total assets less current liabilities

 

1,753,296

1,578,206

Creditors: Amounts falling due after more than one year

7

(38,685)

(56,775)

Provisions for liabilities

(41,808)

(33,581)

Net assets

 

1,672,803

1,487,850

Capital and reserves

 

Called up share capital

300

300

Retained earnings

1,672,503

1,487,550

Shareholders' funds

 

1,672,803

1,487,850

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.

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

 

Universal Site Supplies Limited

(Registration number: 06638121)
Balance Sheet as at 31 March 2024 (continued)

.........................................
Mr R Errington
Director

   
     
 

Universal Site Supplies 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 and Wales.

The address of its registered office is:
Unit 4 Concord Farm
School Road
Rayne
Essex
CM77 6SP
United Kingdom

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Universal Site Supplies Limited

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

2

Accounting policies (continued)

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.

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

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Furniture, fittings and equipment

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Universal Site Supplies Limited

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

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Universal Site Supplies Limited

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

2

Accounting policies (continued)

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 25 (2023 - 22).

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Furniture fittings
and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

168,522

34,902

118,898

105,693

428,015

Additions

59,853

1,200

12,578

82,987

156,618

At 31 March 2024

228,375

36,102

131,476

188,680

584,633

Depreciation

At 1 April 2023

-

22,038

84,893

49,499

156,430

Charge for the year

-

3,516

11,646

34,795

49,957

At 31 March 2024

-

25,554

96,539

84,294

206,387

Carrying amount

At 31 March 2024

228,375

10,548

34,937

104,386

378,246

At 31 March 2023

168,522

12,864

34,005

56,194

271,585

Included within the net book value of land and buildings above is £228,375 (2023 - £168,522) in respect of short leasehold land and buildings.
 

 

Universal Site Supplies Limited

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

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

50,000

50,000

At 31 March 2024

50,000

50,000

Impairment

Carrying amount

At 31 March 2024

50,000

50,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

837,646

1,102,641

Amounts owed by related parties

53,991

42,096

Prepayments

 

111,265

31,975

Other debtors

 

46,570

34,440

   

1,049,472

1,211,152

 

Universal Site Supplies Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

40,268

20,688

Trade creditors

 

381,390

556,469

Taxation and social security

 

333,648

238,863

Accruals and deferred income

 

13,396

10,289

Other creditors

 

36,155

44,675

 

804,857

870,984

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

6,666

5,545

Other non-current financial liabilities

 

32,019

51,230

 

38,685

56,775

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

6,666

5,545

Current loans and borrowings

2024
£

2023
£

Directors current account

19,784

12,819

Hire purchase liabilities

20,484

7,869

40,268

20,688

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

 

Universal Site Supplies Limited

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

9

Financial commitments, guarantees and contingencies (continued)

The total amount of financial commitments not included in the balance sheet is £148,012 (2023 - £126,980). The financial commitment being the rental of premises occupied by the company.