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REGISTERED NUMBER: 05196216 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

UNIVERSAL CLOSURES LIMITED

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Income Statement 4

Balance Sheet 5

Statement of Changes in Equity 7

Notes to the Financial Statements 8


UNIVERSAL CLOSURES LIMITED

Company Information
for the year ended 31 March 2024







DIRECTORS: R M Druitt
D A James





SECRETARY: D A James





REGISTERED OFFICE: 11 Laura Place
Bath
BA2 4BL





REGISTERED NUMBER: 05196216 (England and Wales)





ACCOUNTANTS: Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Report of the Directors
for the year ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

R M Druitt
D A James

Other changes in directors holding office are as follows:

M Smith - resigned 20 November 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D A James - Director


20 September 2024

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Universal Closures Limited


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Universal Closures Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Universal Closures Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Universal Closures Limited and state those matters that we have agreed to state to the Board of Directors of Universal Closures Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Universal Closures Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Universal Closures Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Universal Closures Limited. You consider that Universal Closures Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Universal Closures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL


23 October 2024

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Income Statement
for the year ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 825,353 1,160,614

Cost of sales 74,204 133,482
GROSS PROFIT 751,149 1,027,132

Administrative expenses 968,962 1,105,120
OPERATING LOSS and
LOSS BEFORE TAXATION (217,813 ) (77,988 )

Tax on loss 4 (35,498 ) (140,744 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (182,315 ) 62,756

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 135,929 196,412

CURRENT ASSETS
Debtors 6 334,031 426,719
Cash at bank 21 51
334,052 426,770
CREDITORS
Amounts falling due within one year 7 1,972,624 1,916,664
NET CURRENT LIABILITIES (1,638,572 ) (1,489,894 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,502,643

)

(1,293,482

)

CREDITORS
Amounts falling due after more than one
year

8

(108,333

)

(108,333

)

PROVISIONS FOR LIABILITIES 9 (10,472 ) (37,318 )
NET LIABILITIES (1,621,448 ) (1,439,133 )

CAPITAL AND RESERVES
Called up share capital 10 500,000 500,000
Retained earnings (2,121,448 ) (1,939,133 )
SHAREHOLDERS' FUNDS (1,621,448 ) (1,439,133 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





D A James - Director


UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Statement of Changes in Equity
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 500,000 (2,001,889 ) (1,501,889 )

Changes in equity
Total comprehensive income - 62,756 62,756
Balance at 31 March 2023 500,000 (1,939,133 ) (1,439,133 )

Changes in equity
Total comprehensive income - (182,315 ) (182,315 )
Balance at 31 March 2024 500,000 (2,121,448 ) (1,621,448 )

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Universal Closures Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Directors have considered the cash flow for the Company and confirmed that the Company will
be able to meet its liabilities as they fall due, therefore the Directors consider that the Company will
continue in operational existence for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Lab Equipment - 20% on cost
Leasehold Property - In equal instalments over the lease
Fixtures and Fittings - 20% on cost
Office Furniture - 20-33% Straight line
Machinery - 20% on cost
Development Moulds - 20-33% Straight line
Computer equipment - 20-33% Straight line

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Parent company
The parent company is Creanova Universal Closures Limited.

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Development costs
Development costs expenditure is recognised as an expense in the Statement of comprehensive income when it is incurred, no development costs are capitalised.

Pension costs
The company operates a defined contribution pension scheme in respect of the directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (30,658 ) (18,473 )
WHT 22,006 28,013
R & D Tax Credit - (105,733 )
Total current tax (8,652 ) (96,193 )

Deferred tax (26,846 ) (44,551 )
Tax on loss (35,498 ) (140,744 )

5. TANGIBLE FIXED ASSETS
Fixtures
Lab Leasehold and Office
Equipment Property Fittings Furniture
£    £    £    £   
COST
At 1 April 2023 220,325 76,946 17,668 10,074
Additions 163 - - 145
Disposals (175,116 ) (67,241 ) (10,851 ) (6,820 )
At 31 March 2024 45,372 9,705 6,817 3,399
DEPRECIATION
At 1 April 2023 189,775 69,182 11,582 7,858
Charge for year 15,708 1,941 1,724 647
Eliminated on disposal (167,190 ) (67,241 ) (10,579 ) (6,796 )
At 31 March 2024 38,293 3,882 2,727 1,709
NET BOOK VALUE
At 31 March 2024 7,079 5,823 4,090 1,690
At 31 March 2023 30,550 7,764 6,086 2,216

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Development Computer
Machinery Moulds equipment Totals
£    £    £    £   
COST
At 1 April 2023 35,123 890,960 116,810 1,367,906
Additions - 78,858 5,201 84,367
Disposals (30,516 ) (331,671 ) (116,323 ) (738,538 )
At 31 March 2024 4,607 638,147 5,688 713,735
DEPRECIATION
At 1 April 2023 30,753 747,512 114,832 1,171,494
Charge for year 1,427 106,841 3,142 131,430
Eliminated on disposal (27,573 ) (331,671 ) (114,068 ) (725,118 )
At 31 March 2024 4,607 522,682 3,906 577,806
NET BOOK VALUE
At 31 March 2024 - 115,465 1,782 135,929
At 31 March 2023 4,370 143,448 1,978 196,412

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 42,693 63,398
Other debtors 291,338 363,321
334,031 426,719

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 34,109 86,766
Trade creditors 839,661 811,096
Amounts owed to group undertakings 997,437 980,507
Taxation and social security 35,176 13,257
Other creditors 66,241 25,038
1,972,624 1,916,664

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 108,333 108,333

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 10,472 37,318

UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 37,318
Accelerated capital allowances (26,846 )
Balance at 31 March 2024 10,472

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary 1 500,000 500,000

The Ordinary shares have attached to them full voting, dividends and capital distribution (including on winding up) rights, they do not confer any rights of redemption.

11. CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.