REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
UNIVERSAL CLOSURES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216) |
Income Statement |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 4 | ( |
) | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
UNIVERSAL CLOSURES LIMITED (REGISTERED NUMBER: 05196216) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2024 | ( |
) | ( |
) |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Lab Equipment | - |
Leasehold Property | - |
Fixtures and Fittings | - |
Office Furniture | - |
Machinery | - |
Development Moulds | - |
Computer equipment | - |
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 |
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 | ( |
) | ( |
) |
WHT | 22,006 | 28,013 |
R & D Tax Credit | - | (105,733 | ) |
Total current tax | ( |
) | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Lab | Leasehold | and | Office |
Equipment | Property | Fittings | Furniture |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
Accelerated capital allowances | (26,846 | ) |
Balance at 31 March 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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. |