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REGISTERED NUMBER: 01239779 (England and Wales)






























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

UFAC (UK) LIMITED

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


UFAC (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr RL Jones



SECRETARY: Mr DJ Falconer



REGISTERED OFFICE: Waterwitch House
Exeter Road
Newmarket
Suffolk
CB8 8RX



REGISTERED NUMBER: 01239779 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Westleigh Scales FCA FMAAT



AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 83,741 52,752

CURRENT ASSETS
Stocks 572,550 663,615
Debtors 5 1,557,580 1,702,427
Cash at bank and in hand 1,490,843 765,203
3,620,973 3,131,245
CREDITORS
Amounts falling due within one year 6 2,024,472 1,594,498
NET CURRENT ASSETS 1,596,501 1,536,747
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,680,242

1,589,499

CREDITORS
Amounts falling due after more than one
year

7

39,805

26,851
NET ASSETS 1,640,437 1,562,648

CAPITAL AND RESERVES
Called up share capital 212,124 212,124
Retained earnings 1,428,313 1,350,524
SHAREHOLDERS' FUNDS 1,640,437 1,562,648

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 November 2024 and were signed by:





Mr RL Jones - Director


UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

UFAC (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice value less estimated rebates, returns and settlement discounts and including transport costs charged to customers.

The company supplies products to customers from its manufacturing sites and warehouses, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 50% on cost, 20% on cost and 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 24 ) .

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 39,201 344,388 52,381 50,810 486,780
Additions - - 8,568 50,740 59,308
At 31 March 2024 39,201 344,388 60,949 101,550 546,088
DEPRECIATION
At 1 April 2023 35,191 328,461 52,381 17,995 434,028
Charge for year 1,634 9,012 2,856 14,817 28,319
At 31 March 2024 36,825 337,473 55,237 32,812 462,347
NET BOOK VALUE
At 31 March 2024 2,376 6,915 5,712 68,738 83,741
At 31 March 2023 4,010 15,927 - 32,815 52,752

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 50,810
Additions 50,740
At 31 March 2024 101,550
DEPRECIATION
At 1 April 2023 17,995
Charge for year 14,817
At 31 March 2024 32,812
NET BOOK VALUE
At 31 March 2024 68,738
At 31 March 2023 32,815

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,118,937 1,114,556
Other debtors 438,643 587,871
1,557,580 1,702,427

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 32,329 6,987
Trade creditors 563,509 210,375
Amounts owed to group undertakings 698,000 619,486
Taxation and social security 31,472 26,647
Other creditors 699,162 731,003
2,024,472 1,594,498

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 39,805 26,851

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 32,329 6,987
Between one and five years 39,805 26,851
72,134 33,838

Non-cancellable operating leases
2024 2023
£    £   
Within one year 67,541 61,372
Between one and five years 153,025 162,139
In more than five years 76,500 110,500
297,066 334,011

UFAC (UK) LIMITED (REGISTERED NUMBER: 01239779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 72,134 33,838

HSBC hold a fixed and floating charge over the assets of the company.

Hire purchase contracts are secured on the assets to which they relate.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Westleigh Scales FCA FMAAT (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr RL Jones
Balance outstanding at start of year 314,127 229,567
Amounts advanced 348,017 314,560
Amounts repaid (315,000 ) (230,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 347,144 314,127

The loan is at the official rate of interest being 2.25% and is repayable on demand.

12. ULTIMATE PARENT COMPANY

In the directors' opinion, the company's ultimate parent company is UFAC Holdings Limited. UFAC Holdings Limited owns 100% of the issued share capital of UFAC (UK) Limited.

The registered office is located at Woolfox Lodge, Great North Road, Stretton, Oakham, Rutland, LE15 7QT.