2023-04-012024-03-312024-03-31false02471422Universal Fabrications (North West) 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Universal Fabrications (North West) Limited

Registered Number
02471422
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Universal Fabrications (North West) Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

J Kelly
J B Truelove
L P Truelove

Company Secretary

L P Truelove

Registered Address

C/O Seftons
135 - 143 Union Street
Oldham
OL1 1TE

Registered Number

02471422 (England and Wales)
Universal Fabrications (North West) Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3537,242600,406
537,242600,406
Current assets
Stocks36,15731,631
Debtors4375,753657,619
Cash at bank and on hand1,336,7221,200,599
1,748,6321,889,849
Creditors amounts falling due within one year5(441,810)(548,129)
Net current assets (liabilities)1,306,8221,341,720
Total assets less current liabilities1,844,0641,942,126
Creditors amounts falling due after one year6(131,410)(219,305)
Provisions for liabilities7(171,429)(142,083)
Net assets1,541,2251,580,738
Capital and reserves
Called up share capital5,3005,300
Profit and loss account1,535,9251,575,438
Shareholders' funds1,541,2251,580,738
The financial statements were approved and authorised for issue by the Board of Directors on 19 November 2024, and are signed on its behalf by:
J B Truelove
Director
Registered Company No. 02471422
Universal Fabrications (North West) Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Land and buildings15
Plant and machinery15
Vehicles15
Office Equipment15
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Trade and other 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.
2.Average number of employees

20242023
Average number of employees during the year2321
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 April 2319,211955,12524,742999,078
Additions-30,154-30,154
At 31 March 2419,211985,27924,7421,029,232
Depreciation and impairment
At 01 April 2317,837362,48518,350398,672
Charge for year20692,15395993,318
At 31 March 2418,043454,63819,309491,990
Net book value
At 31 March 241,168530,6415,433537,242
At 31 March 231,374592,6406,392600,406
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables335,299515,767
Other debtors24,054140,652
Prepayments and accrued income16,4001,200
Total375,753657,619
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables201,422420,914
Taxation and social security109,18512,828
Finance lease and HP contracts87,89587,895
Other creditors11,61710,359
Accrued liabilities and deferred income31,69116,133
Total441,810548,129
6.Creditors: amounts due after one year

2024

2023

££
Other creditors131,410219,305
Total131,410219,305
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)171,429142,083
Total171,429142,083