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Registration number: 04123765

Universal Contracts (UK) Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Universal Contracts (UK) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Universal Contracts (UK) Limited

Company registration number: 04123765
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

138,716

56,090

Current assets

 

Stocks

2,000

9,250

Debtors

5

81,653

99,653

Cash at bank and in hand

 

89,788

279,194

 

173,441

388,097

Creditors: Amounts falling due within one year

6

(176,410)

(329,522)

Net current (liabilities)/assets

 

(2,969)

58,575

Total assets less current liabilities

 

135,747

114,665

Creditors: Amounts falling due after more than one year

6

(41,334)

(27,247)

Provisions for liabilities

(1,023)

-

Net assets

 

93,390

87,418

Capital and reserves

 

Called up share capital

100

100

Retained earnings

93,290

87,318

Shareholders' funds

 

93,390

87,418

 

Universal Contracts (UK) Limited

Company registration number: 04123765
Balance Sheet as at 30 June 2024 (continued)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 February 2025
 

.........................................
Mr M J Carter
Director

 

Universal Contracts (UK) Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Lillooah
Watling Street
HINCKLEY
LE10 3ED

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , adopting the disclosure requirements of section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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 value added tax.

Contract revenue recognition

When the outcome of a construction contract can be estimated reliably, contract revenues together with associated contract costs are recognised in the accounts by reference to the stage of completion of contract activities at the end of the accounting period.

Tax

The tax charge for the period comprises current and deferred tax.

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.

Deferred income tax is recognised on temporary differences arising between the tax values of assets and liabilities and their carrying amounts in the financial statements.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax timing differences and in the case of unrelieved trading losses, relieved against future taxable profits.

 

Universal Contracts (UK) Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and 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 over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Plant, machinery and other assets

25% based on net book amount

Motor vehicles

25% based on net book amount

Office equipment

25% based on net book amount

Stocks

Stocks are stated at the lower of cost and estimated realisable value. Contract work in progress is calculated according to the stage of completion method (see revenue recognition above).

Leases

Leases, including hire purchase agreements, 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 in the balance sheet at fair value and depreciated over their useful lives. 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 a reduction of the lease obligation in the balance sheet so that the effective rate of interest is is charged over the lease term.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 3).

 

Universal Contracts (UK) Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

83,527

87,786

145,967

317,280

Additions

-

141,790

-

141,790

Disposals

-

(61,336)

-

(61,336)

At 30 June 2024

83,527

168,240

145,967

397,734

Depreciation

At 1 July 2023

73,086

59,339

128,765

261,190

Charge for the year

2,610

39,329

4,301

46,240

Eliminated on disposal

-

(48,412)

-

(48,412)

At 30 June 2024

75,696

50,256

133,066

259,018

Carrying amount

At 30 June 2024

7,831

117,984

12,901

138,716

At 30 June 2023

10,441

28,447

17,202

56,090

5

Debtors

Current

2024
£

2023
£

Trade debtors

67,748

87,504

Other debtors

13,905

12,149

 

81,653

99,653

 

Universal Contracts (UK) Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

19,623

17,430

Trade creditors

 

89,224

230,038

Taxation and social security

 

61,972

71,335

Other creditors

 

5,591

10,719

 

176,410

329,522

Due after one year

 

Loans and borrowings

41,334

27,247

Secured liabilities includes obligations under finance leases / hire purchase contracts.
The aggregate of secured liabilities was £37,165 (2023 - £10,132).