Company Registration No. 08796874 (England and Wales)
UNITED FIXINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
UNITED FIXINGS LIMITED
COMPANY INFORMATION
Director
Mr S G Luxon
Company number
08796874
Registered office
Unit 7c
Hartnoll Business Centre
Post Hill
Tiverton
Devon
EX16 4NG
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
Business address
Unit 7c
Hartnoll Business Centre
Post Hill
Tiverton
Devon
EX16 4NG
UNITED FIXINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
UNITED FIXINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
43,899
52,583
Investments
4
100
100
43,999
52,683
Current assets
Stocks
151,441
154,004
Debtors
5
179,311
151,415
Cash at bank and in hand
54,399
7,685
385,151
313,104
Creditors: amounts falling due within one year
6
(342,579)
(276,422)
Net current assets
42,572
36,682
Total assets less current liabilities
86,571
89,365
Creditors: amounts falling due after more than one year
7
(45,141)
(66,864)
Provisions for liabilities
(2,194)
(2,975)
Net assets
39,236
19,526
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
39,136
19,426
Total equity
39,236
19,526
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 1 April 2025
UNITED FIXINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
Mr S G Luxon
Director
Company Registration No. 08796874
UNITED FIXINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
United Fixings Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
3 years straight line
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
UNITED FIXINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis over the life of the lease.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
UNITED FIXINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2023 - 9).
3
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
10,500
9,998
11,790
50,914
83,202
Additions
125
125
At 31 December 2024
10,500
9,998
11,915
50,914
83,327
Depreciation and impairment
At 1 January 2024
5,050
6,672
18,900
30,622
Depreciation charged in the year
684
1,720
6,402
8,806
At 31 December 2024
5,734
8,392
25,302
39,428
Carrying amount
At 31 December 2024
10,500
4,264
3,523
25,612
43,899
At 31 December 2023
10,500
4,948
5,119
32,016
52,583
4
Fixed asset investments
2024
2023
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 & 31 December 2024
100
Carrying amount
At 31 December 2024
100
At 31 December 2023
100
UNITED FIXINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
168,032
144,044
Corporation tax recoverable
1,367
Other debtors
9,243
1,514
Prepayments and accrued income
2,036
4,490
179,311
151,415
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
13,266
16,454
Obligations under finance leases
9,764
6,167
Trade creditors
207,757
78,501
Corporation tax
21,144
Other taxation and social security
15,639
19,219
Other creditors
74,109
154,331
Accruals and deferred income
900
1,750
342,579
276,422
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,544
57,100
Obligations under finance leases
3,597
9,764
45,141
66,864
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100