Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31true2024-01-01falseexport of merchandise, predominantly to developing nationsfalse1213false 01320795 2024-01-01 2024-12-31 01320795 2023-01-01 2023-12-31 01320795 2024-12-31 01320795 2023-12-31 01320795 2023-01-01 01320795 6 2024-01-01 2024-12-31 01320795 6 2023-01-01 2023-12-31 01320795 d:CompanySecretary1 2024-01-01 2024-12-31 01320795 d:Director1 2024-01-01 2024-12-31 01320795 d:Director2 2024-01-01 2024-12-31 01320795 d:Director3 2024-01-01 2024-12-31 01320795 d:RegisteredOffice 2024-01-01 2024-12-31 01320795 e:CurrentFinancialInstruments 2024-12-31 01320795 e:CurrentFinancialInstruments 2023-12-31 01320795 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 01320795 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01320795 e:UKTax 2024-01-01 2024-12-31 01320795 e:UKTax 2023-01-01 2023-12-31 01320795 e:ShareCapital 2024-12-31 01320795 e:ShareCapital 2023-12-31 01320795 e:ShareCapital 2023-01-01 01320795 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01320795 e:RetainedEarningsAccumulatedLosses 2024-12-31 01320795 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01320795 e:RetainedEarningsAccumulatedLosses 2023-12-31 01320795 e:RetainedEarningsAccumulatedLosses 2023-01-01 01320795 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01320795 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01320795 d:OrdinaryShareClass1 2024-01-01 2024-12-31 01320795 d:OrdinaryShareClass1 2024-12-31 01320795 d:OrdinaryShareClass1 2023-12-31 01320795 d:FRS102 2024-01-01 2024-12-31 01320795 d:Audited 2024-01-01 2024-12-31 01320795 d:FullAccounts 2024-01-01 2024-12-31 01320795 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01320795 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01320795










UNIT EXPORT LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
UNIT EXPORT LIMITED
 
 
COMPANY INFORMATION


Directors
S J Decelis 
A Grindal 
N D Rickwood 




Company secretary
N D Rickwood



Registered number
01320795



Registered office
Service House
West Mayne

Basildon

Essex

SS15 6RW




Independent auditor
MHA
Statutory Auditor

Colchester Business Park

Colchester

Essex

CO4 9YQ





 
UNIT EXPORT LIMITED
 

CONTENTS



Page
Directors' Report
1 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 21

 
UNIT EXPORT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Business review

After improvements during recent years as the company recovered from the disruptions to supply chains which resulted from the pandemic, 2024 was a challenging year for Unit Export. 
Although the company reported a loss for the year, this was a result of delays in two major contracts which we expected to complete in the second half of 2024. Both of these projects will now be completed and the profit recognised in 2025.
During the year Unit Export delivered two electric buses to the pacific island nation of Nauru, the first public transport ever introduced to the nation which has only 30 Km of paved roads. We also delivered 15 ambulances to the Bahamas. 
We have continued to invest in our staff, with a number of them  obtaining the Prince 2 project management qualification during the year.
Unit Export has contracts of a gross value of £5.6m that are expected to complete in 2025.

Directors

The Directors who served during the year were:

S J Decelis 
A Grindal 
N D Rickwood 

Future developments

The Directors are confident that the Company can continue as a going concern. The Board feels that the group structure, within which the Company operates, ensures a sound financial position to maximise any opportunities throughout the year, as it actively seeks to expand through organic growth.

Qualifying third party indemnity provisions

During the year and up to the date of this report, the Company maintained liability insurance and third party indemnification provisions for its Directors, under which the Company has agreed to indemnify the directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as directors of the Company.

Page 1

 
UNIT EXPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 2

 
UNIT EXPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf.
 





S J Decelis
Director

Date: 31 March 2025
Page 3

 
UNIT EXPORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIT EXPORT LIMITED
 

Opinion


We have audited the financial statements of Unit Export Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
UNIT EXPORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIT EXPORT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 5

 
UNIT EXPORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIT EXPORT LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Enquiry of staff to identify any instances of non-compliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 6

 
UNIT EXPORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIT EXPORT LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Cara Miller ACCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
Colchester, United Kingdom

31 March 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 7

 
UNIT EXPORT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
5,661,715
6,762,183

Cost of sales
  
(4,729,115)
(5,624,731)

Gross profit
  
932,600
1,137,452

Administrative expenses
  
(946,400)
(908,503)

Operating (loss)/profit
  
(13,800)
228,949

Interest payable and similar expenses
 7 
(166,788)
(201,078)

(Loss)/profit before tax
  
(180,588)
27,871

Tax on (loss)/profit
 8 
6,249
(6,069)

(Loss)/profit for the financial year
  
(174,339)
21,802

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 21 form part of these financial statements.

Page 8

 
UNIT EXPORT LIMITED
REGISTERED NUMBER: 01320795

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 9 
2,855,854
524,560

Debtors: amounts falling due within one year
 10 
2,277,067
2,597,063

Cash at bank and in hand
 11 
984,553
1,210,184

  
6,117,474
4,331,807

Creditors: amounts falling due within one year
 12 
(3,052,485)
(1,092,479)

Net current assets
  
 
 
3,064,989
 
 
3,239,328

  

Net assets
  
3,064,989
3,239,328


Capital and reserves
  

Called up share capital 
 14 
100
100

Profit and loss account
 15 
3,064,889
3,239,228

  
3,064,989
3,239,328


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2025.




A Grindal
Director

The notes on pages 11 to 21 form part of these financial statements.

Page 9

 
UNIT EXPORT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
3,217,426
3,217,526


Comprehensive income for the year

Profit for the year
-
21,802
21,802



At 1 January 2024
100
3,239,228
3,239,328


Comprehensive income for the year

Loss for the year
-
(174,339)
(174,339)


At 31 December 2024
100
3,064,889
3,064,989


The notes on pages 11 to 21 form part of these financial statements.

Page 10

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Unit Export Limited is a private Company, incorporated in England, 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.
The principal activity of the Company continued to be the export of merchandise, predominantly to developing nations.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared under the going concern concept because the parent undertaking has agreed to provide adequate funds for the Company to meet its liabilities as they fall due.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 11

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised at the fair value of the consideration received or receivable, excluding any discounts, rebates and value added tax.

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.

In accordance with the provisions of FRS 102, turnover has been restated at exchange rates applicable at spot rates with resulting currency fluctuations charged to the statement of comprehensive income.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 13

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term 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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The Directors consider the ability of suppliers to deliver goods and services in line with contracted requirements to be a critical judgement applicable to the financial statements.
The Company's business is dependent upon the fulfillment of exacting contracts within strict time constraints and as such requires approved suppliers to likewise perform to contracted conditions. Comprehensive vetting procedures are used to determine the suitability of suppliers both in terms of competence and financial strength. Nevertheless the inability of a supplier to perform to contract could materially affect future profitability.
Page 14

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

Turnover comprises the value of goods and services supplied by the Company exclusive of VAT.
Sales are recognised at the point when the risks and rewards have passed to the customer.
An analysis of turnover by geographical market is as follows:

2024
2023
£
£



Africa
1,766,776
3,373,938

The Americas
1,364,687
1,600,363

Asia
61,496
1,358,332

Continental Europe
1,798,480
258,344

Australasia
670,276
171,206

5,661,715
6,762,183


5.


Employees

2024
2023
£
£

Wages and salaries
598,348
636,475

Social security costs
66,543
87,036

Other pension costs
8,878
9,856

673,769
733,367


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Distribution and sales staff
9
11



Administrative staff
2
1



Management staff
1
1

12
13

Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,878 (2023 - £9,856). Contributions totaling £1,699 (2023 - £2,016) were payable to the fund at the reporting date.

Page 15

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
130,000
130,000

Company contributions to defined contribution pension schemes
1,321
1,320

131,321
131,320


During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.


7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
166,788
201,078

166,788
201,078

8.


Taxation


2024
2023
£
£



Current tax on profits for the year
-
6,069

Adjustments in respect of previous periods
(6,069)
-


Total current tax
(6,069)
6,069

Deferred tax


Origination and reversal of timing differences
(180)
-

Total deferred tax
(180)
-


Tax on (loss)/profit
(6,249)
6,069
Page 16

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 23.52% (2023 - 19%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(180,588)
27,871


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2023 - 19%)
(45,147)
6,555

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
19

Adjustments to tax charge in respect of prior periods
(6,069)
-

Group relief
45,181
(243)

Marginal relief
-
(48)

Movement in deferred tax not recognised
(214)
(214)

Total tax charge for the year
(6,249)
6,069


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Stocks

2024
2023
£
£

Goods in transit
2,855,854
524,560

2,855,854
524,560


Stock recognised as an expense in cost of sales during the year was £4,729,115 (2023 - £5,624,731).
The difference between the purchase price of stock and the replacement cost is not material.

Page 18

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Debtors

2024
2023
£
£


Trade debtors
2,015,080
2,339,312

Amounts owed by group undertakings
235,976
239,202

VAT
9,888
4,233

Prepayments and accrued income
15,943
14,316

Deferred taxation
180
-

2,277,067
2,597,063



11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
984,553
1,210,184

Less: bank overdrafts
(630,874)
(851,225)

353,679
358,959



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
630,874
851,225

Trade creditors
2,253,459
76,946

Amounts owed to group undertakings
24,535
2,016

Corporation tax
(6,283)
6,069

Other taxation and social security
16,220
35,186

Other creditors
1,704
2,020

Accruals and deferred income
131,976
119,017

3,052,485
1,092,479


Page 19

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Deferred taxation




2024


£






Charged to profit or loss
180



At end of year
180

The deferred tax asset is made up as follows:

2024
2023
£
£


Short term timing differences
180
-

180
-


14.


Share capital

2024
2023
£
£
Allotted, issued and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

Share capital represents the nominal value of shares issued. Shares carry voting rights and an entitlement to dividends.



15.


Reserves

Retained earnings

Retained earnings include all current and prior period retained profit and losses.


16.


Contingent liabilities

The Company has guaranteed the bank overdrafts of other group undertakings amounting to £3,425,882 (2023 - £3,820,827).
There is also a contingent liability in respect of retention, guarantees, letters of credit, performance bonds and tender bonds amounting to £2,148,115 (2023 - £2,448,036).

Page 20

 
UNIT EXPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Related party transactions

The Directors have taken advantage of the exemptions conferred by section 33.1A Financial Reporting Standard 102 and accordingly no disclosure has been made of transactions between group companies.
Amounts owed by/to group undertakings are classified between: trade accounts which are subject to monthly repayment terms, and other accounts, which reflect short-term inter-group funding requirements and are usually payable/repayable on demand. They are unsecured and interest free.


18.


Ultimate controlling party and ultimate parent company

The Directors consider that there is no single ultimate controlling party of the group.
Whilst the ordinary share capital in MJT is held by the Joseph Toomey Charitable Foundation, the charity does not have the power to govern and direct the financial or operational activities of MJT Securities Limited under any statute or agreement. The operational policies of MJT Securities Limited are determined and directed by the Directors of MJT Securities Limited.
The immediate parent undertaking of Unit Export Limited is Laindon Holdings Limited. The ultimate parent undertaking of Unit Export Limited is MJT Securities Limited. MJT Securities Limited is the parent undertaking of the smallest and largest group of which the Company is a member and for which group financial statements are prepared. Copies of the parent's consolidated financial statements, which include the Company, are available from its registered office: Service House, West Mayne, Basildon, Essex, SS15 6RW.
Page 21