Company registration number 11320081 (England and Wales)
UC (Sealed Units) Limited
Unaudited Financial Statements
For the year ended 31 December 2024
PAGES FOR FILING WITH REGISTRAR
UC (Sealed Units) Limited
Contents
Page
Accountants' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 9
UC (Sealed Units) Limited
Company Information
- 1 -
Directors
A Calvano
R J Calvano
Company number
11320081
Registered office
Unit E3 Barton Industrial Estate
Faldo Road
Barton-le-Clay
Beds
MK45 4RP
Accountants
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
UC (Sealed Units) Limited
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of UC (Sealed Units) Limited for the Year Ended 31 December 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of UC (Sealed Units) Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of UC (Sealed Units) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of UC (Sealed Units) Limited and state those matters that we have agreed to state to the Board of Directors of UC (Sealed Units) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than UC (Sealed Units) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that UC (Sealed Units) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of UC (Sealed Units) Limited. You consider that UC (Sealed Units) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of UC (Sealed Units) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
26 March 2025
UC (Sealed Units) Limited
Balance Sheet
As at 31 December 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,293
38,585
Current assets
Stocks
4
14,778
15,310
Debtors
5
111,172
82,180
Cash at bank and in hand
131,552
240,883
257,502
338,373
Creditors: amounts falling due within one year
6
(139,084)
(196,016)
Net current assets
118,418
142,357
Total assets less current liabilities
141,711
180,942
Creditors: amounts falling due after more than one year
7
(1,166)
(6,384)
Net assets
140,545
174,558
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
140,445
174,458
Total equity
140,545
174,558
UC (Sealed Units) Limited
Balance Sheet (Continued)
As at 31 December 2024
31 December 2024
- 4 -
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
A Calvano
Director
Company registration number 11320081 (England and Wales)
UC (Sealed Units) Limited
Notes to the Financial Statements
For the year ended 31 December 2024
- 5 -
1
Accounting policies
Company information
UC (Sealed Units) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit E3 Barton Industrial Estate, Faldo Road, Barton-le-Clay, Beds, MK45 4RP.
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 principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% straight line
Computers
15% straight line
Motor vehicles
20% straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
UC (Sealed Units) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 6 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
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.
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
UC (Sealed Units) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 7 -
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
10
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
19,880
4,683
42,833
67,396
Additions
1,352
1,352
At 31 December 2024
19,880
6,035
42,833
68,748
Depreciation and impairment
At 1 January 2024
8,065
1,284
19,462
28,811
Depreciation charged in the year
1,988
923
13,733
16,644
At 31 December 2024
10,053
2,207
33,195
45,455
Carrying amount
At 31 December 2024
9,827
3,828
9,638
23,293
At 31 December 2023
11,815
3,399
23,371
38,585
4
Stocks
2024
2023
£
£
Stocks
14,778
15,310
UC (Sealed Units) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
89,392
57,669
Other debtors
21,780
24,511
111,172
82,180
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,500
5,364
Trade creditors
51,604
39,370
Corporation tax
10,775
28,876
Other taxation and social security
20,429
10,732
Other creditors
50,776
111,674
139,084
196,016
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,166
6,384
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,210
UC (Sealed Units) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 9 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
Amounts due to related parties
£
£
A Calvano
37,619
63,672
R Calvano
5,710
37,910