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COMPANY REGISTRATION NUMBER: 07719148
Underground Solutions Limited
Filleted Unaudited Financial Statements
31 July 2024
Underground Solutions Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
3,383,702
2,663,442
Current assets
Stocks
204,610
171,116
Debtors
7
1,189,526
1,375,676
Cash at bank and in hand
1,713,941
699,566
------------
------------
3,108,077
2,246,358
Creditors: amounts falling due within one year
8
935,205
832,447
------------
------------
Net current assets
2,172,872
1,413,911
------------
------------
Total assets less current liabilities
5,556,574
4,077,353
Creditors: amounts falling due after more than one year
9
1,174,915
936,774
------------
------------
Net assets
4,381,659
3,140,579
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
4,381,657
3,140,577
------------
------------
Shareholders funds
4,381,659
3,140,579
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Underground Solutions Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 20 February 2025 , and are signed on behalf of the board by:
S J Warmisham
Director
Company registration number: 07719148
Underground Solutions Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Polmennor Farm House, Polmenor Downs North, Carnhell Green, Camborne, Cornwall, TR14 0EA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office furniture
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2023: 40 ).
5. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
15,000
25,000
--------
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2023
3,351,434
840,127
4,374
4,195,935
Additions
1,218,208
174,822
1,393,030
------------
------------
-------
------------
At 31 July 2024
4,569,642
1,014,949
4,374
5,588,965
------------
------------
-------
------------
Depreciation
At 1 August 2023
1,159,668
371,958
867
1,532,493
Charge for the year
511,496
160,748
526
672,770
------------
------------
-------
------------
At 31 July 2024
1,671,164
532,706
1,393
2,205,263
------------
------------
-------
------------
Carrying amount
At 31 July 2024
2,898,478
482,243
2,981
3,383,702
------------
------------
-------
------------
At 31 July 2023
2,191,766
468,169
3,507
2,663,442
------------
------------
-------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 July 2024
2,244,262
243,215
2,487,477
------------
---------
------------
At 31 July 2023
1,607,352
324,287
1,931,639
------------
---------
------------
7. Debtors
2024
2023
£
£
Trade debtors
1,067,184
1,277,313
Other debtors
122,342
98,363
------------
------------
1,189,526
1,375,676
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
164,929
209,762
Social security and other taxes
45,054
55,078
Company credit card
8,679
3,537
Other creditors
716,543
564,070
---------
---------
935,205
832,447
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,174,915
936,774
------------
---------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
708,766
557,470
Later than 1 year and not later than 5 years
1,174,915
936,774
------------
------------
1,883,681
1,494,244
------------
------------
11. Directors' advances, credits and guarantees
The Directors are jointly owed £477 as at 31 July 2024 (2023:£200).
12. Related party transactions
The company was under the joint control of the Directors throughout the period.