Limited Liability Partnership registration number OC335195 (England and Wales)
UNITED-UK LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
UNITED-UK LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Origin (Bristol) Limited
K N James
One Stop Supplies Limited
Hertsmere Group Services Limited
D D W Lloyd
C R Sanders
LLP registration number
OC335195
Registered office
82 St John Street
London
EC1M 4JN
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
Business address
17 Tanners Drive
Blakelands
Milton Keynes
Bucks
MK14 5BU
UNITED-UK LLP
CONTENTS
Page
Members' report
1 - 3
Members' responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group balance sheet
9
Parent balance sheet
10
Group reconciliation of members' interests
11
Parent reconciliation of members' interests
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
UNITED-UK LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

United-UK LLP supplies non-food consumables to multi-site businesses within the hospitality sector, offering a consolidated procurement solution. By streamlining supply chain operations, we enhance efficiency, drive cost savings, and ensure consistent service quality for our customers.

 

Principal risks and uncertainties

The group's activities expose it to a variety of financial risks: market risk (predominately interest rate risk), credit risk and liquidity risk. The group's overall risk management programme focuses on the unpredictability of customer orders and subsequent cash payment. It seeks to minimise potential adverse effects on the group’s financial performance.

 

a) Market risk

i) Interest rate risk

The group borrows at variable rates based on current market expectations. The members are confident that the

group can absorb the cost of foreseeable changes in rates.

 

ii) Currency risk

The group operates predominately within the UK and substantially all transactions are denominated in sterling;

therefore, the group does not suffer from a significant degree of currency risk.

 

iii) Price risk

The group uses customer contracts which generally allow price increases to be passed on to customers where necessary and appropriate to do so.

 

b) Credit risk

The group manages its credit risk by assessing customers’ financial strength through credit checking, setting and actively managing appropriate credit limits and payment terms for its customers. Sales ledger balances and stock acquired for specific customers are insured, although some residual risk persists due to customer specific underwriting limits.

 

c) Liquidity risk

The group uses a variety of financial instruments. It uses these in conjunction with effective management of working capital and members' loan accounts to manage liquidity risk.

 

Sustainability Statement

As part of our long-term strategy, United-UK LLP is committed to building a financially successful and environmentally sustainable business. Our objective is not only to minimise our environmental impact but to contribute positively to both the community and the planet.

 

We are very proud that in 2024, we attained environmental accreditation through the Weaver sustainability certification program, achieving one Gold and four Silver standards. This partnership has been instrumental in advancing our sustainability knowledge and identifying key areas of impact within our operations.

 

United-UK LLP’s sustainability strategy is structured around five key focus areas:

 

Within each of these pillars, we have adopted a systematic approach of impact recognition, education, and action planning. Our dedicated Sustainability Team has developed targeted initiatives aimed at reducing our environmental footprint while enhancing operational efficiency:

UNITED-UK LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Carbon Footprint

 

 

Single-Use Packaging

 

 

Social Responsibility

 

 

Sustainable Products

 

 

Waste Management

 

 

Future Commitments – 2025 and Beyond

 

 

At United-UK LLP, sustainability is embedded in our core business strategy, reflecting our dedication to responsible growth and long-term value creation for stakeholders, customers, and the communities in which we operate.

 

UNITED-UK LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Development and performance

The members consider the performance for the year to be satisfactory.

Members' drawings and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

 

K James

C Sanders

D Lloyd

One Stop Supplies Limited

Hertsmere Group Services Limited

Origin (Bristol) Limited

 

Statement of disclosure to auditor
Each of the members in office at the date of approval of this report confirms that:
• So far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware; and
• The members have taken all the steps that ought to have been taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.
K N James
Designated Member
11 April 2025
UNITED-UK LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The members responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 group and the limited liability partnership and of the profit or loss of the group for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

UNITED-UK LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNITED-UK LLP
- 5 -
Opinion

We have audited the financial statements of United-UK LLP (the 'limited liability partnership') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group and parent balance sheets, the group and parent reconciliations of members' interests, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The 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:

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 group and the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 members' 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 group's and limited liability partnership'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 members with respect to going concern are described in the relevant sections of this report.

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 members are responsible for the other information contained within the annual report. Our 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.

UNITED-UK LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITED-UK LLP
- 6 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement, the members 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 members 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 members are responsible for assessing the group’s and limited liability partnership'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 members either intend to liquidate the group or limited liability partnership 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

UNITED-UK LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITED-UK LLP
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Thacker (Senior Statutory Auditor)
For and on behalf of Beavis Morgan Audit Limited
22 April 2025
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
UNITED-UK LLP
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
24,767,370
20,472,368
Cost of sales
(17,198,402)
(14,510,413)
Gross profit
7,568,968
5,961,955
Distribution costs
(1,495,530)
(1,273,156)
Administrative expenses
(4,021,512)
(3,378,582)
Operating profit
4
2,051,926
1,310,217
Interest payable and similar expenses
8
(152,286)
(174,151)
Profit before taxation
1,899,640
1,136,066
Tax on profit
9
-
0
(946)
Profit for the financial year before members' remuneration and profit shares
1,899,640
1,135,120
Profit for the financial year before members' remuneration and profit shares
1,899,640
1,135,120
Discretionary allocation of profit
10
(1,629,000)
(973,047)
Retained profit for the financial year
270,640
162,073

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There is no other comprehensive income for the current or prior period.

UNITED-UK LLP
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
73
15,295
Other intangible assets
11
18,000
30,000
Total intangible assets
18,073
45,295
Tangible assets
12
85,305
102,829
Investments
13
1,000
1,000
104,378
149,124
Current assets
Stocks
15
1,917,060
1,923,719
Debtors
16
4,410,255
4,313,063
Cash at bank and in hand
172,660
225,393
6,499,975
6,462,175
Creditors: amounts falling due within one year
17
(5,329,586)
(5,245,530)
Net current assets
1,170,389
1,216,645
Total assets less current liabilities
1,274,767
1,365,769
Creditors: amounts falling due after more than one year
18
(211,482)
(573,124)
Net assets attributable to members
1,063,285
792,645
Represented by:
Members' other interests
Other reserves classified as equity
1,063,285
792,645
1,063,285
792,645
Total members' interests
Amounts due from members
16
(974,233)
(1,383,341)
Other reserves
1,063,285
792,645
89,052
(590,696)
The financial statements were approved by the members and authorised for issue on
11 April 2025
11 April 2025
and are signed on its behalf by:
K N James
Designated Member
Limited Liability Partnership registration number OC335195 (England and Wales)
UNITED-UK LLP
PARENT BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
5,275
22,775
Other intangible assets
11
18,000
30,000
Total intangible assets
23,275
52,775
Tangible assets
12
80,173
95,328
Investments
13
30,000
30,000
133,448
178,103
Current assets
Stocks
15
1,917,060
1,923,687
Debtors
16
4,350,926
4,267,212
Cash at bank and in hand
85,544
133,805
6,353,530
6,324,704
Creditors: amounts falling due within one year
17
(5,275,503)
(5,216,929)
Net current assets
1,078,027
1,107,775
Total assets less current liabilities
1,211,475
1,285,878
Creditors: amounts falling due after more than one year
18
(211,482)
(573,124)
Net assets attributable to members
999,993
712,754
Represented by:
Members' other interests
Other reserves classified as equity
999,993
712,754
999,993
712,754
Total members' interests
Amounts due from members
16
(974,233)
(1,383,341)
Other reserves
999,993
712,754
25,760
(670,587)

As permitted by s408 Companies Act 2006, the limited liability partnership has not presented its own profit and loss account and related notes. The limited liability partnership's profit for the year was £1,916,239 (2023 - £1,122,988 profit).

The financial statements were approved by the members and authorised for issue on
11 April 2025
11 April 2025
and are signed on its behalf by:
K N James
Designated Member
Limited liability partnership registration number OC335195 (England and Wales)
UNITED-UK LLP
GROUP RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
2024
£
£
£
Amounts due from members
(1,383,341)
Members' interests at 1 January 2024
792,645
(1,383,341)
(590,696)
Profit for the financial year available for discretionary division among members
1,899,640
-
1,899,640
Discretionary allocation of profit
(1,629,000)
1,629,000
-
Drawings
-
(1,219,892)
(1,219,892)
Members' interests at 31 December 2024
1,063,285
(974,233)
89,052
Amounts due from members, included in debtors
(974,233)
(974,233)
Prior  financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
2024
£
£
£
Amounts due from members
(1,425,391)
Members' interests at 1 January 2023
630,572
(1,425,391)
(794,819)
Profit for the financial year available for discretionary division among members
1,135,120
-
1,135,120
Discretionary allocation of profit
(973,047)
973,047
-
Drawings
-
(930,997)
(930,997)
Members' interests at 31 December 2023
792,645
(1,383,341)
(590,696)
Amounts due from members, included in debtors
(1,383,341)
(1,383,341)
UNITED-UK LLP
PARENT RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
2024
£
£
£
Amounts due from members
(1,383,341)
Members' interests at 1 January 2024
712,754
(1,383,341)
(670,587)
Profit for the financial year available for discretionary division among members
1,916,239
-
1,916,239
Discretionary allocation of profit
(1,629,000)
1,629,000
-
Drawings
-
(1,219,892)
(1,219,892)
Members' interests at 31 December 2024
999,993
(974,233)
25,760
Amounts due from members, included in debtors
(974,233)
(974,233)
Prior  financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
2024
£
£
£
Amounts due from members
(1,425,391)
Members' interests at 1 January 2023
562,813
(1,425,391)
(862,578)
Profit for the financial year available for discretionary division among members
1,122,988
-
1,122,988
Discretionary allocation of profit
(973,047)
973,047
-
Drawings
-
(930,997)
(930,997)
Members' interests at 31 December 2023
712,754
(1,383,341)
(670,587)
Amounts due from members, included in debtors
(1,383,341)
(1,383,341)
UNITED-UK LLP
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,609,372
1,531,148
Interest paid
(152,286)
(174,151)
Income taxes paid
(946)
(3,280)
Net cash inflow from operating activities
1,456,140
1,353,717
Investing activities
Purchase of tangible fixed assets
(19,999)
(9,475)
Purchase of investments
-
(1,000)
Proceeds from disposal of investments
-
14,199
Net cash (used in)/generated from investing activities
(19,999)
3,724
Financing activities
Repayment of bank loans
(340,000)
(340,000)
Payment of finance leases obligations
(21,642)
(3,151)
Members' drawings
(1,219,892)
(930,997)
Net cash used in financing activities
(1,581,534)
(1,274,148)
Net (decrease)/increase in cash and cash equivalents
(145,393)
83,293
Cash and cash equivalents at beginning of year
(377,268)
(460,561)
Cash and cash equivalents at end of year
(522,661)
(377,268)
Relating to:
Cash at bank and in hand
172,660
225,393
Bank overdrafts included in creditors payable within one year
(695,321)
(602,661)
UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Limited Liability Partnership information

United-UK LLP (the "LLP") is a limited liability partnership incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

 

The group's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. 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.

The limited liability partnership has taken advantage of the exemption available to qualifying entities from presenting its own statement of cash flows and related notes as the limited liability partnership is included in the financial statements of the group.

Under Companies Act 2006, s454, on a voluntary basis, the members can amend these financial statements if they subsequently prove to be defective.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of United-UK LLP and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group entities are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the costs of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

 

The cost of the combination includes the estimated amount of business contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

The group is trading profitably and is projected to continue to do so for the foreseeable future. It has sufficient borrowing facilities for its current requirements and in taking drawings and distributing profits the members consider the group's working capital requirements and are conscious of the need to retain appropriate levels of working capital for its ongoing needs. On this basis the members consider that it is appropriate to continue to adopt the going concern basis in preparing the group's and limited liability partnership's financial statements.

1.4
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised at the point of delivery to the customer.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

Amortisation 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:

Other intangibles
Over 10 years
1.7
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:

Fixtures and fittings
15% straight line
Motor vehicles
25% 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 recognised in the profit and loss account.

UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent's financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.

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 (or cash-generating unit) 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 (or cash-generating unit) 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.

1.10
Stocks

Stock is valued at the lower of cost and net realisable value on an average cost basis.

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.

1.11
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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 value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

 

Basic financial liabilities, including bank loans and overdrafts, finance lease obligations, trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's obligations expire or are discharged or cancelled.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

Any taxation payable on the profits of the limited liability partnership itself is a personal liability of its members, therefore the partnership taxation (and deferred taxation) is not accounted for in the financial statements.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the enacted, or substantively enacted, tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
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.

 

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
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.

UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

 

Drawings and distributions of profit to members are disclosed as financing cash flows in the statement of cash flows.

2
Judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimation of the useful lives of tangible assets

Estimation is required in determining the useful lives of such assets and their residual values. The carrying value of these assets is disclosed in note 12.

Estimated useful lives of intangible fixed assets

Estimation is required in determining the useful lives of such assets and their residual values. The carrying value of these assets is disclosed in note 11.

Stock

Estimation is required in determining the provision for slow moving stock. The provision for slow moving at the balance sheet date is £85,642 (2023: £60,145).

3
Turnover

All turnover arises in the UK and relates to the principal activity of the group.

 

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
519
532
Depreciation of owned tangible fixed assets
6,119
1,974
Depreciation of tangible fixed assets held under finance leases
31,404
16,438
Amortisation of intangible assets
27,222
27,222
Operating lease charges
310,521
193,425
5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor:
£
£
For audit services
Audit of the financial statements of the LLP
27,500
25,000
6
Employees

The average monthly number of persons (excluding members) employed during the year was:

Group
Parent
2024
2023
2024
2023
Number
Number
Number
Number
Sales and administration
68
62
61
57
UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Parent
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,265,658
1,980,337
2,037,859
1,771,304
Social security costs
214,774
195,575
189,698
175,829
Pension costs
136,523
128,486
125,138
118,316
2,616,955
2,304,398
2,352,695
2,065,449
7
Members' remuneration

The average number of members during the year was 6 (2023: 6).

 

 

The profit attributable to the member with the highest entitlement was £317,000 (2022: £204,353).

 

 

Members' remuneration is determined annually by discretionary allocation of profit.

 

8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
36,710
50,754
Interest on invoice finance arrangements
115,576
123,397
Total finance costs
152,286
174,151
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
946
UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,899,640
1,136,066
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
474,910
215,853
Tax effect of expenses that are not deductible in determining taxable profit
-
0
452
Permanent capital allowances in excess of depreciation
-
(1,933)
Depreciation on assets not qualifying for tax allowances
593
375
Amortisation on assets not qualifying for tax allowances
-
0
(433)
Deferred tax asset not recognised
3,557
-
0
Parent LLP profits not subject to corporation tax
(479,060)
(213,368)
Taxation charge
-
946
10
Distributions
2024
2023
Recognised as distributions to equity holders:
£
£
Allocations to members
1,629,000
973,047
11
Intangible fixed assets
Group
Goodwill
Other intangibles
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
1,284,577
120,000
1,404,577
Amortisation and impairment
At 1 January 2024
1,269,282
90,000
1,359,282
Amortisation charged for the year
15,222
12,000
27,222
At 31 December 2024
1,284,504
102,000
1,386,504
Carrying amount
At 31 December 2024
73
18,000
18,073
At 31 December 2023
15,295
30,000
45,295
UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 23 -
Parent
Goodwill
Other intangibles
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
1,240,320
120,000
1,360,320
Amortisation and impairment
At 1 January 2024
1,217,545
90,000
1,307,545
Amortisation charged for the year
17,500
12,000
29,500
At 31 December 2024
1,235,045
102,000
1,337,045
Carrying amount
At 31 December 2024
5,275
18,000
23,275
At 31 December 2023
22,775
30,000
52,775

Amortisation of intangible assets is charged to administrative expenses.

12
Tangible fixed assets
Group
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
109,584
12,000
121,584
Additions
-
0
19,999
19,999
At 31 December 2024
109,584
31,999
141,583
Depreciation and impairment
At 1 January 2024
14,256
4,499
18,755
Depreciation charged in the year
31,404
6,119
37,523
At 31 December 2024
45,660
10,618
56,278
Carrying amount
At 31 December 2024
63,924
21,381
85,305
At 31 December 2023
95,328
7,501
102,829
UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 24 -
Parent
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
109,584
2,525
112,109
Additions
-
0
19,999
19,999
At 31 December 2024
109,584
22,524
132,108
Depreciation and impairment
At 1 January 2024
14,256
2,525
16,781
Depreciation charged in the year
31,404
3,750
35,154
At 31 December 2024
45,660
6,275
51,935
Carrying amount
At 31 December 2024
63,924
16,249
80,173
At 31 December 2023
95,328
-
0
95,328

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Parent
2024
2023
2024
2023
£
£
£
£
Fixtures and fittings
63,924
95,328
63,924
95,328
13
Fixed asset investments
Group
Parent
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
30,000
30,000
Unlisted investments
1,000
1,000
-
0
-
0
1,000
1,000
30,000
30,000
UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,000
Carrying amount
At 31 December 2024
1,000
At 31 December 2023
1,000
Movements in fixed asset investments
Parent
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
30,000
Carrying amount
At 31 December 2024
30,000
At 31 December 2023
30,000
14
Subsidiaries

Details of the LLP's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
United-UK Technology Limited
England & Wales
Computer equipment repairs
Ordinary
100.00

United-UK Technology Limited (registered number 05311570) is exempt from the requirements of UK Companies Act 2006 relating to the audit of individual financial statements by virtue of section 479A of the Act. The limited liability partnership has provided this subsidiary with a guarantee under section 479C of the Act thereby undertaking to guarantee all outstanding liabilities to which the subsidiary is subject at the end of the financial year.

15
Stocks
Group
Parent
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,917,060
1,923,719
1,917,060
1,923,687
UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
16
Debtors
Group
Parent
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,973,088
2,558,409
2,932,611
2,520,715
Amounts due from members
974,233
1,383,341
974,233
1,383,341
Other debtors
18,852
8,157
-
0
-
0
Prepayments and accrued income
359,817
278,891
359,817
278,891
4,325,990
4,228,798
4,266,661
4,182,947
Amounts falling due after more than one year:
Other debtors
84,265
84,265
84,265
84,265
Total debtors
4,410,255
4,313,063
4,350,926
4,267,212
17
Creditors: amounts falling due within one year
Group
Parent
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
1,035,321
942,661
1,035,321
942,661
Obligations under finance leases
20
21,642
21,642
21,642
21,642
Trade creditors
3,400,083
3,338,375
3,366,670
3,329,896
Corporation tax payable
-
0
946
-
0
-
0
Other taxation and social security
378,493
268,410
370,421
253,503
Other creditors
37,676
17,898
32,816
13,992
Accruals and deferred income
456,371
655,598
448,633
655,235
5,329,586
5,245,530
5,275,503
5,216,929
18
Creditors: amounts falling due after more than one year
Group
Parent
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
170,000
510,000
170,000
510,000
Obligations under finance leases
20
41,482
63,124
41,482
63,124
211,482
573,124
211,482
573,124
UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
19
Loans and overdrafts
Group
Parent
2024
2023
2024
2023
£
£
£
£
Bank loans
510,000
850,000
510,000
850,000
Bank overdrafts
695,321
602,661
695,321
602,661
1,205,321
1,452,661
1,205,321
1,452,661
Payable within one year
1,035,321
942,661
1,035,321
942,661
Payable after one year
170,000
510,000
170,000
510,000

On 21 May 2020 the LLP received a Coronavirus Business Interruption Scheme (CBILS) bank loan of £1,700,000. The government provides a guarantee for 80% of the loan.

 

The bank loan is secured by a fixed and floating charge over the LLP's assets. The loan is fully repayable over 72 months, by monthly instalments of £28,333, with an interest rate of 3.96% over base rate charged on the outstanding balance.

 

Other borrowings are secured by charges over the group's debtors.

20
Finance lease obligations
Group
Parent
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
21,642
21,642
21,642
21,642
In two to five years
41,482
63,124
41,482
63,124
63,124
84,766
63,124
84,766

Finance lease obligations relate to rentals payable by the LLP for certain items of fixture & fittings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed payment basis are no arrangements have been entered into for contingent rental payments.

 

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
136,523
128,486
UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Retirement benefit schemes
(Continued)
- 28 -

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

At the balance sheet date the group owed £13,223 (2023: £9,173) to the scheme.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Parent
2024
2023
2024
2023
£
£
£
£
Within one year
301,133
280,863
301,133
280,863
Between two and five years
1,136,027
1,123,452
1,136,027
1,123,452
In over five years
813,348
1,100,047
813,348
1,100,047
2,250,508
2,504,362
2,250,508
2,504,362

 

UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
23
Related party transactions

Group and Parent

 

During the year the group engaged in transactions with its members and related parties:

 

Hertsmere Group Services Limited recharged management charges of £1,646 (2023: £4,130) to the LLP. The LLP also made sales of £146 (2023: £Nil) to Hertsmere Group Services Limited. At the balance sheet date, the LLP was owed £380,761 (2023: £517,131) from Hertsmere Group Services Limited.

 

One Stop Supplies Limited recharged management charges of £6,747 (2023: £6,806) to the LLP. The LLP also made sales of £257 (2023: £Nil) and United-UK Technology Limited made sales of £nil (2023: £49) to One Stop Supplies Limited. At the balance sheet date, the LLP was owed £196,291 (2023: £332,660) from One Stop Supplies Limited.

 

Origin (Bristol) Limited recharged management charges of £6,831 (2023: £10,085) to the LLP. At the balance sheet date, the LLP was owed £397,181 (2023: £533,550) from Origin (Bristol) Limited.

 

United-UK Technology Limited made sales of £1,502 (2023: £2,052) to United-Direct Limited, a related party by virtue of having common control. United-UK Technology Limited also made purchases of £56,400 (2023: £Nil) from United-Direct Limited. There was no balance due to / from United-Direct Limited at the balance sheet date.

 

United-UK Technology Limited made purchases of £Nil (2023: £3,000) from United (Euro Zone) Limited, a related party by virtue of having common control. The LLP also made purchases of £3,000 (2023: £Nil) from United (Euro Zone) Limited. There was no balance due to / from United (Euro Zone) Limited at the balance sheet date.

 

All balances are non-interest bearing and are repayable on demand.

 

The group has taken advantage of the exemption available in FRS102 Section 33 "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertakings of the group.

24
Controlling party

The LLP is jointly controlled by the designated members. There is no ultimate controlling party. This is both the largest and smallest group for which consolidated financial statements are prepared.

25
Key management personnel

Key management personnel are considered to be the members only, disclosure of their compensation has been included in the reconciliation of members' interests.

UNITED-UK LLP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,899,640
1,135,120
Adjustments for:
Taxation charged
-
0
946
Finance costs
152,286
174,151
Amortisation and impairment of intangible assets
27,222
27,222
Depreciation and impairment of tangible fixed assets
37,523
18,412
Movements in working capital:
Decrease/(increase) in stocks
6,659
(292,322)
Increase in debtors
(506,300)
(404,159)
(Decrease)/increase in creditors
(7,658)
871,778
Cash generated from operations
1,609,372
1,531,148
27
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
225,393
(52,733)
172,660
Bank overdrafts
(602,661)
(92,660)
(695,321)
(377,268)
(145,393)
(522,661)
Borrowings excluding overdrafts
(850,000)
340,000
(510,000)
Obligations under finance leases
(84,766)
21,642
(63,124)
(1,312,034)
216,249
(1,095,785)
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