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Registered number: 06324210
United Worldwide Logistics Limited
Financial Statements
For The Year Ended 31 July 2024
Paul Costello Acccountancy Ltd.
Penycastell Farm Bryn
Port Talbot
Neath Port Talbot
SA13 2PY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06324210
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 114,150 122,930
Tangible Assets 5 1,014,429 670,692
Investments 6 12,500 12,500
1,141,079 806,122
CURRENT ASSETS
Debtors 8 3,903,452 3,670,743
Cash at bank and in hand 2,140,194 280,571
6,043,646 3,951,314
Creditors: Amounts Falling Due Within One Year 9 (4,792,234 ) (2,485,018 )
NET CURRENT ASSETS (LIABILITIES) 1,251,412 1,466,296
TOTAL ASSETS LESS CURRENT LIABILITIES 2,392,491 2,272,418
Creditors: Amounts Falling Due After More Than One Year 10 (562,719 ) (849,081 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (160,333 ) (98,924 )
NET ASSETS 1,669,439 1,324,413
CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Profit and Loss Account 1,668,439 1,323,413
SHAREHOLDERS' FUNDS 1,669,439 1,324,413
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Mitchell
Director
28/04/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
United Worldwide Logistics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06324210 . The registered office is Unit 1, Pencoed Technology Park, Pencoed, Bridgend, Mid Glamorgan, CF35 5AQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on cost
Motor Vehicles between 10-15% on cost
Computer Equipment 20% on cost
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees during the year was:
2024 2023
Office and administration 22 21
Sales, marketing and distribution 26 26
48 47
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 175,610
As at 31 July 2024 175,610
Amortisation
As at 1 August 2023 52,680
Provided during the period 8,780
As at 31 July 2024 61,460
Net Book Value
As at 31 July 2024 114,150
As at 1 August 2023 122,930
Page 4
Page 5
5. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 525,000 390,193 380,272 229,668 1,525,133
Additions - 21,112 414,624 69,518 505,254
As at 31 July 2024 525,000 411,305 794,896 299,186 2,030,387
Depreciation
As at 1 August 2023 250,000 275,303 130,410 198,728 854,441
Provided during the period - 40,668 93,120 27,729 161,517
As at 31 July 2024 250,000 315,971 223,530 226,457 1,015,958
Net Book Value
As at 31 July 2024 275,000 95,334 571,366 72,729 1,014,429
As at 1 August 2023 275,000 114,890 249,862 30,940 670,692
6. Investments
Listed
£
Cost
As at 1 August 2023 12,500
As at 31 July 2024 12,500
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 12,500
As at 1 August 2023 12,500
7. Stocks
2024 2023
£ £
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,084,654 2,868,512
Prepayments and accrued income 198,649 150,237
Amounts due by related parties 627,546 653,810
Pension scheme prepayments (8,763 ) (10,023 )
Net wages 1,366 8,207
3,903,452 3,670,743
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9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,010 7,969
Trade creditors 2,180,599 1,517,237
Bank loans and overdrafts 150,015 150,015
Corporation tax 547,988 486,410
Other taxes and social security 37,604 36,396
VAT 111,686 85,311
Other creditors 1,381,082 2
Accruals and deferred income 377,927 193,962
Directors' loan accounts 3,323 7,716
4,792,234 2,485,018
Included within Other Creditors is an amount of £1,381,082 (2023 - £NIL) in respect of factored debts.
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 562,719 849,081
The company's bank and factoring facilities are secured by a debenture, including fixed and floating charges, over the assets and undertaking of the company.
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,010 7,969
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
13. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 200,000 180,000
Final dividend paid 460,000 600,000
660,000 780,000
14. Related Party Transactions
Included in debtors due within 1 year is an amount of £627,546 (2023: £653,810) which represents funds advanced to a company, UPG Ltd, in which the directors hold an interest.
This debt is repayable on demand and is carried at current value.
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