IRIS Accounts Production v25.1.0.734 02516423 Board of Directors 1.8.23 31.7.24 31.7.24 Medium entities true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh025164232023-07-31025164232024-07-31025164232023-08-012024-07-31025164232022-07-31025164232022-08-012023-07-31025164232023-07-3102516423ns15:EnglandWales2023-08-012024-07-3102516423ns14:PoundSterling2023-08-012024-07-3102516423ns10:Director12023-08-012024-07-3102516423ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3102516423ns10:MediumEntities2023-08-012024-07-3102516423ns10:Audited2023-08-012024-07-3102516423ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-08-012024-07-3102516423ns10:Medium-sizedCompaniesRegimeForAccounts2023-08-012024-07-3102516423ns10:FullAccounts2023-08-012024-07-3102516423ns10:OrdinaryShareClass12023-08-012024-07-3102516423ns10:Director22023-08-012024-07-3102516423ns10:RegisteredOffice2023-08-012024-07-3102516423ns5:CurrentFinancialInstruments2024-07-3102516423ns5:CurrentFinancialInstruments2023-07-3102516423ns5:ShareCapital2024-07-3102516423ns5:ShareCapital2023-07-3102516423ns5:SharePremium2024-07-3102516423ns5:SharePremium2023-07-3102516423ns5:RevaluationReserve2024-07-3102516423ns5:RevaluationReserve2023-07-3102516423ns5:CapitalRedemptionReserve2024-07-3102516423ns5:CapitalRedemptionReserve2023-07-3102516423ns5:RetainedEarningsAccumulatedLosses2024-07-3102516423ns5:RetainedEarningsAccumulatedLosses2023-07-3102516423ns5:ShareCapital2022-07-3102516423ns5:RetainedEarningsAccumulatedLosses2022-07-3102516423ns5:SharePremium2022-07-3102516423ns5:RetainedEarningsAccumulatedLosses2022-08-012023-07-3102516423ns5:RetainedEarningsAccumulatedLosses2023-08-012024-07-3102516423ns5:RevaluationReserve2022-07-3102516423ns5:CapitalRedemptionReserve2022-07-3102516423ns5:RevaluationReserve2022-08-012023-07-3102516423ns5:CapitalRedemptionReserve2022-08-012023-07-3102516423ns5:RevaluationReserve2023-08-012024-07-3102516423ns5:CapitalRedemptionReserve2023-08-012024-07-3102516423ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-08-012024-07-3102516423ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-08-012023-07-3102516423ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-08-012024-07-3102516423ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-08-012023-07-3102516423ns5:OwnedAssets2023-08-012024-07-3102516423ns5:OwnedAssets2022-08-012023-07-310251642312023-08-012024-07-310251642312022-08-012023-07-3102516423ns10:OrdinaryShareClass12022-08-012023-07-3102516423ns5:LandBuildings2023-07-3102516423ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-3102516423ns5:PlantMachinery2023-07-3102516423ns5:LandBuildings2023-08-012024-07-3102516423ns5:LandBuildingsns5:ShortLeaseholdAssets2023-08-012024-07-3102516423ns5:PlantMachinery2023-08-012024-07-3102516423ns5:LandBuildings2024-07-3102516423ns5:LandBuildingsns5:ShortLeaseholdAssets2024-07-3102516423ns5:PlantMachinery2024-07-3102516423ns5:LandBuildings2023-07-3102516423ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-3102516423ns5:PlantMachinery2023-07-3102516423ns5:FurnitureFittings2023-07-3102516423ns5:MotorVehicles2023-07-3102516423ns5:ComputerEquipment2023-07-3102516423ns5:FurnitureFittings2023-08-012024-07-3102516423ns5:MotorVehicles2023-08-012024-07-3102516423ns5:ComputerEquipment2023-08-012024-07-3102516423ns5:FurnitureFittings2024-07-3102516423ns5:MotorVehicles2024-07-3102516423ns5:ComputerEquipment2024-07-3102516423ns5:FurnitureFittings2023-07-3102516423ns5:MotorVehicles2023-07-3102516423ns5:ComputerEquipment2023-07-3102516423ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3102516423ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3102516423ns5:WithinOneYear2024-07-3102516423ns5:WithinOneYear2023-07-3102516423ns5:BetweenOneFiveYears2024-07-3102516423ns5:BetweenOneFiveYears2023-07-3102516423ns5:MoreThanFiveYears2024-07-3102516423ns5:MoreThanFiveYears2023-07-3102516423ns5:AllPeriods2024-07-3102516423ns5:AllPeriods2023-07-3102516423ns5:Secured2024-07-3102516423ns5:Secured2023-07-3102516423ns5:DeferredTaxation2023-07-3102516423ns5:DeferredTaxation2023-08-012024-07-3102516423ns5:DeferredTaxation2024-07-3102516423ns10:OrdinaryShareClass12024-07-3102516423ns5:RetainedEarningsAccumulatedLosses2023-07-3102516423ns5:SharePremium2023-07-3102516423ns5:RevaluationReserve2023-07-3102516423ns5:CapitalRedemptionReserve2023-07-3102516423ns5:OtherRelatedPartiesns5:SaleOrPurchaseGoods2023-08-012024-07-3102516423ns5:OtherRelatedPartiesns5:SaleOrPurchaseGoods2022-08-012023-07-31
REGISTERED NUMBER: 02516423 (England and Wales)















UNITED FILLINGS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10 to 19


UNITED FILLINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: S T Prue
J M Prue



REGISTERED OFFICE: Falcon Mill
27 Vine Street
Billingborough
Lincolnshire
NG34 0QE



REGISTERED NUMBER: 02516423 (England and Wales)



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT



BANKERS: National Westminster Bank
51 Market Place
Long Eaton
Nottinghamshire
NG10 1JP



SOLICITORS: Geldards LLP
The Arc
Enterprise Way
Nottingham
NG2 1EN

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
The results of the company for the year are as shown in the annexed financial statements and show a pre-tax profit of £466,591 for the year (2023 - £483,231).

Turnover for the year ended 31 July 2024, has decreased when compared to the previous year. This is mainly due to the market slowing.

The directors feel comfortable that the exposure to individual customer debts is sustainable based on limited exposure to any one account.

Raw material percentages for the year have levelled off as prices have stabilised and, in some cases, reduced.

The board of directors are satisfied with the overall performance of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The execution of the company's strategy is subject to a number of risks.

Key business risks and uncertainties affecting the company are considered to relate to, consumer spending and increases in the cost-of-living . The supply of raw materials from around the world and exchange rate fluctuations due to the uncertainty created by the political changes across the globe.

KEY PERFORMANCE INDICATORS ("KPI'S")
Given the straightforward nature of the business, the company's directors are of the opinion that a detailed analysis using KPIs is not necessary for an understanding of the development, performance or position of the business. The company uses gross profit % and EBITDA as its primary measures.


Key financial results 2024 2023
Turnover (£'000) 10,646 12,639
Gross profit/(loss) (£'000) 2,574 2,687
Gross profit margin 24.2% 21.3%
Profit/(loss) after tax (£'000) 346 374
EBITDA (£'000) 604 624

Net assets (£'000) 7,757 7,493


ON BEHALF OF THE BOARD:





S T Prue - Director


9 April 2025

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of quality cushion products for the furniture industry.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 was £82,000.

RESEARCH AND DEVELOPMENT
New products are continually being developed to cope with the ever-increasing demand of customers looking for alternative and unique products. We have developed a new product which is proving very popular with customers.

FUTURE DEVELOPMENTS
Going forward, the directors have planned their financial forecast on the basis that turnover will be impacted by the changes in the population buying trends caused by a variety of economic factors.

The business will continue to look at all aspects of the manufacturing process to increase efficiencies and capacity. We are also being more proactive in promoting ourselves abd marking more customer visits to try to increase turnover.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

S T Prue
J M Prue

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S T Prue - Director


9 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNITED FILLINGS LIMITED

Opinion
We have audited the financial statements of United Fillings Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNITED FILLINGS LIMITED


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

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

Auditors' 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 a Report of the Auditors 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation and residual values, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome post year-end.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect:
• Health and Safety regulations;
• Employment law; and
• Quality standards for products.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included discussions with senior management around whether any incidents occurred in the year, a review of Health & Safety policies in place and a review of legal and professional fees for evidence of non-compliance. Throughout these procedures, if we became aware of any non-compliance, we consider the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNITED FILLINGS LIMITED


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




Sally-Anne Hurn FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

9 April 2025

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £    £   

TURNOVER 3 10,646,301 12,639,285

Cost of sales 8,072,160 9,952,134
GROSS PROFIT 2,574,141 2,687,151

Distribution costs 1,106,177 1,177,339
Administrative expenses 989,054 1,010,897
2,095,231 2,188,236
478,910 498,915

Other operating income 16,688 30,791
OPERATING PROFIT 5 495,598 529,706


Interest payable and similar expenses 6 29,007 46,475
PROFIT BEFORE TAXATION 466,591 483,231

Tax on profit 7 120,449 108,944
PROFIT FOR THE FINANCIAL YEAR 346,142 374,287

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 346,142 374,287

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 1,000,995 1,034,021

CURRENT ASSETS
Stocks 10 339,357 298,655
Debtors 11 7,681,858 7,978,794
Cash at bank and in hand 28,374 37,586
8,049,589 8,315,035
CREDITORS
Amounts falling due within one year 12 1,166,577 1,724,211
NET CURRENT ASSETS 6,883,012 6,590,824
TOTAL ASSETS LESS CURRENT LIABILITIES 7,884,007 7,624,845

PROVISIONS FOR LIABILITIES 16 126,498 131,478
NET ASSETS 7,757,509 7,493,367

CAPITAL AND RESERVES
Called up share capital 17 44,118 44,118
Share premium 18 135,432 135,432
Revaluation reserve 18 331,424 337,804
Capital redemption reserve 18 64,705 64,705
Retained earnings 18 7,181,830 6,911,308
SHAREHOLDERS' FUNDS 7,757,509 7,493,367

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:





S T Prue - Director


UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

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

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 August 2022 44,118 6,593,641 135,432

Changes in equity
Total comprehensive income - 374,287 -
Dividends - (63,000 ) -
Transfer from revaluation reserve - 6,380 -
Balance at 31 July 2023 44,118 6,911,308 135,432

Changes in equity
Total comprehensive income - 346,142 -
Dividends - (82,000 ) -
Transfer from revaluation reserve - 6,380 -
Balance at 31 July 2024 44,118 7,181,830 135,432
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 August 2022 344,184 64,705 7,182,080

Changes in equity
Total comprehensive income - - 374,287
Dividends - - (63,000 )
Transfer from revaluation reserve (6,380 ) - -
Balance at 31 July 2023 337,804 64,705 7,493,367

Changes in equity
Total comprehensive income - - 346,142
Dividends - - (82,000 )
Transfer from revaluation reserve (6,380 ) - -
Balance at 31 July 2024 331,424 64,705 7,757,509

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

United Fillings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company's accounting reference date is 31 July. These financial statements are for the period 29 July 2023 to 2 August 2024. The comparative figures are for the period 30 July 2022 to 28 July 2023.

The directors regard the preparation of the financial statements on a going concern basis as appropriate.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

The company is a subsidiary of United Fillings Holdings Limited. Consolidated financial statements of the ultimate parent company (United Fillings Group Limited) can be obtained from Falcon Mill, 27 Vine Street, Billingborough, Lincolnshire, NG34 0QE.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are currently no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales of goods are recognised upon delivery to the customer, or upon collection by the customer, when title has passed.

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are held at cost less accumulated depreciation and impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property- 2% on cost/valuation
Short leasehold- over the term of the lease
Plant and machinery- at varying rates on cost
Fixtures and fittings- at varying rates on cost
Motor vehicles- at varying rates on cost
Computer equipment- at varying rates on cost

The part of the annual depreciation charge on revalued assets which relates to the surplus is transferred from the revaluation reserve to the income statement.

Revaluation of properties:-
Previous valuations were adopted as deemed cost on transition to FRS102.

Stocks
Stocks and work in progress are stated at the lower of cost and estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow moving stock. Cost is determined on a first in first out basis, and includes all direct costs incurred.

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 accounts receivable and payable, loans from banks, other third parties and related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the financial reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is as 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, and impairment loss is recognised in the income statement unless the asset is carried at a revalued amount where the impairment loss is recognised in the revaluation reserve.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 10,641,681 12,590,069
Other 4,620 49,216
10,646,301 12,639,285

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,873,780 2,956,875
Social security costs 232,612 238,584
Other pension costs 74,263 69,307
3,180,655 3,264,766

The average number of employees during the year was as follows:
2024 2023

Production 88 98
Sales and distribution 12 14
Administration 16 17
116 129

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 126,529 122,241

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 150,868 103,642
Other operating leases 126,053 126,073
Depreciation - owned assets 104,178 92,919
Loss on disposal of fixed assets 4,150 1,200
Auditors' remuneration 17,500 17,500
Auditors' remuneration for non audit work 27,468 34,129

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 29,007 46,432
HMRC interest - 43
29,007 46,475

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 125,438 72,496
Adjustment re previous years (9 ) 1,610
Total current tax 125,429 74,106

Deferred tax (4,980 ) 34,838
Tax on profit 120,449 108,944

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 466,591 483,231
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
25%)

116,648

120,808

Effects of:
Expenses not deductible for tax purposes 3,810 3,924
Adjustments to tax charge in respect of previous periods (9 ) 1,610
Change in rate of taxation - (13,786 )
Effect of additional allowances claimed - (3,612 )
Total tax charge 120,449 108,944

Factors that may affect future tax charges

The statutory UK corporation tax rate is currently 25%, with a small profits rate of 19%.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised, based on tax law and the corporation tax rates that have been enacted, or substantially enacted, at the year end date.

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 82,000 63,000

9. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 August 2023 550,000 12,821 2,017,283
Additions - - 75,302
Disposals - - -
At 31 July 2024 550,000 12,821 2,092,585
DEPRECIATION
At 1 August 2023 72,000 1,281 1,626,314
Charge for year 9,000 1,282 71,816
Eliminated on disposal - - -
At 31 July 2024 81,000 2,563 1,698,130
NET BOOK VALUE
At 31 July 2024 469,000 10,258 394,455
At 31 July 2023 478,000 11,540 390,969

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

9. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2023 26,517 202,422 58,925 2,867,968
Additions - - - 75,302
Disposals - (14,877 ) - (14,877 )
At 31 July 2024 26,517 187,545 58,925 2,928,393
DEPRECIATION
At 1 August 2023 25,746 50,962 57,644 1,833,947
Charge for year 89 21,596 395 104,178
Eliminated on disposal - (10,727 ) - (10,727 )
At 31 July 2024 25,835 61,831 58,039 1,927,398
NET BOOK VALUE
At 31 July 2024 682 125,714 886 1,000,995
At 31 July 2023 771 151,460 1,281 1,034,021

Included in cost or valuation of land and buildings is freehold land of £ 100,000 (2023 - £ 100,000 ) which is not depreciated.

Cost or valuation at 31 July 2024 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   
Valuation in 2015 550,000 - -
Cost - 12,821 2,092,585
550,000 12,821 2,092,585

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2015 - - - 550,000
Cost 26,517 187,545 58,925 2,378,393
26,517 187,545 58,925 2,928,393

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 231,002 231,002
Aggregate depreciation 93,426 90,806

Value of land in freehold land and buildings 100,000 100,000

Freehold land and buildings were valued on an open market basis on 24 March 2015 by Musson Liggins, Chartered Surveyors .

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

9. TANGIBLE FIXED ASSETS - continued

Previous valuations were adopted as deemed cost on transition to FRS102.

10. STOCKS
2024 2023
£    £   
Stock 339,357 298,655

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,315,810 1,765,711
Prepayments and accrued income 124,291 221,326
1,440,101 1,987,037

Amounts falling due after more than one year:
Amounts owed by group undertakings 6,241,757 5,991,757

Aggregate amounts 7,681,858 7,978,794

Amounts owed by group undertakings are unsecured and interest free.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 189,240 492,490
Trade creditors 338,555 650,951
Taxation 125,438 72,496
Other taxes and social security 54,297 54,887
VAT 284,803 284,304
Other creditors 174,244 169,083
1,166,577 1,724,211

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 189,240 492,490

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 278,590 221,363
Between one and five years 818,084 526,531
In more than five years 247,917 -
1,344,591 747,894

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 189,240 492,490

Borrowings are secured as follows:

By fixed and floating charges over the undertaking and all property and assets present and future, including book debts.

By unlimited debentures from United Fillings Limited and United Fillings Holdings Limited.

By a legal charge over the freehold property at Goodwins Mill, Long Eaton.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences (223 ) (434 )
Accelerated capital allowances 126,721 131,912
126,498 131,478

Deferred
tax
£   
Balance at 1 August 2023 131,478
Credit to Statement of Comprehensive Income during year (4,980 )
Balance at 31 July 2024 126,498

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
44,118 Ordinary £1 44,118 44,118

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

18. RESERVES
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 August 2023 6,911,308 135,432 337,804 64,705 7,449,249
Profit for the year 346,142 - - - 346,142
Dividends (82,000 ) - - - (82,000 )
Transfer from revaluation
reserve

6,380

-

(6,380

)

-

-
At 31 July 2024 7,181,830 135,432 331,424 64,705 7,713,391

Share premium
This reserve records the amount above the nominal value received for shares sold.

Revaluation reserve
This reserve is used to record movements in the value of tangible assets which are recorded at valuation.

Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.

19. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of United Fillings Holdings Limited, registered in England. The ultimate controlling company is United Fillings Group Limited, registered in England.
Consolidated accounts are prepared for United Fillings Group Limited and are available from Companies House, Cardiff, CF14 3UZ.

At the year end date, the company was under the ultimate control of S T Prue and J M Prue, the directors who controlled the majority of the shares in the holding company.

20. CONTINGENT LIABILITIES

The company has a cross guarantee in place with its parent company United Fillings Holdings Limited to secure the bank borrowings, which were £189,240 (2023 - £492,490) at the statement of financial position date. Security given is as specified in the secured debts note to the financial statements.

The company also has a cross guarantee in place with its ultimate parent company, United Fillings Group Limited to secure the debentures which were £833,334 (2023 - £1,093,334) at the statement of financial position date. This includes a legal charge in United Fillings Limited over the freehold property at Goodwin Mills, Long Eaton.

21. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 25,865 16,204

22. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£    £   
Sales 72,094 67,840
Rent charged to the entity 118,000 118,000
Amount due from related party 1,455 1,722

Sales are made to a partnership in which the directors are involved. Rent is charged by a pension scheme in which some close family members to the directors have a beneficial interest.

UNITED FILLINGS LIMITED (REGISTERED NUMBER: 02516423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

22. RELATED PARTY DISCLOSURES - continued

During the year, a total of key management personnel compensation of £ 145,876 (2023 - £ 165,957 ) was paid.