Company Registration No. 03147581 (England and Wales)
UNIVERSAL OFFICE EQUIPMENT (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
UNIVERSAL OFFICE EQUIPMENT (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
UNIVERSAL OFFICE EQUIPMENT (UK) LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
780,351
838,294
Investments
6
250
250
780,601
838,544
Current assets
Stocks
107,204
92,441
Debtors
7
652,888
625,056
Cash at bank and in hand
4,864
124,396
764,956
841,893
Creditors: amounts falling due within one year
8
(977,370)
(967,423)
Net current liabilities
(212,414)
(125,530)
Total assets less current liabilities
568,187
713,014
Creditors: amounts falling due after more than one year
9
(99,825)
(147,821)
Provisions for liabilities
-
0
(29,575)
Net assets
468,362
535,618
Capital and reserves
Called up share capital
10
1,042,904
842,904
Profit and loss reserves
(574,542)
(307,286)
Total equity
468,362
535,618

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

UNIVERSAL OFFICE EQUIPMENT (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 May 2025
Mr E M Jacobs
Director
Company Registration No. 03147581
UNIVERSAL OFFICE EQUIPMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Universal Office Equipment (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 120 High Road, East Finchley, London, N2 9ED.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
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:

Land and buildings Leasehold
Straight line over the life of the leases
Office Equipment
25% Straight line
Fixtures, fittings & equipment
20% Straight line
Computer equipment
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

UNIVERSAL OFFICE EQUIPMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with 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 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.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.9
Leases

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 leases asset are consumed.

UNIVERSAL OFFICE EQUIPMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Factoring
The company factors its trade debts. The accounting policy is to include trade debtors factored with recourse within trade debtors due within one year and the returnable element of proceeds is recorded with bank loans due within one year. Factoring fees and interest are charged to the profit and loss account when paid. Bad debts borne by the company are charged to the profit and loss account when incurred.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
52
50
4
Intangible fixed assets
Software
£
Cost
At 1 June 2023 and 31 May 2024
51,957
Amortisation and impairment
At 1 June 2023 and 31 May 2024
51,957
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0

 

UNIVERSAL OFFICE EQUIPMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
1,551,127
239,818
1,790,945
Additions
71,085
25,816
96,901
At 31 May 2024
1,622,212
265,634
1,887,846
Depreciation and impairment
At 1 June 2023
748,712
203,939
952,651
Depreciation charged in the year
133,531
21,313
154,844
At 31 May 2024
882,243
225,252
1,107,495
Carrying amount
At 31 May 2024
739,969
40,382
780,351
At 31 May 2023
802,415
35,879
838,294
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
250
250
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
93,888
115,557
Amounts owed by group undertakings
365,395
301,745
Other debtors
193,605
207,754
652,888
625,056
UNIVERSAL OFFICE EQUIPMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
338,976
226,922
Trade creditors
198,017
316,512
Taxation and social security
171,065
193,309
Other creditors
269,312
230,680
977,370
967,423

 

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
99,825
145,321
Other creditors
-
0
2,500
99,825
147,821
10
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,042,904
842,904

 

11
Operating lease commitments
Lessee

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

2024
2023
£
£
1,390,591
1,496,178

The above commitment relates to the total commitment on seven property leases with terms varying between 1 year and 8 years. The commitment in the twelve months to 31 May 2025 is £318,777.

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