IRIS Accounts Productionv23.4.0.33606865782Board of Directors31.8.241.9.2331.8.2431.8.24The company's principal activity during the year continued to be that of online sales of clothing accessories.truetruefalsetruetruefalsefalsetruefalseOrdinary shares0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh068657822023-08-31068657822024-08-31068657822023-09-012024-08-31068657822022-08-31068657822022-09-012023-08-31068657822023-08-3106865782ns15:EnglandWales2023-09-012024-08-3106865782ns14:PoundSterling2023-09-012024-08-3106865782ns10:Director12023-09-012024-08-3106865782ns10:Consolidated2024-08-3106865782ns10:ConsolidatedGroupCompanyAccounts2023-09-012024-08-3106865782ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3106865782ns10:Consolidatedns10:FRS1022023-09-012024-08-3106865782ns10:Consolidatedns10:Audited2023-09-012024-08-3106865782ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3106865782ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3106865782ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3106865782ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-09-012024-08-3106865782ns10:FullAccounts2023-09-012024-08-3106865782ns10:OrdinaryShareClass12023-09-012024-08-3106865782ns10:Consolidated2023-09-012024-08-3106865782ns10:Director22023-09-012024-08-3106865782ns10:Director32023-09-012024-08-3106865782ns10:Director42023-09-012024-08-3106865782ns10:Director52023-09-012024-08-3106865782ns10:CompanySecretary12023-09-012024-08-3106865782ns10:RegisteredOffice2023-09-012024-08-3106865782ns10:Consolidated2022-09-012023-08-3106865782ns5:CurrentFinancialInstruments2024-08-3106865782ns5:CurrentFinancialInstruments2023-08-3106865782ns5:Non-currentFinancialInstruments2024-08-3106865782ns5:Non-currentFinancialInstruments2023-08-3106865782ns5:ShareCapital2024-08-3106865782ns5:ShareCapital2023-08-3106865782ns5:RetainedEarningsAccumulatedLosses2024-08-3106865782ns5:RetainedEarningsAccumulatedLosses2023-08-3106865782ns5:ShareCapital2022-08-3106865782ns5:RetainedEarningsAccumulatedLosses2022-08-3106865782ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3106865782ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-3106865782ns5:LandBuildings2023-08-3106865782ns5:PlantMachinery2023-08-3106865782ns5:FurnitureFittings2023-08-3106865782ns5:MotorVehicles2023-08-3106865782ns5:LandBuildings2023-09-012024-08-3106865782ns5:PlantMachinery2023-09-012024-08-3106865782ns5:FurnitureFittings2023-09-012024-08-3106865782ns5:MotorVehicles2023-09-012024-08-3106865782ns5:LandBuildings2024-08-3106865782ns5:PlantMachinery2024-08-3106865782ns5:FurnitureFittings2024-08-3106865782ns5:MotorVehicles2024-08-3106865782ns5:LandBuildings2023-08-3106865782ns5:PlantMachinery2023-08-3106865782ns5:FurnitureFittings2023-08-3106865782ns5:MotorVehicles2023-08-3106865782ns5:CostValuation2023-08-3106865782ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-08-3106865782ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3106865782ns5:DeferredTaxation2023-08-3106865782ns5:DeferredTaxation2023-09-012024-08-3106865782ns5:DeferredTaxation2024-08-3106865782ns10:OrdinaryShareClass12024-08-3106865782ns5:RetainedEarningsAccumulatedLosses2023-08-31

REGISTERED NUMBER: 06865782 (England and Wales)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2024

for


Universal Textiles UK Ltd


Universal Textiles UK Ltd (Registered number: 06865782)







Contents of the Consolidated Financial Statements

for the Year Ended 31 August 2024





Page



Company Information  

1



Group Strategic Report  

2



Report of the Directors  

4



Report of the Independent Auditors  

6



Consolidated Income Statement  

10



Consolidated Other Comprehensive Income  

11



Consolidated Balance Sheet  

12



Company Balance Sheet  

13



Consolidated Statement of Changes in Equity  

14



Company Statement of Changes in Equity  

15



Consolidated Cash Flow Statement  

16



Notes to the Consolidated Cash Flow Statement

17



Notes to the Consolidated Financial Statements

18




Universal Textiles UK Ltd


Company Information

for the Year Ended 31 August 2024









DIRECTORS:

R Karia


Ms N Karia


M Karia


Ms H Karia


C J Sandall







SECRETARY:

R Karia







REGISTERED OFFICE:

50 Oswin Road,


Leicestershire


LE3 1HR







REGISTERED NUMBER:

06865782 (England and Wales)







AUDITORS:

Templetons ( Holdings) Limited


309 Hoe Street


Walthamstow


UK


E17 9BG


Universal Textiles UK Ltd (Registered number: 06865782)


Group Strategic Report

for the Year Ended 31 August 2024


The directors present their strategic report of the company and the group for the year ended 31 August 2024.


REVIEW OF BUSINESS

The company has performed well against a backdrop of challenging business conditions and market uncertainty, particularly in its business with European countries and rest of the world. The company's benefited from the weakness in sterling during the period which helped its competitiveness.


The Company continues to have a strong balance sheet and good cash flow and continues to invest in its IT and staff.



The company position was as follows:


- Turnover has increased  by  13% to £29,667,576 in the current year.

- Gross profit margin during the year as a percentage of sales was 17% (2023: 18%) which reflects the trading environment.

-The profit for the year after taxation was £1,009,795 (2023: £1,031,825).

- The cash balance on hand at 31 August 2024 was £544,699 (2023: £1,023,518)

- As at 31 August 2024 the available shareholders' fund stood at £1,199,967  (2023: £1,490,172)


PRINCIPAL RISKS AND UNCERTAINTIES

The Directors fully recognize and accept that the company operates in a risk environment both operationally and commercially. Management of risk is therefore integral to all of our activities.


The key risks to the business are volume, pricing and currency. The business monitors, manages and mitigates these risks. The risks are reviewed and debated by the board on a regular basis and updated together with planned activities to improve our risk control.


Financial Risk Management

The main risk arising from the company's financial instruments is liquidity risk. As can be seen from the cash flow notes in the annexed financial statements, the company currently does not suffer from a liquidity problem.



Universal Textiles UK Ltd (Registered number: 06865782)


Group Strategic Report

for the Year Ended 31 August 2024



Foreign Currency Risk

The company is exposed to foreign currency fluctuation as some of the company's purchases and sales are in euros. The company minimizes this risk by agreeing appropriate pricing.


Competitive pressure risk

The company operates in a highly competitive market environment and performance may suffer if there is a loss of competitiveness vis-a vis its competitors. The company reviews the competitiveness of its services with its clients and customers in the market place.


Overall strategy

The overall strategy for the business is to continue to grow to both provide opportunities for progression to its employees and great value for its shareholders.


The plan is to increase the number of suppliers the company acts for and the number of marketplaces whilst continuing to deliver the best in class IT processes. These strategic thrusts will help deliver further growth in turnover, profitability and balance sheet in the coming year despite increasing external pressures for retail businesses.


FINANCIAL INSTRUMENTS

The risks to the company, as identified by the directors, are deemed to be loss of supply of critical products and inability for creditors to complete work within the target deadline imposed by the market place. Both these risks are stringently managed by close relationships with all stakeholders. Credit and performance checks are performed on all current suppliers, new suppliers and customers with automated alerts when credit rating changes. Internal reviews of all complaints and balances are also performed monthly.


ON BEHALF OF THE BOARD:






R Karia - Director



12 May 2025


Universal Textiles UK Ltd (Registered number: 06865782)


Report of the Directors

for the Year Ended 31 August 2024


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


DIVIDENDS

No interim dividend was paid during the year.  The directors recommend a final dividend of 5.88 per share.


The total distribution of dividends for the year ended 31 August 2024 will be £ 1,300,000 .


DIRECTORS

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


R Karia

Ms N Karia

M Karia

Ms H Karia

C J Sandall


CHARITABLE DONATIONS AND EXPENDITURE

A donation of £12,557 was made on behalf of the company to the charity Feed the Nation.


STREAMLINED ENERGY AND CARBON REPORTING

The directors understand that, as well as their legal responsibility to protect the environment, there is an overriding moral responsibility for the Company to have minimal negative impact on the environment. Our aspiration is to leave a sustainable and lasting positive impact on the surrounding area.


Universal Textiles UK Ltd utilizes an online reporting tool to measure its waste volumes, energy usage and carbon footprint. Using these measurements, Universal Textiles is then able to establish targets at Company level and subsequently identify realistic measures to reduce the environmental impact of the business's operations.


Universal Textiles UK Ltd is committed to the reduction of Greenhouse Gas (GHG) emissions related to operations across the business. To successfully deliver on this commitment, we have chosen to expand our scope of reporting.


Universal Textiles UK Ltd is implementing changes across the business to reduce our carbon footprint, for example, we have reduced electrical usage and equipment; we promote a cycle to work scheme and provide facilities for secure and safe storage of bikes and equipment.



Universal Textiles UK Ltd (Registered number: 06865782)


Report of the Directors

for the Year Ended 31 August 2024


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors,  Templetons ( Holdings) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






R Karia - Director



12 May 2025


Report of the Independent Auditors to the Members of

Universal Textiles UK Ltd


Opinion

We have audited the financial statements of Universal Textiles UK Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 August 2024 and of the group's 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 group 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 group's and the parent 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.


Report of the Independent Auditors to the Members of

Universal Textiles UK Ltd



Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company 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.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Universal Textiles UK Ltd



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:


•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience in the catering industry.

•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including  relevant legislation such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

To address the risk of fraud through management bias and override of controls, we:

•performed analytical procedures to identify any unusual or unexpected relationships;

•tested journal entries to identify unusual transactions;

•assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

•investigated the rationale behind significant or unusual transactions; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•agreeing financial statement disclosures to underlying supporting documentation;

•reading the minutes of meetings of those charged with governance;

•enquiring of management as to actual and potential litigation and claims;

•reviewing correspondence with HMRC and relevant regulators.


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

Universal Textiles UK Ltd



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.





TEEWANAN JUGGOO (Senior Statutory Auditor)

for and on behalf of Templetons ( Holdings) Limited

309 Hoe Street

Walthamstow

UK

E17 9BG


12 May 2025


Universal Textiles UK Ltd (Registered number: 06865782)


Consolidated Income Statement

for the Year Ended 31 August 2024



31.8.24


31.8.23


Notes

£   

£   



TURNOVER

33,086,792


27,475,392




Cost of sales

27,551,128


22,740,038



GROSS PROFIT

5,535,664


4,735,354




Administrative expenses

3,954,794


3,322,758



1,580,870


1,412,596




Other operating income

34,205


-



OPERATING PROFIT

4

1,615,075


1,412,596




P/L on sale of tangible fixed

assets

5

33,358


-



1,648,433


1,412,596




Interest receivable and similar

income

5,834


3,667



1,654,267


1,416,263




Interest payable and similar

expenses

6

6,628


7,306



PROFIT BEFORE TAXATION

1,647,639


1,408,957




Tax on profit

7

214,850


251,899



PROFIT FOR THE FINANCIAL YEAR

1,432,789


1,157,058



Profit attributable to:

Owners of the parent

1,432,789


1,157,058




Universal Textiles UK Ltd (Registered number: 06865782)


Consolidated Other Comprehensive Income

for the Year Ended 31 August 2024



31.8.24


31.8.23


Notes

£   

£   



PROFIT FOR THE YEAR

1,432,789


1,157,058





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

1,432,789


1,157,058




Total comprehensive income attributable to:

Owners of the parent

1,432,789


1,157,058




Universal Textiles UK Ltd (Registered number: 06865782)


Consolidated Balance Sheet

31 August 2024



31.8.24

31.8.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

44,192


142,377



Investments

11

833


833



45,025


143,210




CURRENT ASSETS

Stocks

12

1,270,972


887,343



Debtors

13

2,846,573


2,519,118



Cash at bank

786,618


1,231,326



4,904,163


4,637,787



CREDITORS

Amounts falling due within one year

14

2,290,344


2,540,141



NET CURRENT ASSETS

2,613,819


2,097,646



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,658,844


2,240,856




CREDITORS

Amounts falling due after more than

one year

15

(900,021

)

(600,000

)



PROVISIONS FOR LIABILITIES

16

(4,988

)

(19,810

)


NET ASSETS

1,753,835


1,621,046




CAPITAL AND RESERVES

Called up share capital

17

221


221



Retained earnings

18

1,753,614


1,620,825



SHAREHOLDERS' FUNDS

1,753,835


1,621,046




The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2025 and were signed on its behalf by:






R Karia - Director



Universal Textiles UK Ltd (Registered number: 06865782)


Company Balance Sheet

31 August 2024



31.8.24

31.8.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

44,192


142,377



Investments

11

1,033


1,033



45,225


143,410




CURRENT ASSETS

Stocks

12

1,146,206


876,174



Debtors

13

2,485,188


2,389,285



Cash at bank

544,699


1,023,518



4,176,093


4,288,977



CREDITORS

Amounts falling due within one year

14

2,116,342


2,322,405



NET CURRENT ASSETS

2,059,751


1,966,572



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,104,976


2,109,982




CREDITORS

Amounts falling due after more than

one year

15

(900,021

)

(600,000

)



PROVISIONS FOR LIABILITIES

16

(4,988

)

(19,810

)


NET ASSETS

1,199,967


1,490,172




CAPITAL AND RESERVES

Called up share capital

17

221


221



Retained earnings

18

1,199,746


1,489,951



SHAREHOLDERS' FUNDS

1,199,967


1,490,172




Company's profit for the financial

year

1,009,795


1,031,825




The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2025 and were signed on its behalf by:





R Karia - Director



Universal Textiles UK Ltd (Registered number: 06865782)


Consolidated Statement of Changes in Equity

for the Year Ended 31 August 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 September 2022

21


963,767


963,788




Changes in equity

Issue of share capital

200


-


200



Dividends

-


(500,000

)

(500,000

)


Total comprehensive income

-


1,157,058


1,157,058



Balance at 31 August 2023

221


1,620,825


1,621,046




Changes in equity

Dividends

-


(1,300,000

)

(1,300,000

)


Total comprehensive income

-


1,432,789


1,432,789



Balance at 31 August 2024

221


1,753,614


1,753,835




Universal Textiles UK Ltd (Registered number: 06865782)


Company Statement of Changes in Equity

for the Year Ended 31 August 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 September 2022

221


958,126


958,347




Changes in equity

Dividends

-


(500,000

)

(500,000

)


Total comprehensive income

-


1,031,825


1,031,825



Balance at 31 August 2023

221


1,489,951


1,490,172




Changes in equity

Dividends

-


(1,300,000

)

(1,300,000

)


Total comprehensive income

-


1,009,795


1,009,795



Balance at 31 August 2024

221


1,199,746


1,199,967




Universal Textiles UK Ltd (Registered number: 06865782)


Consolidated Cash Flow Statement

for the Year Ended 31 August 2024



31.8.24


31.8.23


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,103,972


540,933



Interest paid

(6,628

)

(7,306

)


Tax paid

(295,382

)

(156,839

)


Net cash from operating activities

801,962


376,788




Cash flows from investing activities

Purchase of tangible fixed assets

(8,515

)

(40,527

)


Sale of tangible fixed assets

56,011


-



Interest received

5,834


3,667



Net cash from investing activities

53,330


(36,860

)



Cash flows from financing activities

Share issue

-


200



Equity dividends paid

(1,300,000

)

(500,000

)


Net cash from financing activities

(1,300,000

)

(499,800

)



Decrease in cash and cash equivalents

(444,708

)

(159,872

)


Cash and cash equivalents at

beginning of year

2

1,231,326


1,391,198




Cash and cash equivalents at end

of year

2

786,618


1,231,326




Universal Textiles UK Ltd (Registered number: 06865782)


Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 August 2024


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


31.8.24


31.8.23

£   

£   



Profit before taxation

1,647,639


1,408,957




Depreciation charges

50,689


57,922




Finance costs

6,628


7,306




Finance income

(5,834

)

(3,667

)


1,699,122


1,470,518




(Increase)/decrease in stocks

(383,628

)

36,081




Increase in trade and other debtors

(255,076

)

(793,097

)



Increase/(decrease) in trade and other creditors

43,554


(172,569

)



Cash generated from operations

1,103,972


540,933




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 August 2024


31.8.24


1.9.23

£   

£   



Cash and cash equivalents

786,618


1,231,326




Year ended 31 August 2023


31.8.23


1.9.22

£   

£   



Cash and cash equivalents

1,231,326


1,391,198





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.9.23

Cash flow

At 31.8.24

£   

£   

£   



Net cash



Cash at bank

1,231,326


(444,708

)

786,618



1,231,326


(444,708

)

786,618




Total

1,231,326


(444,708

)

786,618




Universal Textiles UK Ltd (Registered number: 06865782)


Notes to the Consolidated Financial Statements

for the Year Ended 31 August 2024


1.

STATUTORY INFORMATION



Universal Textiles UK Ltd 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 General Information page.


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.    



Turnover

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


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


- Freehold buildings over 50 years
- Leasehold land and buildings over the lease term
- Plant and machinery over 5 years
- Fixtures, fittings, tools and equipment over 5 years


Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.


Universal Textiles UK Ltd (Registered number: 06865782)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 August 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 balance sheet 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.


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


3.

EMPLOYEES AND DIRECTORS


31.8.24


31.8.23

£   

£   



Wages and salaries

2,124,424


1,874,318




Social security costs

174,363


141,793




Other pension costs

34,320


30,166



2,333,107


2,046,277





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


31.8.24


31.8.23



Adminstrative

61


61




Sales

76


79



137


140





The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).



31.8.24


31.8.23

£   

£   



Directors' remuneration

105,568


90,390




Universal Textiles UK Ltd (Registered number: 06865782)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 August 2024


4.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



31.8.24


31.8.23

£   

£   



Depreciation - owned assets

50,689


57,922




Auditors' remuneration

12,000


7,000




Foreign exchange differences

(1,489

)

13,846




5.

EXCEPTIONAL ITEMS


31.8.24


31.8.23

£   

£   



P/L on sale of tangible fixed


assets

33,358


-




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.8.24


31.8.23

£   

£   



Bank interest

586


585




Finance Charges Payable

6,042


6,721



6,628


7,306




7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


31.8.24


31.8.23

£   

£   



Current tax:


UK corporation tax

376,262


280,337




Prior Year Adjustments

(146,590

)

(27,831

)



Total current tax

229,672


252,506





Deferred tax

(14,822

)

(607

)



Tax on profit

214,850


251,899





UK corporation tax has been charged at 25 % .


Universal Textiles UK Ltd (Registered number: 06865782)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 August 2024


7.

TAXATION - continued



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



31.8.24


31.8.23

£   

£   



Profit before tax

1,647,639


1,408,957




Profit multiplied by the standard rate of corporation tax in the

UK of 25 % (2023 - 19 %)  

411,910


267,702





Effects of:


Expenses not deductible for tax purposes

24,780


21,939




Adjustments to tax charge in respect of previous periods

(146,590

)

(27,831

)



Deferred Tax  

(14,822

)

(607

)



Adjustment as Ireland Corporation Tax is charged at 12.5%

(60,428

)

(9,304

)



Total tax charge

214,850


251,899




8.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



9.

DIVIDENDS


31.8.24


31.8.23

£   

£   



Ordinary shares shares of £0.001 each


Final

1,300,000


500,000




Universal Textiles UK Ltd (Registered number: 06865782)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 August 2024


10.

TANGIBLE FIXED ASSETS



Group


Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 September 2023

232,220


102,995


109,828


96,795


541,838




Additions

-


-


6,921


1,594


8,515




Disposals

-


-


-


(98,389

)

(98,389

)



At 31 August 2024

232,220


102,995


116,749


-


451,964




DEPRECIATION


At 1 September 2023

187,835


101,004


86,356


24,266


399,461




Charge for year

20,143


1,245


11,189


18,112


50,689




Eliminated on disposal

-


-


-


(42,378

)

(42,378

)



At 31 August 2024

207,978


102,249


97,545


-


407,772




NET BOOK VALUE


At 31 August 2024

24,242


746


19,204


-


44,192




At 31 August 2023

44,385


1,991


23,472


72,529


142,377





Company


Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 September 2023

232,220


102,995


109,828


96,795


541,838




Additions

-


-


6,921


1,594


8,515




Disposals

-


-


-


(98,389

)

(98,389

)



At 31 August 2024

232,220


102,995


116,749


-


451,964




DEPRECIATION


At 1 September 2023

187,835


101,004


86,356


24,266


399,461




Charge for year

20,143


1,245


11,189


18,112


50,689




Eliminated on disposal

-


-


-


(42,378

)

(42,378

)



At 31 August 2024

207,978


102,249


97,545


-


407,772




NET BOOK VALUE


At 31 August 2024

24,242


746


19,204


-


44,192




At 31 August 2023

44,385


1,991


23,472


72,529


142,377




Universal Textiles UK Ltd (Registered number: 06865782)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 August 2024


11.

FIXED ASSET INVESTMENTS



Group


Shares in


group


undertakin

£   



COST


At 1 September 2023


and 31 August 2024

833




NET BOOK VALUE


At 31 August 2024

833




At 31 August 2023

833




Company


Shares in


group


undertakin

£   



COST


At 1 September 2023


and 31 August 2024

1,033




NET BOOK VALUE


At 31 August 2024

1,033




At 31 August 2023

1,033





12.

STOCKS



Group


Company



31.8.24


31.8.23


31.8.24


31.8.23


£   

£   

£   

£   



Finished goods

1,270,972


887,343


1,146,206


876,174




13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



31.8.24


31.8.23


31.8.24


31.8.23


£   

£   

£   

£   



Trade debtors

2,215,270


1,980,705


1,956,875


1,825,110




Other debtors

269,398


266,358


202,097


299,004




Prepayments and accrued income

361,905


272,055


326,216


265,171



2,846,573


2,519,118


2,485,188


2,389,285




Universal Textiles UK Ltd (Registered number: 06865782)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 August 2024


14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



31.8.24


31.8.23


31.8.24


31.8.23


£   

£   

£   

£   



Trade creditors

1,202,138


1,438,195


1,170,650


1,367,228




Tax

333,381


399,091


288,047


381,201




Social security and other taxes

57,114


115,484


57,114


115,484




Other creditors

7,690


66,118


7,690


-




Accruals and deferred income

690,021


521,253


592,841


458,492



2,290,344


2,540,141


2,116,342


2,322,405




15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN

ONE YEAR




Group


Company



31.8.24


31.8.23


31.8.24


31.8.23


£   

£   

£   

£   



Other creditors

900,021


600,000


900,021


600,000




16.

PROVISIONS FOR LIABILITIES



Group


Company



31.8.24


31.8.23


31.8.24


31.8.23


£   

£   

£   

£   



Deferred tax

4,988


19,810


4,988


19,810





Group


Deferred



tax


£   



Balance at 1 September 2023

19,810




Provided during year

(14,822

)



Balance at 31 August 2024

4,988





Company


Deferred



tax


£   



Balance at 1 September 2023

19,810




Provided during year

(14,822

)



Balance at 31 August 2024

4,988




Universal Textiles UK Ltd (Registered number: 06865782)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 August 2024


17.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.8.24


31.8.23


value:

£   

£   



220,995

Ordinary shares

£0.00

1

221


221




18.

RESERVES



Group


Retained


earnings

£   




At 1 September 2023

1,620,825




Profit for the year

1,432,789




Dividends

(1,300,000

)



At 31 August 2024

1,753,614





Company


Retained


earnings

£   




At 1 September 2023

1,489,951




Profit for the year

1,009,795




Dividends

(1,300,000

)



At 31 August 2024

1,199,746