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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
LE3 1HR |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
309 Hoe Street |
Walthamstow |
UK |
E17 9BG |
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 |
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 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 16 | ( | ) | ( | ) |
NET ASSETS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing 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. |
Tangible fixed assets |
| - 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 |
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 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
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 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
12. | STOCKS |
Group | Company |
31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
£ | £ | £ | £ |
Finished goods | 1,270,972 | 887,343 |
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 |
Other debtors | 269,398 | 266,358 |
Prepayments and accrued income | 361,905 | 272,055 |
2,846,573 | 2,519,118 |
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 |
Tax | 333,381 | 399,091 |
Social security and other taxes | 57,114 | 115,484 |
Other creditors | 7,690 | 66,118 |
Accruals and deferred income | 690,021 | 521,253 |
2,290,344 | 2,540,141 |
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 |
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 |
Provided during year | ( | ) |
Balance at 31 August 2024 |
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: | £ | £ |
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 |
Profit for the year |
Dividends | ( | ) |
At 31 August 2024 |