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COMPANY REGISTRATION NUMBER: 6456246
Unilift South Wales Limited
Filleted Unaudited Financial Statements
31 August 2024
Unilift South Wales Limited
Financial Statements
Year ended 31 August 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Unilift South Wales Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
179,111
178,596
Current assets
Stocks
30,350
75,525
Debtors
7
91,826
63,858
Cash at bank and in hand
307,843
278,401
---------
---------
430,019
417,784
Creditors: amounts falling due within one year
8
( 137,350)
( 93,420)
---------
---------
Net current assets
292,669
324,364
---------
---------
Total assets less current liabilities
471,780
502,960
Provisions
Taxation including deferred tax
9
( 1,308)
( 614)
---------
---------
Net assets
470,472
502,346
---------
---------
Capital and reserves
Called up share capital
11
4
4
Profit and loss account
470,468
502,342
---------
---------
Shareholders funds
470,472
502,346
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Unilift South Wales Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 3 June 2025 , and are signed on behalf of the board by:
Mr J. Summons
Mrs L. Summons
Director
Director
Company registration number: 6456246
Unilift South Wales Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alamein Road, Morfa Industrial Estate, Landore, Swansea, SA1 2HY.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
Over lease term
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
7,471
24,260
Deferred tax:
Origination and reversal of timing differences
694
( 1,980)
-------
--------
Tax on profit
8,165
22,280
-------
--------
6. Tangible assets
Leasehold Property
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 Sep 2023
170,962
80,887
2,847
10,995
4,454
270,145
Additions
14,908
14,908
Disposals
( 45,125)
( 45,125)
---------
--------
-------
--------
-------
---------
At 31 Aug 2024
170,962
50,670
2,847
10,995
4,454
239,928
---------
--------
-------
--------
-------
---------
Depreciation
At 1 Sep 2023
9,159
65,849
2,726
9,894
3,921
91,549
Charge for the year
3,053
4,761
30
275
134
8,253
Disposals
( 38,985)
( 38,985)
---------
--------
-------
--------
-------
---------
At 31 Aug 2024
12,212
31,625
2,756
10,169
4,055
60,817
---------
--------
-------
--------
-------
---------
Carrying amount
At 31 Aug 2024
158,750
19,045
91
826
399
179,111
---------
--------
-------
--------
-------
---------
At 31 Aug 2023
161,803
15,038
121
1,101
533
178,596
---------
--------
-------
--------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
86,147
62,152
Other debtors
5,679
1,706
--------
--------
91,826
63,858
--------
--------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
61,645
6,269
Corporation tax
7,430
24,259
Social security and other taxes
8,385
283
Other creditors
59,890
62,609
---------
--------
137,350
93,420
---------
--------
9. Provisions
Deferred tax (note 10)
£
At 1 September 2023
614
Additions
694
-------
At 31 August 2024
1,308
-------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
1,308
614
-------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
1,308
614
-------
----
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
----
----
----
----
4
4
4
4
----
----
----
----
12. Related party transactions
The company was under the control of Mr J. Summons and Mrs L. Summons throughout the current and previous year. Mr J. Summons and Mrs L. Summons are the managing directors and majority shareholders. During the year dividends of £63,500 (2023 - £58,000) were paid to the directors.