Company registration number 01115623 (England and Wales)
URMSTON AUTOMATICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
URMSTON AUTOMATICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
URMSTON AUTOMATICS LIMITED
BALANCE SHEET
AS AT
24 SEPTEMBER 2024
24 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,600
2,400
Tangible assets
4
334,412
218,898
Current assets
Stocks
8,750
12,000
Debtors
5
147,327
178,870
Cash at bank and in hand
1,628
-
0
157,705
190,870
Creditors: amounts falling due within one year
6
(307,197)
(288,595)
Net current liabilities
(149,492)
(97,725)
Total assets less current liabilities
186,520
123,573
Creditors: amounts falling due after more than one year
7
(44,496)
(48,864)
Provisions for liabilities
(72,183)
(30,174)
Net assets
69,841
44,535
Capital and reserves
Called up share capital
8
10,000
10,000
Profit and loss reserves
59,841
34,535
Total equity
69,841
44,535
URMSTON AUTOMATICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
24 SEPTEMBER 2024
24 September 2024
- 2 -

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

For the financial year ended 24 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2025 and are signed on its behalf by:
D Farmer
Director
Company Registration No. 01115623
URMSTON AUTOMATICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Urmston Automatics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 20, Chancery Gate Business Centre, Soapstone Way, Irlam, Manchester, M44 6GP.

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, except for modification to a fair value basis where specified in the accounting policies below.

1.2
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.

 

Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for goods and services it has provided.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of gaming machine operations over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

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:

Plant and machinery
10 - 25% reducing balance basis
Fixtures, fittings & equipment
15% reducing balance basis
Motor vehicles
20% reducing balance basis

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 less costs to complete and sell. 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

URMSTON AUTOMATICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.6
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.

 

Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recorded at transaction cost and not amortised as they are either receivable or payable within one year.

 

Creditors payable after one year constitutes hire purchase agreements with a market rate of interest being applied. This is recognised in full.

 

URMSTON AUTOMATICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

URMSTON AUTOMATICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 SEPTEMBER 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
6
6
3
Intangible fixed assets
Goodwill
£
Cost
At 25 September 2023 and 24 September 2024
8,000
Amortisation and impairment
At 25 September 2023
5,600
Amortisation charged for the year
800
At 24 September 2024
6,400
Carrying amount
At 24 September 2024
1,600
At 24 September 2023
2,400
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 25 September 2023
1,152,988
29,968
142,805
1,325,761
Additions
222,247
-
0
-
0
222,247
Disposals
(980,142)
(29,968)
(8,570)
(1,018,680)
At 24 September 2024
395,093
-
0
134,235
529,328
Depreciation and impairment
At 25 September 2023
1,026,835
28,056
51,972
1,106,863
Depreciation charged in the year
49,700
-
0
16,452
66,152
Eliminated in respect of disposals
(950,043)
(28,056)
-
0
(978,099)
At 24 September 2024
126,492
-
0
68,424
194,916
URMSTON AUTOMATICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 SEPTEMBER 2024
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
(Continued)
- 7 -
Carrying amount
At 24 September 2024
268,601
-
0
65,811
334,412
At 24 September 2023
126,153
1,912
90,833
218,898
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,116
5,384
Corporation tax recoverable
29,380
29,380
Other debtors
106,325
143,809
Prepayments and accrued income
1,506
297
147,327
178,870
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,173
10,667
Trade creditors
167,110
36,494
Taxation and social security
112,952
208,497
Other creditors
16,962
32,937
307,197
288,595

Included within other creditors is liabilities shown under hire purchase agreements. These agreements are secured on the asset to which the liability relates. At the 24 September 2024, the company owed £10,300 (2023 - £22,810) on hire purchase agreements due within one year,.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,892
11,978
Other creditors
25,604
36,886
44,496
48,864

Included within other creditors is liabilities shown under hire purchase agreements. These agreements are secured on the asset to which the liability relates. At the 24 September 2024, the company owed £25,604 (2023 - £36,886) on hire purchase agreements due after one year.

URMSTON AUTOMATICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 SEPTEMBER 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,000
9,000
9,000
9,000
Ordinary A shares of £1 each
1,000
1,000
1,000
1,000
10,000
10,000
10,000
10,000
9
Directors' transactions

During the year, the directors withdrew funds totalling £83,800 (2023: £67,830). After accounting for dividends, net of wages and expenses paid personally, at the year end the director owed the company £103,825 (2023: £143,262). Interest has been charged on this loan.

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