UK Industrial Tapes Limited


Directors	Brian Matthew Welch
	Matthew David Welch
	Michael Brian Welch
	Ruth Welch


Registered Address	Brumwell House Westway Industrial Park
	Throckley
	Newcastle Upon Tyne
	NE15 9EW


Registered Number	03319765 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	50
Plant and machinery	20	-
Fixtures and fittings	-	10
Vehicles	25	-
Office Equipment	-	3

	Finance leases and hire purchase contracts
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	49		44

3.	Intangible assets

	Goodwill	Other	Total
	£	£	£
Cost or valuation
At 01 January 25	980	2,175	3,155
At 31 December 25	980	2,175	3,155
Amortisation and impairment
At 01 January 25	980	2,175	3,155
At 31 December 25	980	2,175	3,155
Net book value
At 31 December 25	-	-	-
At 31 December 24	-	-	-

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 01 January 25	1,347,276	1,577,530	105,513	353,149	420,301	3,803,769
Additions	-	24,746	-	18,200	5,757	48,703
Disposals	-	(40,767)	-	(155,937)	(169,771)	(366,475)
At 31 December 25	1,347,276	1,561,509	105,513	215,412	256,287	3,485,997
Depreciation and impairment
At 01 January 25	23,990	1,041,037	52,015	293,884	399,950	1,810,876
Charge for year	24,619	110,529	13,380	18,130	12,277	178,935
On disposals	-	(40,499)	-	(155,947)	(169,770)	(366,216)
At 31 December 25	48,609	1,111,067	65,395	156,067	242,457	1,623,595
Net book value
At 31 December 25	1,298,667	450,442	40,118	59,345	13,830	1,862,402
At 31 December 24	1,323,286	536,493	53,498	59,265	20,351	1,992,893

5.	Revaluation of property, plant and equipment
	Freehold Land and Buildings were revalued to reflect the professional valuation prepared in April 2023 by Eddisons, revaluing the premises to £1,300,000. It is the opinion of the directors that this valuation has not materiality altered at the period end date.

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	1,279,753	1,239,004
Other debtors	375,905	300,741
Prepayments and accrued income	99,997	100,034
Total	1,755,655	1,639,779


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transactions price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	1,044,108	1,011,085
Bank borrowings and overdrafts	22,661	303,022
Taxation and social security	165,506	187,658
Finance lease and HP contracts	68,760	69,127
Other creditors	773,926	603,051
Accrued liabilities and deferred income	109,770	144,832
Total	2,184,731	2,318,775


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company. Finance lease and HP contracts are secured on the assets to which they relate.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.

Finance lease and HP contracts are secured on the assets to which they relate.

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	619,490	77,428
Other creditors	105,430	204,059
Total	724,920	281,487


	Finance lease and HP contracts are included within other creditors and are secured against the assets to which they relate. Bank borrowings are secured by fixed and floating charges over the assets of the company.

9.	Other commitments
	At 31 December 2025 the company had future minimum lease payments under non-cancellable operating leases of £69,189 (2024: £163,112).

10.	Related party transactions
	On 1 January 2025 a director owed the company £143,904. During the period the director made no further withdrawals or repayments. At 31 December 2025 the director owed the company £143,904. This loan is interest free, unsecured and repayable on demand. On 1 January 2025 a director owed the company £31,000. During the period the director made no further withdrawals or repayments. At 31 December 2025 the director owed the company £31,000. This loan is interest free, unsecured and repayable on demand. On 1 January 2025 a director owed the company £4,000. During the period the director made no further withdrawals or repayments. At 31 December 2025 the director owed the company £4,000. This loan is interest free, unsecured and repayable on demand.

10.

Related party transactions

On 1 January 2025 a director owed the company £143,904. During the period the director made no further withdrawals or repayments.  At 31 December 2025 the director owed the company £143,904.  This loan is interest free, unsecured and repayable on demand.

On 1 January 2025 a director owed the company £31,000.  During the period the director made no further withdrawals or repayments.  At 31 December 2025 the director owed the company £31,000.  This loan is interest free, unsecured and repayable on demand.

On 1 January 2025 a director owed the company £4,000.  During the period the director made no further withdrawals or repayments.  At 31 December 2025 the director owed the company £4,000.  This loan is interest free, unsecured and repayable on demand.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		1,862,402		1,992,893
			1,862,402		1,992,893
Current assets
Stocks		1,323,949		1,330,764
Debtors	6	1,755,655		1,639,779
Cash at bank and on hand		287,953		114,180
		3,367,557		3,084,723
Creditors amounts falling due within one year	7	(2,184,731)		(2,318,775)
Net current assets (liabilities)			1,182,826		765,948
Total assets less current liabilities			3,045,228		2,758,841
Creditors amounts falling due after one year	8		(724,920)		(281,487)
Provisions for liabilities			(131,100)		(156,100)
Net assets			2,189,208		2,321,254
Capital and reserves
Called up share capital			811		811
Revaluation reserve			565,357		565,357
Other reserves			179		179
Profit and loss account			1,622,861		1,754,907
Shareholders' funds			2,189,208		2,321,254