UNIVERSAL TEXTILES UK LTD - Accounts 2014

UNIVERSAL TEXTILES UK LTD - Accounts 2014

UNIVERSAL TEXTILES UK LTD - Company Information

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2013-09-01 true false 06865782 2014-08-31 06865782 2013-09-01 2014-08-31 06865782 2013-08-31 06865782 2009-01-01 2013-08-31 06865782 uk-bus:Director1 2013-09-01 2014-08-31 06865782 uk-gaap:DevelopmentCosts 2013-09-01 2014-08-31 06865782 uk-gaap:LandBuildings 2013-09-01 2014-08-31 06865782 uk-gaap:LandBuildings uk-gaap:ShortLeaseholdProperties 2013-09-01 2014-08-31 06865782 uk-gaap:PlantMachinery 2013-09-01 2014-08-31 06865782 uk-gaap:Vehicles 2013-09-01 2014-08-31 06865782 uk-gaap:FixturesFittings 2013-09-01 2014-08-31 06865782 uk-gaap:ToolsEquipment 2013-09-01 2014-08-31 06865782 uk-bus:OrdinaryShareClass1 2014-08-31 06865782 uk-bus:OrdinaryShareClass1 2013-09-01 2014-08-31 06865782 uk-bus:OrdinaryShareClass1 2013-08-31 iso4217:GBP xbrli:shares
         
  UNIVERSAL TEXTILES UK LTD
         
         
  ABBREVIATED UNAUDITED ACCOUNTS
         
         
  FOR THE YEAR ENDED 31 AUGUST 2014
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
  INDEX TO THE ACCOUNTS
         
 
         
  Pages
         
  1 Abbreviated Balance Sheet    
         
  2-4 Notes to the Abbreviated Accounts    
         
 
         
         
         
         
         
         
         
         
         
         
         
         
         
  UNIVERSAL TEXTILES UK LTD
  Company registered number: 06865782
  ABBREVIATED BALANCE SHEET
  AT 31 August 2014
           
    Note 2014 2013
      £ £ £
  FIXED ASSETS
  Intangible assets 2 112,372 129,660
  Tangible Assets 3 1,361,774 55,263
      1,474,146 184,923
         
  CURRENT ASSETS
  Stock 1d 536,172 408,019
  Debtors falling due within one year   338,118 185,364
  Cash at bank and in hand   295,409 465,774
      1,169,699 1,059,157
  CREDITORS: Amounts falling due within one year   630,066 390,649
  NET CURRENT ASSETS   539,633 668,508
  TOTAL ASSETS LESS CURRENT LIABILITIES   2,013,779 853,431
           
  CREDITORS: Amounts falling due after more than one year (848,160) (31,536)
           
  Provisions for Liabilities   (50,583) (8,614)
  NET ASSETS   £1,115,036 £813,281
       
  CAPITAL AND RESERVES
  Called up share capital 5 100 100
  Profit and loss account   1,114,936 813,181
  SHAREHOLDERS' FUNDS   £1,115,036 £813,281
       
         
  In approving these financial statements as directors of the company we hereby confirm the following:
  For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
         
  Directors' responsibilities:
  1) The members have not required the company to obtain an audit for its accounts for the year in question in accordance with section 476,
  2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
         
  The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
         
  These abbreviated accounts were approved by the board of directors on 31 October 2014
 
 
         
  R Karia , Director
   
  The notes on pages 2 to 4 form part of these accounts
  page 1
  NOTES TO THE ABBREVIATED ACCOUNTS
  FOR THE YEAR ENDED 31 AUGUST 2014
       
 
1. ACCOUNTING POLICIES
     
     
1a. Basis of accounting
     
  The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
       
       
1b. Intangible fixed assets: research and development
       
  Development expenditure is normally written off in the year of expenditure, however expenditure incurred on specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised in relation to sales from such projects.
         
         
1c. Tangible fixed assets
         
  Fixed assets are shown at historical cost.
         
  Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
         
         
  Freehold buildings Reducing balance 10%    
  Short leasehold properties Reducing balance 10%    
  Plant and machinery Reducing balance 20%    
  Vehicles Reducing balance 20%    
  Fixtures and fittings Reducing balance 20%    
  Equipment Reducing balance 20%    
       
       
1d. Stocks
       
  Stocks are stated at the lower of cost and net realisable value. Cost incurred in bringing each product to its present location and condition is based on purchase cost on a first-in, first-out basis, including transport.
       
       
1e. Taxation
       
  Corporation tax payable is provided on taxable profits at the current rate. The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
       
 
       
       
1f. Pensions
       
  The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in the year.
  page 2
  UNIVERSAL TEXTILES UK LTD
  NOTES TO THE ABBREVIATED ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 AUGUST 2014
       
 
1. ACCOUNTING POLICIES (CONT.)
       
       
1g. Foreign currency
       
  Transactions denominated in foreign currencies are recorded in the local currency at actual exchange rates as of the date of the transaction.
       
       
1h. Turnover
       
  Turnover comprises the value of sales (excluding VAT and similar taxes and trade discounts) of goods and services in the normal course of business.
       
       
2. INTANGIBLE FIXED ASSETS 2014 2013
    £ £
  Cost
       
  At 1 September 2013 172,880 172,880
  At 31 August 2014 172,880 172,880
  Depreciation
       
  At 1 September 2013 43,220 25,932
  For the year 17,288 17,288
  At 31 August 2014 60,508 43,220
   
  Net Book Amounts
       
  At 31 August 2014 £112,372 £129,660
   
  page 3
  UNIVERSAL TEXTILES UK LTD
  NOTES TO THE ABBREVIATED ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 AUGUST 2014
       
       
3. TANGIBLE FIXED ASSETS 2014 2013
    £ £
  Cost
       
  At 1 September 2013 82,601 59,171
  Additions 1,348,622 23,430
  Disposals (3,350) -
  At 31 August 2014 1,427,873 82,601
   
  Depreciation
       
  At 1 September 2013 27,338 15,297
  Disposals (670) -
  For the year 39,431 12,041
  At 31 August 2014 66,099 27,338
   
  Net Book Amounts
       
  At 31 August 2014 £1,361,774 £55,263
   
       
       
4. CREDITORS
    2014 2013
    £ £
  Creditors include the following amounts of secured liabilities:
       
  Due after more than one year 848,160 31,536
  Due after more than one year and by instalments after more than five years 626,968 -
   
       
       
5. SHARE CAPITAL 2014 2013
    £ £
  Allotted, issued and fully paid:
       
  100 Ordinary shares of £1 each £100 £100
   
       
       
6. RELATED PARTIES
       
  The company is controlled by Mr M Karia and Mr R Karia
       
       
  page 4