Universal Supply Chain & Solutions Limit - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11985044 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

8 MAY 2019 TO 31 MARCH 2020

FOR

UNIVERSAL SUPPLY CHAIN & SOLUTIONS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P A Mistry

REGISTERED OFFICE:

South Portway Close

Round Spinney

Northampton

NN3 8RH

REGISTERED NUMBER:

11985044 (England and Wales)

FIXED ASSETS

Intangible assets

4

59,607

Tangible assets

5

102,458

162,065

CURRENT ASSETS

Stocks

83,000

Debtors

6

169,945

Cash at bank

15,496

268,441

CREDITORS

Amounts falling due within one year

7

500,191

NET CURRENT LIABILITIES

(231,750

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(69,685

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

8

(69,785

)

(69,685

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 April 2020 and were signed by:

Mr P A Mistry - Director

1.	STATUTORY INFORMATION

Universal Supply Chain & Solutions Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice

value. The company supplies products to customers from its manufacturing site, under standard terms and

conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is

defined to be on dispatch of the goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

25% on 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 period comprises current and deferred tax. Tax is recognised in the 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.

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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term trade debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Creditors

Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using

the effective interest method.

Going concern

For the period ended 31 March 2020 the company made a loss before taxation of £78,094, and as at this date,

there were net current liabilities of £231,750 and overall net liabilities of £69,685.

These financial statements have been prepared on a going concern basis as it is the director's opinion that the

company can continue to trade for the foreseeable future. This time frame being at least one year from the date of

signing of the balance sheet. Should the company be unable to trade, adjustments would have to be made to

reduce the assets to their recoverable amount, to provide for any further liabilities which may arise, and to

reclassify fixed assets as current assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

74,509

At 31 March 2020

74,509

AMORTISATION

Charge for period

14,902

At 31 March 2020

14,902

NET BOOK VALUE

At 31 March 2020

59,607

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

Additions

78,600

57,660

136,260

At 31 March 2020

78,600

57,660

136,260

DEPRECIATION

Charge for period

19,650

14,152

33,802

At 31 March 2020

19,650

14,152

33,802

NET BOOK VALUE

At 31 March 2020

58,950

43,508

102,458

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

98,060

Other debtors

71,885

169,945

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

236,331

Taxation and social security

112,211

Other creditors

151,649

500,191

8.

RESERVES

Retained

earnings

£

Deficit for the period

(69,785

)

At 31 March 2020

(69,785

)

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2020:

£

Mr P A Mistry

Balance outstanding at start of period

-

Amounts advanced

4,740

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

4,740

The loan is interest free and re-payable on demand.