Universal Steel Profiles Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06965474 (England and Wales)

UNIVERSAL STEEL PROFILES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mrs S L O'Grady

REGISTERED OFFICE:

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

REGISTERED NUMBER:

06965474 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and

certain other primary statements and the Report of the Director are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Universal Steel Profiles Limited for the year ended 31 December 2019 which comprise the

Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Universal Steel Profiles Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Universal Steel Profiles Limited and state those matters that we have agreed to state to the director of Universal Steel Profiles Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Universal Steel Profiles Limited and its director for our work or for this report.

It is your duty to ensure that Universal Steel Profiles Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Universal Steel Profiles Limited. You consider that Universal Steel Profiles Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Universal Steel Profiles Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

10 September 2020

FIXED ASSETS

Tangible assets

4

20,000

102,482

CURRENT ASSETS

Stocks

285,000

-

Debtors

5

1,421,344

1,622,579

Cash at bank

108,847

137,772

1,815,191

1,760,351

CREDITORS

Amounts falling due within one year

6

1,820,042

1,842,872

NET CURRENT LIABILITIES

(4,851

)

(82,521

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,149

19,961

PROVISIONS FOR LIABILITIES

3,800

7,184

NET ASSETS

11,349

12,777

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

11,249

12,677

SHAREHOLDERS' FUNDS

11,349

12,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 10 September 2020 and were signed by:

Mrs S L O'Grady - Director

1.	STATUTORY INFORMATION

Universal Steel Profiles 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

Turnover represents net sales of goods and services, excluding value added tax.

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

-

15% on reducing balance

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 year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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 year 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2018 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2019

203,000

Additions

20,000

Disposals

(203,000

)

At 31 December 2019

20,000

DEPRECIATION

At 1 January 2019

100,518

Eliminated on disposal

(100,518

)

At 31 December 2019

-

NET BOOK VALUE

At 31 December 2019

20,000

At 31 December 2018

102,482

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,384,251

1,585,573

Other debtors

37,093

37,006

1,421,344

1,622,579

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

1,569,187

1,619,126

Taxation and social security

41,697

7,526

Other creditors

209,158

216,220

1,820,042

1,842,872

7.	SECURED DEBTS

Included in trade creditors is a balance of £159,250 (2018 £204,555) owed to Consolidated Steel Products

Limited that is secured by a debenture over all assets of the company present and future.

8.	ULTIMATE CONTROLLING PARTY

Control over the company is exercised by the Board of Directors. No individual is able to exercise sole control.