| Universal Retail Ltd |
| Registered number: |
04469041 |
| Balance Sheet |
| as at 30 June 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
732 |
|
|
- |
| Tangible assets |
4 |
|
|
5,261 |
|
|
6,958 |
|
|
|
|
5,993 |
|
|
6,958 |
|
| Current assets |
| Stocks |
|
|
311,332 |
|
|
273,623 |
| Debtors |
5 |
|
7,428 |
|
|
66,942 |
| Cash at bank and in hand |
|
|
12,194 |
|
|
6,989 |
|
|
|
330,954 |
|
|
347,554 |
|
| Creditors: amounts falling due within one year |
6 |
|
(146,337) |
|
|
(191,702) |
|
| Net current assets |
|
|
|
184,617 |
|
|
155,852 |
|
| Total assets less current liabilities |
|
|
|
190,610 |
|
|
162,810 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(50,952) |
|
|
(962) |
|
| Provisions for liabilities |
|
|
|
(1,019) |
|
|
(1,322) |
|
|
| Net assets |
|
|
|
138,639 |
|
|
160,526 |
|
|
|
|
|
|
|
|
| Capital and reserves |
14 |
| Reserves & Share Capital |
|
|
|
45,002 |
|
|
45,002 |
| Profit and loss account |
|
|
|
93,637 |
|
|
115,524 |
|
| Shareholders' funds |
|
|
|
138,639 |
|
|
160,526 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr Wayne Nilan |
| Director |
| Approved by the board on 8 March 2021 |
|
| Universal Retail Ltd |
| Notes to the Accounts |
| for the year ended 30 June 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover for retail car sales is measured by taking account of all cars sold during the period. This includes any cars where funds have been received before the end of the accounting period, but where the risks and rewards of ownership have been transferred to the buyer. Trade car sales are measured in the same way. Service sales are invoiced when the work is complete and adjusted for any ongoing work in progress. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses, and are written down over a period of 5 years. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed asset at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
|
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Stocks |
|
The stock of retail cars is reviewed at the end of the accountng period to ensure that the expected realisable value is accurately reflected. The same applies to cars which are expected to become trade sale vehicles. Stocks of parts are carried at cost as the value is very low due to only being purchased when required. |
|
|
Debtors |
|
Customer debts are reviewed at year end and any doubtful or bad debts are identified. Other debtors include prepayments and accrued income for finance commissions. |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
8 |
|
8 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
SDLT |
|
|
Cost |
|
Additions |
915 |
|
At 30 June 2020 |
915 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
Provided during the year |
183 |
|
At 30 June 2020 |
183 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2020 |
732 |
|
|
|
|
|
|
|
|
|
|
SDLT is being written off over the useful life of the lease renewal for the delership - being 5 years from 28th April 2020. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 July 2019 |
64,109 |
|
Additions |
1,117 |
|
At 30 June 2020 |
65,226 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2019 |
57,151 |
|
Charge for the year |
2,814 |
|
At 30 June 2020 |
59,965 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2020 |
5,261 |
|
At 30 June 2019 |
6,958 |
|
|
| 5 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade debtors |
(2,065) |
|
45,932 |
|
Other debtors |
9,493 |
|
21,010 |
|
|
|
|
|
|
7,428 |
|
66,942 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loans and overdrafts |
10,248 |
|
50,517 |
|
Obligations under finance lease and hire purchase contracts |
463 |
|
463 |
|
Trade creditors |
26,363 |
|
7,937 |
|
Taxation and social security costs |
12,976 |
|
15,658 |
|
Other creditors |
96,287 |
|
117,127 |
|
|
|
|
|
|
146,337 |
|
191,702 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loans |
50,418 |
|
- |
|
Obligations under finance lease and hire purchase contracts |
534 |
|
962 |
|
|
|
|
|
|
50,952 |
|
962 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2020 |
|
2019 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
7,500 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
76,120 |
|
109,970 |
|
|
|
|
|
|
|
|
|
|
The secured bank loan is in the form of a stocking loan which is secured over the stock of retail vehicles. |
|
|
| 9 |
Lease Incentives |
|
|
The operating lease for the rental of the garage was renewed April 2020 for a period of five years, and a three month rent free period was granted worth £13375, two months relating to this accounting period. This lease incentive has been spread over the term of the lease with -£445.84 released into this accounting period, and the residual being included within creditors (accruals) in the Balance Sheet, to be released over the following 58 months. |
|
|
| 10 |
Government Grants & Assistance |
|
|
Other operating income includes £30804 which relates to Furlough payments / Small Business Grant fund, none of which is either repayable or has any other terms attached to it. All government assistance has been accounted for under the Performance Model.The company received a Bounce Back Loan in May 2020, the first repayment will be due in June 2021 with a 2.5% interest rate levied, and is repayable over a five year term from that date. £49168 in long term creditors relates to this loan. £1250 of government assistance relating to interest payments during this year have been allocated to this long term bank loan and will be released over the term of the loan. The effective interest rate which will be levied from June 2021 is therefore 2.15%. |
|
|
| 11 |
Pension commitments |
|
|
There was a pension commitment outstanding at the end of the period £1102, paid after the year end. |
|
|
| 12 |
Other financial commitments |
2020 |
|
2019 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
254,654 |
|
44,583 |
|
|
|
|
|
|
|
|
|
|
| 13 |
Other information |
|
|
Universal Retail Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Southgate |
|
Pontefract |
|
Wakefield |
|
West Yorkshire |
|
WF8 1QT |
|
| 14 |
Share Capital & Reserves |
2020 |
|
2019 |
|
|
Share Capital - £1 ordinary share capital |
2 |
|
2 |
|
Reserves |
£45,000 |
|
£45,000 |
