Unitex Engineers Ltd 31/07/2022 iXBRL

Unitex Engineers Ltd 31/07/2022 iXBRL

UNITEX ENGINEERS LIMITED - Company Information

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Company registration number: 06187507
Unitex Engineers Ltd
Unaudited filleted financial statements
31 July 2022
Unitex Engineers Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Unitex Engineers Ltd
Directors and other information
Director C Farrow
Company number 06187507
Registered office Office 1 Riverside Court
24 Lower Southend Road
Wickford
SS11 8AW
Business address 6 Dalen Avenue
Canvey Island
SS8 9EQ
Accountants Hill Allen (Wickford) Ltd
Office 1 Riverside Court
24 Lower Southend Road
Wickford
SS11 8AW
Bankers Barclays Bank
33 The Broadway
Woodford Green
IG8 0HJ
Unitex Engineers Ltd
Statement of financial position
31 July 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 7,253 9,491
_______ _______
7,253 9,491
Current assets
Debtors 6 827 442
Cash at bank and in hand 20,139 23,261
_______ _______
20,966 23,703
Creditors: amounts falling due
within one year 7 ( 26,261) ( 26,527)
_______ _______
Net current liabilities ( 5,295) ( 2,824)
_______ _______
Total assets less current liabilities 1,958 6,667
Creditors: amounts falling due
after more than one year 8 ( 777) ( 3,108)
Provisions for liabilities - ( 1,245)
_______ _______
Net assets 1,181 2,314
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,180 2,313
_______ _______
Shareholder funds 1,181 2,314
_______ _______
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2022 , and are signed on behalf of the board by:
C Farrow
Director
Company registration number: 06187507
Unitex Engineers Ltd
Notes to the financial statements
Year ended 31 July 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Office 1 Riverside Court, 24 Lower Southend Road, Wickford, SS11 8AW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2021 2,926 16,871 19,797
Additions 200 - 200
_______ _______ _______
At 31 July 2022 3,126 16,871 19,997
_______ _______ _______
Depreciation
At 1 August 2021 2,925 7,381 10,306
Charge for the year 66 2,372 2,438
_______ _______ _______
At 31 July 2022 2,991 9,753 12,744
_______ _______ _______
Carrying amount
At 31 July 2022 135 7,118 7,253
_______ _______ _______
At 31 July 2021 1 9,490 9,491
_______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 827 442
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 1,034 142
Trade creditors 83 66
Social security and other taxes 16 16
Other creditors 25,128 26,303
_______ _______
26,261 26,527
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 777 3,108
_______ _______
9. Controlling party
The company is controlled by the director C Farrow by virtue of his shareholding.