Company Registration No. 05318128 (England and Wales)
UK LOCO LIMITED
Unaudited accounts
for the year ended 31 January 2022
UK LOCO LIMITED
Unaudited accounts
Contents
UK LOCO LIMITED
Company Information
for the year ended 31 January 2022
Directors
S J Pagett
S M Watson
D M Singleton
Company Number
05318128 (England and Wales)
Registered Office
APPLE TREE COTTAGE
MILCOTE ROAD
MILCOTE
STRATFORD UPON AVON
CV37 8JN
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
UK LOCO LIMITED
Statement of financial position
as at 31 January 2022
Tangible assets
79,056
92,456
Inventories
117,983
39,686
Cash at bank and in hand
25,474
87,223
Creditors: amounts falling due within one year
(460,878)
(465,291)
Net current assets
338,322
336,011
Total assets less current liabilities
417,378
428,467
Provisions for liabilities
Deferred tax
(10,614)
(13,124)
Net assets
406,764
415,343
Called up share capital
100
100
Profit and loss account
406,664
415,243
Shareholders' funds
406,764
415,343
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2022 and were signed on its behalf by
S J Pagett
Director
Company Registration No. 05318128
UK LOCO LIMITED
Notes to the Accounts
for the year ended 31 January 2022
UK LOCO LIMITED is a private company, limited by shares, registered in England and Wales, registration number 05318128. The registered office is APPLE TREE COTTAGE, MILCOTE ROAD, MILCOTE, STRATFORD UPON AVON, CV37 8JN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
over the lease term
Plant & machinery
over 10 years
Motor vehicles
over 4 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
UK LOCO LIMITED
Notes to the Accounts
for the year ended 31 January 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Government grants in relation to covid assistance are credited to profit and loss using the accruals model and are recognised in Other operating income.
The company has suffered financially as a result of the Covid-19 pandemic and, despite receiving government assistance in the form of grants, has made a trading loss in this and the previous year. However, the company has significant net assets at the balance sheet date and the directors are confident that the quantity and quality of work in the order book will generate profits in the coming year. Consequently these accounts have been prepared on the going concern basis.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2021
7,767
217,238
43,039
268,044
At 31 January 2022
7,767
217,238
43,039
268,044
At 1 February 2021
7,767
135,552
32,269
175,588
Charge for the year
-
5,890
7,510
13,400
At 31 January 2022
7,767
141,442
39,779
188,988
At 31 January 2022
-
75,796
3,260
79,056
At 31 January 2021
-
81,686
10,770
92,456
Raw materials
30,000
31,615
Work in progress
87,983
8,071
UK LOCO LIMITED
Notes to the Accounts
for the year ended 31 January 2022
Amounts falling due within one year
Trade debtors
570,274
501,213
Accrued income and prepayments
57,334
53,108
Other debtors
28,135
97,193
Amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
178,529
129,803
Trade creditors
256,709
304,258
Taxes and social security
20,029
26,309
Other creditors
3,311
2,921
Loans from directors
200
-
The bank overdraft facility is secured by way of a fixed and floating charge over the property and undertakings of the company.
8
Deferred taxation
2022
2021
Accelerated capital allowances
10,892
13,370
Other deferred taxation
(278)
(246)
Provision at start of year
13,124
11,207
(Credited)/charged to the profit and loss account
(2,510)
1,917
Provision at end of year
10,614
13,124
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
UK LOCO LIMITED
Notes to the Accounts
for the year ended 31 January 2022
10
Operating lease commitments
2022
2021
At 31 January 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
-
845
Later than one year and not later than five years
234,281
105,280
Later than five years
-
199,061
11
Average number of employees
During the year the average number of employees was 28 (2021: 25).
