Universal Supply Chain & Solutions Limit - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 11985044 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 APRIL 2022 TO 31 DECEMBER 2022

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

18,627

29,804

Tangible assets

5

224,804

234,034

243,431

263,838

CURRENT ASSETS

Stocks

112,936

122,400

Debtors

6

630,292

614,706

Cash at bank

38,834

1,230

782,062

738,336

CREDITORS

Amounts falling due within one year

7

843,044

867,637

NET CURRENT LIABILITIES

(60,982

)

(129,301

)

TOTAL ASSETS LESS CURRENT LIABILITIES

182,449

134,537

CREDITORS

Amounts falling due after more than one year

8

288,366

313,658

NET LIABILITIES

(105,917

)

(179,121

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(106,017

)

(179,221

)

(105,917

)

(179,121

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2022 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 4 April 2023 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Mezzanine

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2022 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 December 2022

74,509

AMORTISATION

At 1 April 2022

44,705

Charge for period

11,177

At 31 December 2022

55,882

NET BOOK VALUE

At 31 December 2022

18,627

At 31 March 2022

29,804

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Mezzanine

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2022

35,700

285,328

70,083

391,111

Additions

-

15,467

4,865

20,332

At 31 December 2022

35,700

300,795

74,948

411,443

DEPRECIATION

At 1 April 2022

7,320

114,522

35,235

157,077

Charge for period

2,678

21,535

5,349

29,562

At 31 December 2022

9,998

136,057

40,584

186,639

NET BOOK VALUE

At 31 December 2022

25,702

164,738

34,364

224,804

At 31 March 2022

28,380

170,806

34,848

234,034

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2022

£

£

Trade debtors

352,763

239,156

Other debtors

277,529

375,550

630,292

614,706

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2022

£

£

Bank loans and overdrafts

84,855

37,561

Hire purchase contracts

32,655

36,234

Trade creditors

336,954

399,712

Taxation and social security

123,336

75,242

Other creditors

265,244

318,888

843,044

867,637

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2022

£

£

Bank loans

187,495

190,968

Hire purchase contracts

100,871

122,690

288,366

313,658

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2022

£

£

Hire purchase contracts

133,526

158,924

Invoice Discounting

188,086

117,202

321,612

276,126

The company's invoice financing facility is secured by a legal charge over the company's freehold and leasehold land and buildings, including any trade fixture and fittings and plant and machinery in or on such land and buildings.

The company's hire purchase is secured on the assets to which it relates.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2022 and the year ended 31 March 2022:

2022

2022

£

£

Mr P A Mistry

Balance outstanding at start of period

(130,954

)

38,117

Amounts advanced

155,210

-

Amounts repaid

-

(169,071

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

24,256

(130,954

)

The outstanding loan is subject to interest at the Bank of England official rate, is unsecured, and repayable on demand.