Unique Car Mats (U.K.) Ltd - Accounts to registrar (filleted) - small 23.2.5

UNIQUE CAR MATS (U.K.) LIMITED - Company Information

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REGISTERED NUMBER: 02369272 (England and Wales)

UNIQUE CAR MATS (U.K.) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Page

Company Information

Abridged Statement of Financial Position

Notes to the Financial Statements

DIRECTORS:

P Kimsey

Ms G Charlesworth

REGISTERED OFFICE:

Unit 2 Hassall Road

Skegness Industrial Estate

Skegness

Lincolnshire

PE25 3TB

REGISTERED NUMBER:

02369272 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe

Chartered Certified Accountants

Rollestone House

20-22 Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

BANKERS:

HSBC Bank plc

49 Lumley Road

Skegness

Lincolnshire

PE25 3LW

FIXED ASSETS

Intangible assets

22,288

22,684

Tangible assets

354,591

462,592

376,879

485,276

CURRENT ASSETS

Stocks

734,583

618,273

Debtors

1,323,243

1,151,715

Cash at bank and in hand

1,905,753

1,281,875

3,963,579

3,051,863

CREDITORS

Amounts falling due within one year

1,583,443

1,090,819

NET CURRENT ASSETS

2,380,136

1,961,044

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,757,015

2,446,320

CREDITORS

Amounts falling due after more than one year

(19,489

)

PROVISIONS FOR LIABILITIES

(68,953

)

(71,535

)

NET ASSETS

2,688,062

2,355,296

CAPITAL AND RESERVES

Called up share capital

1,515

Capital redemption reserve

6,900

Retained earnings

2,679,647

2,346,881

SHAREHOLDERS' FUNDS

2,688,062

2,355,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:

P Kimsey - Director

1.	STATUTORY INFORMATION

Unique Car Mats (U.K.) Ltd 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 amounts charged to customers for good and services provided during the period, excluding value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by the customer.

Intangible assets

Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Patents and licences - Straight line over 5 years

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

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debt factoring

The company has entered into a invoice discounting agreement whereby a proportion of its debt is discounted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 68 (2022 - 54 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

COST

At 1 October 2022

63,091

Additions

8,254

At 30 September 2023

71,345

AMORTISATION

At 1 October 2022

40,407

Amortisation for year

8,650

At 30 September 2023

49,057

NET BOOK VALUE

At 30 September 2023

22,288

At 30 September 2022

22,684

5.	TANGIBLE FIXED ASSETS

Totals

COST

At 1 October 2022

1,147,240

Additions

9,781

At 30 September 2023

1,157,021

DEPRECIATION

At 1 October 2022

684,648

Charge for year

117,782

At 30 September 2023

802,430

NET BOOK VALUE

At 30 September 2023

354,591

At 30 September 2022

462,592

6.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

Hire purchase contracts

19,489

38,344

Bank borrowings are secured on fixed and floating assets, and all book debts of the company.

Hire purchase contracts are secured on the asset to which they relate.

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023

2022

P Kimsey

Balance outstanding at start of year

177,771

54,201

Amounts advanced

397

427,731

Amounts repaid

(178,192

)

(304,161

)

Amounts written off

Amounts waived

Balance outstanding at end of year

(24

)

177,771