UTM Limited - Accounts to registrar (filleted) - small 18.2
UTM Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
| FOR |
| UTM LIMITED |
| UTM LIMITED (REGISTERED NUMBER: 04104303) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| UTM LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Eagle House |
| 28 Billing Road |
| Northampton |
| Northamptonshire |
| NN1 5AJ |
| UTM LIMITED (REGISTERED NUMBER: 04104303) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on its behalf by: |
| UTM LIMITED (REGISTERED NUMBER: 04104303) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 1. | STATUTORY INFORMATION |
| UTM Limited is a |
| company's registered number and registered office address can be found on the Company Information |
| page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The comparatives cover a 14 month period to 31 December 2016 and are therefore not entirely |
| comparable. The financial year end was changed to align with the parent company. |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain critical accounting estimates. It also |
| requires management to exercise its judgement in the process of applying the company accounting |
| policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions |
| and estimates are significant to the financial statements are disclosed within the individual accounting |
| policies below. |
| Turnover |
| The company's turnover represents the value, excluding VAT, of goods and services supplied to |
| customers during the year. Income is recognised when the significant risks and rewards of ownership |
| of the goods have been transferred to the buyer, which depending on the specific contract terms is |
| either on dispatch or delivery of goods. |
| Tangible fixed assets and depreciation |
| Plant and machinery | - |
| Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Where parts of an item of property, plant and equipment have different useful lives, they are accounted |
| for as separate items of property, plant and equipment. |
| Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The |
| selection of these residual values and estimated lives requires the exercise of judgement. The |
| directors are required to assess whether there is an indication of impairment to the carrying value of |
| assets. In making that assessment, judgements are made in estimating value in use. The directors |
| consider that the individual carrying values of assets are supportable by their value in use. |
| 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. |
| UTM LIMITED (REGISTERED NUMBER: 04104303) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year 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 statement of financial position date. |
| Taxation |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
| the statement of financial position 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. |
| Pensions |
| 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. |
| Financial instruments |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term |
| deposits with an original maturity date of three months or less. |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are |
| recorded at transaction price. Any losses arising from impairment are recognised in the statement of |
| comprehensive income under administrative expenses. |
| Financial liabilities and equity instruments are classified according to the substance of the contractual |
| arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
| the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a |
| similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
| liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
| financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
| produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a |
| financial liability then this is classed as an equity instrument. Dividends and distributions relating to |
| equity instruments are debited direct to equity. |
| UTM LIMITED (REGISTERED NUMBER: 04104303) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 January 2017 |
| Additions |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Provision for doubtful debts | - | (25,495 | ) |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| UTM LIMITED (REGISTERED NUMBER: 04104303) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank overdrafts |
| The bank borrowings are secured by a fixed and floating charge over all fixed and current assets of the |
| company. |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
| The company is party to an unlimited composite guarantee facility in respect of the bank borrowings of |
| other companies in the group. At the year end bank overdrafts, after right of set-off, covered by this |
| guarantee amounted to £2,544,764. |
| A fixed and floating charge over all assets of the group is held by the bank under the arrangements of |
| this cross guarantee. |
| 10. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
| 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
| party transactions with wholly owned subsidiaries within the group. |
| 11. | PARENT COMPANY |
| The parent undertaking, and ultimate holding company, of the smallest and largest group within which |
| the company belongs is Lunovi Limited, a company registered in England. A copy of the group |
| accounts can be obtained from the registered office which can be found on the Company Information |
| page. |