REGISTERED NUMBER:
|
|
|
|
|
|
GUIDED ULTRASONICS LIMITED |
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
GUIDED ULTRASONICS LIMITED |
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
|
|
|
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
GUIDED ULTRASONICS LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
AUDITORS: |
|
Chartered Accountants |
and Statutory Auditors |
7 St John Street |
Mansfield |
Nottinghamshire |
NG18 1QH |
|
|
BANKERS: |
|
1 Lemming Street |
Mansfield |
Nottinghamshire |
NG18 1LU |
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
BALANCE SHEET |
31 JULY 2021 |
|
2021 | 2020 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
|
|
Tangible assets | 6 |
|
|
Investments | 7 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 8 |
|
|
Debtors | 9 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 10 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 12 |
|
|
Capital redemption reserve |
|
|
Retained earnings |
|
12,965,708 |
SHAREHOLDERS' FUNDS |
|
|
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
BALANCE SHEET - continued |
31 JULY 2021 |
|
|
|
|
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 and authorised for issue on
|
|
|
|
|
|
|
|
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
1. | STATUTORY INFORMATION |
|
Guided Ultrasonics Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
|
Preparation of consolidated financial statements |
The financial statements contain information about Guided Ultrasonics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
|
Significant judgements and estimates |
The significant judgement and estimate are as follows: |
|
The significant judgement and estimates are detailed in the accounting policy of the fixed assets depreciation rates. The rates are annually reviewed in line to what the directors believe the assets are worth taking into account the income streams generated by those assets. This includes the freehold property which is currently held at historic cost. |
|
A further significant judgment relates to the recoverability of the group debts, this is based on the forecasted economic inflows being generated by the respective group companies, that these loans are recoverable in full. Management also consider these loans as repayable on demand. |
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
Turnover |
Turnover represents the value excluding Value Added Tax of pipe testing equipment sales, rental and training services provided to customers during the year. |
In respect of all goods and services provided to customers; the income is charged to profit and loss at the point when the goods or services are provided to the customer. |
|
Intangible assets |
Intangible assets are initially measured at costs. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
Development costs are amortised evenly over their estimated useful life of five years. |
|
Tangible fixed assets |
|
Freehold property | - |
|
Improvements to property | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Computer equipment | - |
|
|
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 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 balance sheet date. |
|
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
3. | ACCOUNTING POLICIES - continued |
Current and 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 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. |
|
Development expenditure |
Expenditure on development costs is capitalised; at cost when incurred, as the future economic benefit exceeds the deferred development cost plus any future developments and related production, selling and administration costs. Development costs are amortised evenly over their estimated useful life of five years. |
|
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. |
|
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. |
|
Financial instruments |
Financial instruments 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. |
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
Debtors and creditors receivable/payable within one year |
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 profit and loss account in other administrative expenses. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
5. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 August 2020 |
|
Additions |
|
At 31 July 2021 |
|
AMORTISATION |
At 1 August 2020 |
|
Amortisation for year |
|
At 31 July 2021 |
|
NET BOOK VALUE |
At 31 July 2021 |
|
At 31 July 2020 |
|
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
6. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 August 2020 |
|
|
|
Additions |
|
|
|
At 31 July 2021 |
|
|
|
DEPRECIATION |
At 1 August 2020 |
|
|
|
Charge for year |
|
|
|
At 31 July 2021 |
|
|
|
NET BOOK VALUE |
At 31 July 2021 |
|
|
|
At 31 July 2020 |
|
|
|
|
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2020 |
|
|
|
Additions |
|
|
|
At 31 July 2021 |
|
|
|
DEPRECIATION |
At 1 August 2020 |
|
|
|
Charge for year |
|
|
|
At 31 July 2021 |
|
|
|
NET BOOK VALUE |
At 31 July 2021 |
|
|
|
At 31 July 2020 |
|
|
|
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
6. | TANGIBLE FIXED ASSETS - continued |
|
Included within freehold property is land purchased of the value of £35,000 (2020: £35,000) which has not been depreciated. |
|
7. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 August 2020 |
and 31 July 2021 |
|
NET BOOK VALUE |
At 31 July 2021 |
|
At 31 July 2020 |
|
|
During the previous year to July 2020, the company invested in two new wholly owned subsidiaries GUL Americas Inc and GUL AsiaPAC Sdn Bhd (1350130-T). |
|
8. | STOCKS |
2021 | 2020 |
as | restated |
£ | £ |
Stocks |
|
|
|
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as | restated |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
VAT |
|
|
Called up share capital not paid |
|
|
Prepayments and accrued income |
|
|
|
|
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as | restated |
£ | £ |
Trade creditors |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
11. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
as | restated |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
12. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: |
as
restated |
£ | £ |
|
Ordinary | 1p | 7,250 | 7,250 |
|
Allotted and issued: |
Number: | Class: | Nominal | 2021 | 2020 |
value: |
as
restated |
£ | £ |
|
Ordinary A | 1p | 802 | 802 |
|
In the previous year to July 2020, the company purchased back 1,250 of its own shares at a cost of £1,800,000. |
|
In the previous year to July 2020, the company had a share restructure, were the full value of Ordinary shares were transfered to 1p shares from £1 shares. |
|
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
14. | CAPITAL COMMITMENTS |
|
The company had no capital commitments, or contingent liabilities at the balance sheet date. |
GUIDED ULTRASONICS LIMITED (REGISTERED NUMBER: 03809900) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
|
|
15. | RELATED PARTY DISCLOSURES |
|
The following amounts of directors remuneration (including employers national insurance) are split as follows: |
|
2021 | 2020 |
as restated |
£ | £ |
Bonus pool capitalisation | 10,500 | 256,990 |
Bonus pool | 29,500 | 137,971 |
Capitalised wages costs | 216,667 | 146,212 |
Directors pension contributions | 36,483 | 70,144 |
293,150 | 611,317 |
|
Key management personnel remuneration in the year totalled £821,059. (2020: £714,957.) |