Company Registration No. 04511316 (England and Wales)
UNIVERSAL PROCUREMENT SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
UNIVERSAL PROCUREMENT SERVICES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
UNIVERSAL PROCUREMENT SERVICES LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UNIVERSAL PROCUREMENT SERVICES LTD FOR THE PERIOD ENDED 31 DECEMBER 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Universal Procurement Services Ltd for the period ended 31 December 2021 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Universal Procurement Services Ltd, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Universal Procurement Services Ltd
and state those matters that we have agreed to state to the Board of Directors of Universal Procurement Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Universal Procurement Services Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Universal Procurement Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Universal Procurement Services Ltd. You consider that Universal Procurement Services Ltd is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Universal Procurement Services Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
7 July 2022
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
UNIVERSAL PROCUREMENT SERVICES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
690
1,448
Current assets
Stocks
124,271
Debtors
4
1,184,351
1,723,329
Cash at bank and in hand
619,863
1,732,349
1,928,485
3,455,678
Creditors: amounts falling due within one year
5
(1,376,088)
(1,236,508)
Net current assets
552,397
2,219,170
Total assets less current liabilities
553,087
2,220,618
Provisions for liabilities
(100)
(275)
Net assets
552,987
2,220,343
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
552,887
2,220,243
Total equity
552,987
2,220,343
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
UNIVERSAL PROCUREMENT SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 July 2022 and are signed on its behalf by:
Mr A E S Klimcke
Director
Company Registration No. 04511316
UNIVERSAL PROCUREMENT SERVICES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2019
100
1,458,983
1,459,083
Year ended 30 September 2020:
Profit and total comprehensive income for the year
-
761,260
761,260
Balance at 30 September 2020
100
2,220,243
2,220,343
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
748,992
748,992
Dividends
-
(2,416,348)
(2,416,348)
Balance at 31 December 2021
100
552,887
552,987
UNIVERSAL PROCUREMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 5 -
1
Accounting policies
Company information
Universal Procurement Services Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Bull Pen, Jayes Park Courtyard, Sheep Green, Ockley, Surrey, England, RH5 5RR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statements have been prepared for 1
5
months and the comparative period is a year. This is
due to the change in company ownership
. As a result, the comparative
period amounts presented in these financial statements will not be entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
UNIVERSAL PROCUREMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
UNIVERSAL PROCUREMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease
.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 0 (2020 - 2
).
UNIVERSAL PROCUREMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 8 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2020 and 31 December 2021
2,903
Depreciation and impairment
At 1 October 2020
1,455
Depreciation charged in the period
758
At 31 December 2021
2,213
Carrying amount
At 31 December 2021
690
At 30 September 2020
1,448
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
999,430
946,819
Amounts owed by group undertakings
183,000
Other debtors
1,921
776,510
1,184,351
1,723,329
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,161,596
998,216
Corporation tax
183,733
181,516
Other taxation and social security
28,258
54,003
Other creditors
2,501
2,773
1,376,088
1,236,508
UNIVERSAL PROCUREMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 9 -
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as below. On 17 January 2020 the company relocated to a new address following the acquisition of the company by Universal PS Holdings Ltd, where no operating lease is held however rent is invoiced on a regular basis.
2021
2020
£
£
6,188
7
Related party transactions
Transactions with related parties
As at the balance sheet date, the company owed £nil (2020 - £772) to companies previously under common control.
As at the balance sheet date, the company owed £91,389 (2020 - £nil) and were owed £419,313 (2020 - £nil) to companies under the control of Mr Andrew E Klimcke. Purchases totalling £400,913 (2020 - £nil) and sales totalling £1,689,311(2020 - £nil) were made to and from this company.
8
Directors' transactions
The following advances and credits to a director subsisted during the
period
s ended
31 Dec
ember 202
1
and 30 September 20
20.
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
B J Funnell
-
772,000
(772,000)
-
772,000
(772,000)
-
9
Acquisition
On 1 January 2021, the company's shares were purchased by Universal PS Holdings Ltd, a company under the control of Mr Andrew E Klimcke, through a share purchase agreement with the previous owner Mr Benjamin Funnell. Mr Andrew E Klimcke, via his shareholding in Universal PS Holdings Ltd, gained significant control of the company with immediate effect.