Company Registration No. SC239866 (Scotland)
UNITED BOX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
UNITED BOX LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
UNITED BOX LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
268,140
261,971
Current assets
Stocks
495,674
728,062
Debtors
4
549,646
430,272
Cash at bank and in hand
986,005
758,389
2,031,325
1,916,723
Creditors: amounts falling due within one year
5
(662,324)
(497,122)
Net current assets
1,369,001
1,419,601
Total assets less current liabilities
1,637,141
1,681,572
Creditors: amounts falling due after more than one year
6
(24,762)
(44,572)
Provisions for liabilities
(30,915)
(27,858)
Net assets
1,581,464
1,609,142
Capital and reserves
Called up share capital
600,000
750,000
Capital redemption reserve
150,000
-
Profit and loss reserves
831,464
859,142
Total equity
1,581,464
1,609,142
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 year 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.
UNITED BOX LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2020 and are signed on its behalf by:
Mrs T J Trotter
Director
Company Registration No. SC239866
UNITED BOX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2018
750,000
-
740,634
1,490,634
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
118,508
118,508
Balance at 31 December 2018
750,000
-
859,142
1,609,142
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
294,149
294,149
Own shares acquired
-
-
(321,827)
(321,827)
Redemption of shares
(150,000)
150,000
-
-
Balance at 31 December 2019
600,000
150,000
831,464
1,581,464
UNITED BOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
1
Accounting policies
Company information
United Box Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Unit 7, Halbeath Interchange Business Park, Kingseat Road, Halbeath, Dunfermline, KY11 8RY.
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
Going concern
The company has paid special attention to the recent COVID-19 pandemic and the associated impact on the business. This includes:
true
-
• The impact of government-imposed restrictions on our continued operation and those of our customers.
-
• The economic impact on our existing and potential customer base and the resulting fall in revenue.
-
• Interruption to operations resulting from an absence of employees due to sickness.
-
• Government support available to the company to safeguard jobs and ease working capital requirements.
The current and future financial performance of the company and its cash flows has been reviewed and continues to be reviewed on a regular basis by the directors.
Although it is not possible to reliably estimate the length or severity of the outbreak, at the time of approving the financial statements, the directors consider the business to have adequate resources to navigate all foreseeable circumstances.
As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
UNITED BOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
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:
Leasehold land and buildings
10% Straight Line
Plant and equipment
15% Straight Line
Computers
25% Reducing Balance
Motor vehicles
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
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.
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.
UNITED BOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Short term debtors and creditors
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 income statement in other operating expenses
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
16
16
UNITED BOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2019
136,466
1,018,129
17,183
26,623
1,198,401
Additions
-
47,826
-
14,250
62,076
At 31 December 2019
136,466
1,065,955
17,183
40,873
1,260,477
Depreciation and impairment
At 1 January 2019
123,524
791,548
6,349
15,009
936,430
Depreciation charged in the year
4,477
47,416
64
3,950
55,907
At 31 December 2019
128,001
838,964
6,413
18,959
992,337
Carrying amount
At 31 December 2019
8,465
226,991
10,770
21,914
268,140
At 31 December 2018
12,942
226,581
10,834
11,614
261,971
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
519,081
409,828
Amounts owed by group undertakings
-
211
Other debtors
30,565
20,233
549,646
430,272
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
364,519
428,963
Corporation tax
72,316
16,069
Other taxation and social security
117,854
13,175
Other creditors
107,635
38,915
662,324
497,122
UNITED BOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
24,762
44,572
7
Events after the reporting date
The occurrence of the global outbreak of COVID-19 subsequent to the year-end has resulted in an elevated level of uncertainty within the UK economy.
It is not yet clear how widespread the virus will be at any one time, how long the pandemic or the government-imposed restrictions on movement and business will last and what the short to medium term impact will be on existing or potential customers.
At this time the directors believe there to be no quantifiable impact on the carrying value of assets in the balance sheet that results in either an adjusting or non-adjusting post balance sheet event.
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
2019
2018
£
£
Entities with control, joint control or significant influence over the company
1,864,373
1,259,548
Other related parties
19,365
-
Management charges
Rental charges
2019
2018
2019
2018
£
£
£
£
Entities with control, joint control or significant influence over the company
30,000
30,000
-
-
Key management personnel
-
-
18,831
23,190
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
289,257
410,598
Other related parties
16,638
11,134
UNITED BOX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
9
Parent company
During the year of review, the company was ultimately controlled by ST & JJ Ltd. ST & JJ Ltd is the majority shareholder of the company.
ST & JJ Ltd is a joint venture controlled by James Jones & Sons Limited and Scott Group Investments Limited.
2019-12-31
2019-01-01
false
03 December 2020
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
Mr N R Scott
Mrs T J Trotter
Mr A J Miller
Mr S G Murdie
Mr G Blyth
Mr N R Scott
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