Company Registration No. 03951010 (England and Wales)
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
5
668,308
642,531
Investments
6
311,211
311,211
979,519
953,742
Current assets
Stocks
769,646
514,220
Debtors
7
911,288
742,670
Cash at bank and in hand
60,674
123,692
1,741,608
1,380,582
Creditors: amounts falling due within one year
8
(598,937)
(291,514)
Net current assets
1,142,671
1,089,068
Total assets less current liabilities
2,122,190
2,042,810
Creditors: amounts falling due after more than one year
9
(599,707)
(709,158)
Net assets
1,522,483
1,333,652
Capital and reserves
Called up share capital
10
580,100
580,100
Profit and loss reserves
942,383
753,552
Total equity
1,522,483
1,333,652
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 February 2020 and are signed on its behalf by:
Mr J A Hutchison
Director
Company Registration No. 03951010
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
UEI Fine Cut Limited t/a UEI Falcontec Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Falcon House, Mucklow Hill, Halesowen, West Midlands, B62 8DT.
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
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
.
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.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 or 5 years.
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:
Land and buildings Leasehold
20% straight line basis
Plant and machinery
6% - 33% straight line basis
Fixtures, fittings & equipment
25% straight line basis
Computer equipment
20% - 33% straight line basis
Motor vehicles
25% straight line basis
Computer software
20% - 33% straight line basis
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
.
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
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.
1.8
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. Bank overdrafts are shown within borrowings in current liabilities.
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.9
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.
Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
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.
1.10
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.
1.11
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.13
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 41 (2018 - 41
).
3
Taxation
The company has estimated losses of £446,487 (2018 £498,813) available for carry forward against future trading profits.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2019 and 31 December 2019
586,892
Amortisation and impairment
At 1 January 2019 and 31 December 2019
586,892
Carrying amount
At 31 December 2019
-
At 31 December 2018
-
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
5
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Computer software
Total
£
£
£
£
£
£
£
Cost
At 1 January 2019
111,272
1,381,579
43,130
93,964
22,767
32,584
1,685,296
Additions
8,448
153,737
-
11,621
-
-
173,806
Disposals
-
(14,459)
-
(34,823)
-
(14,900)
(64,182)
At 31 December 2019
119,720
1,520,857
43,130
70,762
22,767
17,684
1,794,920
Depreciation and impairment
At 1 January 2019
106,821
790,877
37,460
75,315
8,914
23,378
1,042,765
Depreciation charged in the year
5,133
118,019
1,675
13,546
5,692
3,847
147,912
Eliminated in respect of disposals
-
(14,459)
-
(34,706)
-
(14,900)
(64,065)
At 31 December 2019
111,954
894,437
39,135
54,155
14,606
12,325
1,126,612
Carrying amount
At 31 December 2019
7,766
626,420
3,995
16,607
8,161
5,359
668,308
At 31 December 2018
4,451
590,702
5,670
18,649
13,853
9,206
642,531
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
6
Fixed asset investments
2019
2018
£
£
Investments
311,211
311,211
Fixed asset investments not carried at market value
The value of investments has been determined by historical cost rather than market value, and represents the holding of shares in the dormant company, UEI Falcontec Limited.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2019 & 31 December 2019
311,211
Carrying amount
At 31 December 2019
311,211
At 31 December 2018
311,211
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
874,284
712,875
Prepayments and accrued income
37,004
29,795
911,288
742,670
8
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
176,457
93,995
Amounts owed to group undertakings
348,457
97,015
Taxation and social security
42,758
71,524
Other creditors
31,265
28,980
598,937
291,514
UEI FINE CUT LIMITED T/A UEI FALCONTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
9
Creditors: amounts falling due after more than one year
2019
2018
£
£
Amounts owed to parent company
599,707
709,158
10
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
580,100
580,100
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Frances Clapham.
The auditor was CK Audit.
12
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 follows:
2019
2018
£
£
172,917
221,167
13
Events after the reporting date
Review and discussion with management identified no events of material significance occurring after the balance sheet date.
14
Parent company
The immediate and ultimate parent company is
Universal Engraving Inc.
, a company incorporated in the United States of America.
The ultimate controlling party is Universal Engraving, Inc. a USA company. LR Hutchison is President of Universal Engraving, Inc. and GE Hutchison is the Chairman of the Board. GE Hutchison is the father of LR Hutchison and JA Hutchison.
2019-12-31
2019-01-01
false
17 February 2020
CCH Software
CCH Accounts Production 2019.301
No description of principal activity
This audit opinion is unqualified
Mr L R Hutchison
Mr J A Hutchison
Mr A Tuck
Mr L Taylor
Mr S Vigurs
Mr T Rima
Ms A Hutchison
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