REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
USS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
USS LIMITED |
USS LIMITED (REGISTERED NUMBER: 04045212) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Energy and Carbon Report forming part of the Strategic Report |
4 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 18 |
USS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Kings Chambers |
Queens Cross |
High Street |
Dudley |
West Midlands |
DY1 1QT |
USS LIMITED (REGISTERED NUMBER: 04045212) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
The principal activity of the company during the year continued to be steel slitting services. |
The key financial performance indicators during the year were as follows: |
2022 | 2021 | change |
£ | £ | % |
Turnover | 50,075,562 | 45,004,508 | +11% |
Profit before tax | 1,915,630 | 3,185,470 | -40% |
Shareholders' funds | 8,004,792 | 8,002,343 | +0% |
Supply and demand forces meant that raw material prices continued to remain high for much of the year and this fed through into turnover. Although underlying volumes and market conditions quietened compared to 2021 they still remained strong throughout 2022, resulting in another good year. |
The complete upgrade of the business, its warehouse facilities, machinery, and computer systems were completed in 2022 and the improvements and efficiency gains are now apparent. In January 2022 we purchased the land and offices adjoining our current factory site. We have thoroughly re-furbished them and installed new computer systems. We now occupy these offices as our new and enlarged head offices. |
We continue to operate with a strong cashflow. Good stock volumes and consistent forward orders already placed will ensure stability into 2023. The ongoing Russo-Ukrainian war continues to have an affect on the global market and the cost of living crisis is having an impact in the UK, both of which haven't had much affect on the company at present. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and execution of the company's strategy are subject to a number of risks including price, credit, liquidity and cash flow risks. The key business risks and uncertainties are considered to be competition from other steel service centres, product availability and the external macro-economic effects of the Russo-Ukrainian war, the restart of China after Covid and other major geo-political problems at home and around the world. The Company has policies in place which are aimed at mitigating and managing such risks. |
USS LIMITED (REGISTERED NUMBER: 04045212) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
SECTION 172(1) STATEMENT |
Section 172 (1) of the Companies Act obliges the Directors to promote the success of the Company for the benefit of the Company's members as a whole. |
This section specifies that the Directors have a duty to act in a way which they consider, in good faith, is most likely to promote the success of the company and in doing so, have regard (amongst other matters) to: |
- the likely consequences of any decision in the long term; |
- the interests of the Company's employees; |
- the need to foster the Company's business relationships with suppliers, customers and others; |
- the impact on the Company's operations on the community and the environment; |
- the desirability of the company maintaining reputation for high standards of business and conducts; and |
- the need to act fairly as between members of the Company. |
The Board of Directors consider, both individually and collectively, that they have acted in accordance with section 172 (1) of the Companies Act 2006 in decisions taken during the year ended 31st December 2022. |
Decision making |
In meeting the Company's strategic objectives the Directors have regard to the long term impact of their decision making, recognising that the future success of the Company is strongly correlated to successful stakeholder relationships.The Company recently completed a full upgrade of its production slitting line to ensure high quality and efficient production, maintaining customer satisfaction and Company reputation. |
Employees |
Due to the size and nature of the Company's operations, employees have direct access to directors. We endeavour to provide safe working conditions which enable employees to perform well and training is provided where required. The company complies with health and safety regulations and maintains an ISO 45001 occupational health and safety management system. Employee facilities were also refurbished during the year. |
Business relationships |
Good working relationships with customers and suppliers is considered vital to the ongoing success of the Company. We seek to build long term relationships with suppliers offering quality and reliable products and services and in turn this enables us to fulfil our commitments and meet the expectations of our customers and other stakeholders. |
Environment |
The Directors recognise the impact of the Company's operations on the community and environment. During the year, initiatives aimed at reducing the Company's carbon footprint include increased use of zero emission vehicles, installation of energy efficient lighting systems and safe disposal of manufacturing waste. The Company also operates an ISO14001 environmental management system. |
STREAMLINED ENERGY AND CARBON REPORTING |
The company's Energy and Carbon Report report can be found on page 4 of the financial statements. |
ON BEHALF OF THE BOARD: |
USS LIMITED (REGISTERED NUMBER: 04045212) |
ENERGY AND CARBON REPORT |
FORMING PART OF THE STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
As the company's energy consumption in the reporting period exceeded 40,000 kWh it is required to comply with the Streamlined Energy and Carbon Reporting requirements. |
ENERGY CONSUMPTION KWH |
Total energy consumed in the year: | kWh | kWh |
-Gas combustion | 256,633 |
-Fuel consumed for transport | 13,565 |
-Purchased electricity | 295,585 |
565,783 |
EMISSIONS OF C02 EQUIVALENT |
Scope 1 - direct emissions | Tonnes | Tonnes |
-Gas combustion | 67 |
-Fuel consumed for owned transport | 4 |
71 |
Scope 2 - indirect emissions |
-Purchased electricity | 69 |
Total gross emissions | 140 |
INTENSITY RATIO |
Tonnes C02e per 1000 tonnes of production | 2.76 |
QUANTIFICATION AND REPORTING METHODOLOGY |
The company has followed and used the following quantification and reporting methodologies: |
-HM Government 2019 Environmental Reporting Guidelines; |
-GHG Reporting Protocol; and |
-Government Conversion Factors for energy and emissions reporting. |
MEASURES TAKEN TO IMPROVE EFFICIENCY |
The company has increased the use of zero emission vehicles and also installed energy efficient lighting systems during the period. |
USS LIMITED (REGISTERED NUMBER: 04045212) |
REPORT OF THE DIRECTORS |
FORMING PART OF THE STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of steel slitting services. |
DIVIDENDS |
Interim dividends of £1,500,000 were paid during the year ended 31 December 2022 representing £16.81 per A Ordinary £1 share. No other dividends will be distributed for the year ended 31 December 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
The Directors review of the business, future developments and principal risks and uncertainties have been included within the strategic report. |
DISCLOSURE IN THE STRATEGIC REPORT |
Streamlined Energy and Carbon Reporting is included within the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
USS LIMITED (REGISTERED NUMBER: 04045212) |
REPORT OF THE DIRECTORS |
FORMING PART OF THE STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
AUDITORS |
The auditors, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FORMING PART OF THE STRATEGIC REPORT |
USS LIMITED |
Opinion |
We have audited the financial statements of USS Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FORMING PART OF THE STRATEGIC REPORT |
USS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FORMING PART OF THE STRATEGIC REPORT |
USS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion. |
To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering: |
- The nature of the entity and the industry in which it operates, business performance and the control environment. |
- The laws and regulations applicable to the entity. |
- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations. |
- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations. |
- Whether management know of any instances of fraud or non-compliance with laws and regulations. |
We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud. |
As a result of our procedures we identified direct and indirect laws and regulations applicable to the entity. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the entity's ability to operate. The direct laws and regulations identified are the Companies Act, UK GAAP and UK Tax Legislation. The indirect laws and regulations identified are International Organization Standardization (ISO) regulations covering health and safety, quality management and environmental management. |
Our response to the risks identified include: |
- Reviewing the financial statement disclosures and testing supporting documentation. |
- Enquiring of management concerning actual or potential litigation claims. |
- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud. |
- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements. |
- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business. |
We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FORMING PART OF THE STRATEGIC REPORT |
USS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Kings Chambers |
Queens Cross |
High Street |
Dudley |
West Midlands |
DY1 1QT |
USS LIMITED (REGISTERED NUMBER: 04045212) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,899,093 | 3,118,584 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
1,915,630 | 3,211,343 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
USS LIMITED (REGISTERED NUMBER: 04045212) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
USS LIMITED (REGISTERED NUMBER: 04045212) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Revaluation reserve | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
USS LIMITED (REGISTERED NUMBER: 04045212) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
USS LIMITED (REGISTERED NUMBER: 04045212) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) |
Government grants |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Loan repayments in year |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
10,772,436 |
Cash and cash equivalents at end of year | 2 | 1,734,462 | 7,871,192 |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Government grants | ( |
) |
Finance costs | - | 25,873 |
Finance income | (16,537 | ) | (8,036 | ) |
2,215,524 | 3,381,789 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,734,462 | 7,871,192 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 7,871,192 | 10,772,436 |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
Other |
non-cash |
At 1.1.22 | Cash flow | changes | At 31.12.22 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 7,871,192 | (6,136,730 | ) | 1,734,462 |
7,871,192 | ( |
) | 1,734,462 |
Debt |
Debts falling due |
within 1 year | (2,459,901 | ) | 2,200,000 | (1,500,000 | ) | (1,759,901 | ) |
(2,459,901 | ) | 2,200,000 | (1,500,000 | ) | (1,759,901 | ) |
Total | 5,411,291 | (3,936,730 | ) | (1,500,000 | ) | (25,439 | ) |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
USS Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling (£), which is also the company's functional currency. |
Judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision only affects that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets other than freehold land. |
Land and buildings held and used in the company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in 'other reserves'. |
Depreciation on revalued buildings is charged to profit or loss as to write off their value, less residual value, over their estimated useful life of 25 years, using the straight-line method. |
Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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 balance sheet date. |
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. |
Foreign currencies |
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Exchange differences are recognised in profit or loss in the period in which they arise. |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
4. | OTHER OPERATING INCOME |
2022 | 2021 |
£ | £ |
Government grants |
5. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2022 | 2021 |
Management | 4 | 3 |
Sales | 3 | 3 |
Operations | 13 | 14 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2022 | 2021 |
£ | £ |
Emoluments etc |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
7. | AUDITORS' REMUNERATION |
2022 | 2021 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
16,850 |
17,500 |
Auditors' remuneration for non audit work |
Auditors' remuneration includes fees of £9,750 in relation to the audits of other group companies. |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Loan |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax: |
Current year |
Tax on profit |
UK corporation tax has been charged at 19% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) | ( |
) |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Deferred tax movement | 71,058 | 192,214 |
Total tax charge | 413,181 | 747,475 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2022. |
2021 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | (79,875 | ) | 105,125 |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | DIVIDENDS |
2022 | 2021 |
£ | £ |
A Ordinary shares of £1 each |
Dividend paid |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
Reclassification/transfer |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Included in cost or valuation of land and buildings is freehold land of £ 634,833 (2021 - £ 599,833 ) which is not depreciated. |
Cost or valuation at 31 December 2022 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2019 | 332,619 | - | - |
Valuation in 2021 | 125,000 | - | - |
Cost | 1,233,623 | 2,991,188 | 64,173 |
1,691,242 | 2,991,188 | 64,173 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2019 | - | - | 332,619 |
Valuation in 2021 | - | - | 125,000 |
Cost | 527,163 | 67,095 | 4,883,242 |
527,163 | 67,095 | 5,340,861 |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | TANGIBLE FIXED ASSETS - continued |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 1,233,623 | 917,381 |
Aggregate depreciation | 318,863 | 282,598 |
Value of land in freehold land and buildings | 327,000 | 282,000 |
Freehold land and buildings were valued on an open market basis on 31 December 2021 by the directors . |
12. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
13. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Loans | 1,194 | 4,613 |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Loans | 199,858 | 194,468 |
Aggregate amounts |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation |
Social security and other taxes |
Other creditors |
Accrued expenses |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
15. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 688,531 | 617,473 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Provided during year |
Balance at 31 December 2022 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
A Ordinary | £1 | 89,250 | 89,250 |
B Ordinary | £1 | 68,250 | 68,250 |
C Ordinary | £1 | 17,500 | 17,500 |
175,000 | 175,000 |
17. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2022 | 7,827,343 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2022 | 7,829,792 |
USS LIMITED (REGISTERED NUMBER: 04045212) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
18. | PENSION COMMITMENTS |
Defined contribution scheme |
The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in independently administered funds. |
2022 | 2021 |
£ | £ |
Charge to the income statement in respect of defined contribution schemes | 19,126 | 23,550 |
19. | ULTIMATE PARENT COMPANY |
Weaver Investments Limited owns 100% of the issued share capital of USS Limited. |
Weaver Investments Limited registered office: 15 Hartopp Road, Sutton Coldfield, West Midlands B74 2RQ. |
In the opinion of the directors, the company’s ultimate parent company and ultimate controlling party is Weaver Investments Ltd. The parent undertaking of the largest group, which includes the company and for which group accounts are prepared is Weaver Investments Ltd. Copies of group financial statements are available from Companies House, Crown Way, Cardiff CF14 3UZ. |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
In 2019 the company made a loan to a director of £219,265. The terms of the loan are at arms length. Interest is charged at 6.50%. Repayments of £12,000 (2021- £12,000) were made during the year. The current balance is £201,052.The director is not a participator. |
21. | 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. |
During the year, a total of key management personnel compensation of £ |
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. |