Registered number
13784375
ULTRA SPEED LTD
Unaudited Filleted Accounts
31 December 2022
ULTRA SPEED LTD
Registered number: 13784375
Balance Sheet
as at 31 December 2022
Notes 2022
£
Fixed assets
Tangible assets 3 114,088
Current assets
Debtors 4 316,505
Cash at bank and in hand 45,523
362,028
Creditors: amounts falling due within one year 5 (419,662)
Net current liabilities (57,634)
Net assets 56,454
Capital and reserves
Called up share capital 2
Profit and loss account 56,452
Shareholders' funds 56,454
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Aydin Gundogdu
Director
Approved by the board on 11 November 2023
ULTRA SPEED LTD
Notes to the Accounts
for the period from 6 December 2021 to 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022
Number
Average number of persons employed by the company 18
3 Tangible fixed assets
Fixture & Fittings
£
Cost
Additions 126,765
At 31 December 2022 126,765
Depreciation
Charge for the period 12,677
At 31 December 2022 12,677
Net book value
At 31 December 2022 114,088
4 Debtors 2022
£
Trade debtors 303,505
Other debtors 13,000
316,505
5 Creditors: amounts falling due within one year 2022
£
Bank loans and overdrafts (3,021)
Trade creditors 75,342
Taxation and social security costs 72,490
Other creditors 274,851
419,662
6 Other information
ULTRA SPEED LTD is a private company limited by shares and incorporated in England. Its registered office is:
19 Keal Drive
Manchester
M44 6QG
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