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Registration number: 11079679

Ultra-MTS Limited

Unaudited Financial Statements

for the Year Ended 31 December 2022

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Ultra-MTS Limited

Statement of Financial Position as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Investments

4

166,897

166,897

Current assets

 

Debtors

5

1,924,708

4,031,106

Cash at bank and in hand

 

78,372

86,556

 

2,003,080

4,117,662

Creditors: Amounts falling due within one year

6

(2,434,009)

(4,134,000)

Net current liabilities

 

(430,929)

(16,338)

Total assets less current liabilities

 

(264,032)

150,559

Creditors: Amounts falling due after more than one year

6

(26,612)

(36,266)

Net (liabilities)/assets

 

(290,644)

114,293

Capital and reserves

 

Called up share capital

103

103

Share premium reserve

149,997

149,997

Profit and loss account

(440,744)

(35,807)

Total equity

 

(290,644)

114,293

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Ultra-MTS Limited

Statement of Financial Position as at 31 December 2022

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

.........................................

Mr C I J Sanderson

Director

Company registration number: 11079679

 

Ultra-MTS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of personal rapid transport vehicles.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprises a small group. The company has therefore taken advantage of the exemption not to prepare group financial statements in accordance with Section 399 Companies Act 2006.

Going concern

The company had net liabilities at 31 December 2022 amounting to £411,342. At that date an amount of £623,518 was due to the directors and related party entities in respect of loan advances and £217,160 in respect of accrued consultancy costs, who have agreed not to call for repayment until such a time as the company has sufficient working capital.

The company is part way through delivering a contract at a new international airport with significant new work anticipated. The directors have considered the financial position, resources and revenue streams of the company in the foreseeable future. Given the expected future revenue generation, the directors have reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future.

Accordingly the directors continue to prepare the financial statements on the going concern basis.

Research and development costs

Research and development costs are written off to the profit and loss account as incurred.

 

Ultra-MTS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue based upon the stage of completion of contracted services.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Ultra-MTS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2021 - 1).

4

Investments

2022
£

2021
£

Investments in subsidiaries

166,897

166,897

Subsidiaries

£

Cost or valuation

At 1 January 2022 and 31 December 2022

166,897

Carrying amount

At 31 December 2022

166,897

At 31 December 2021

166,897

5

Debtors

2022
£

2021
£

Trade debtors

723,436

2,727,721

Amounts owed by group undertakings

1,078,546

1,078,546

Other debtors

122,726

224,839

1,924,708

4,031,106

 

Ultra-MTS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Bank loans and overdrafts

7

803,017

2,492,131

Trade creditors

 

756,339

693,473

Taxation and social security

 

4,093

2,794

Other creditors

 

870,560

945,602

 

2,434,009

4,134,000

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Loans and borrowings

7

26,612

36,266

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank loans and similar borrowings

803,017

2,492,131

2022
£

2021
£

Non-current loans and borrowings

Bank loans

26,612

36,266

Bank borrowings amounting to £790,568 (2021: £2,479,530) are secured over trade debtors.