Registration number:
Ultra-MTS Limited
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Ultra-MTS Limited
Statement of Financial Position as at 31 December 2022
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2022 |
2021 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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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:
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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
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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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the provision of personal rapid transport vehicles.
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
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
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.
Staff numbers |
The average number of persons employed by the company during the year was
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
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Cost or valuation |
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At 1 January 2022 and 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Debtors |
2022 |
2021 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Ultra-MTS Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Creditors |
Creditors: amounts falling due within one year
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2022 |
2021 |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2022 |
2021 |
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Loans and borrowings |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank loans and similar borrowings |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank loans |
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Bank borrowings amounting to £790,568 (2021: £2,479,530) are secured over trade debtors.