Registered number
13784375
ULTRA SPEED LTD
Unaudited Filleted Accounts
31 December 2023
ULTRA SPEED LTD
Registered number: 13784375
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 114,088
Current assets
Debtors 4 - 316,505
Cash at bank and in hand 50,727 45,523
50,727 362,028
Creditors: amounts falling due within one year 5 (45,359) (419,662)
Net current assets/(liabilities) 5,368 (57,634)
Net assets 5,368 56,454
Capital and reserves
Called up share capital 2 2
Profit and loss account 5,366 56,452
Shareholders' funds 5,368 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 28 March 2024
ULTRA SPEED LTD
Notes to the Accounts
for the year ended 31 December 2023
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 18
3 Tangible fixed assets
Fixture & Fittings
£
Cost
At 1 January 2023 126,765
Disposals (126,765)
At 31 December 2023 -
Depreciation
At 1 January 2023 12,677
On disposals (12,677)
At 31 December 2023 -
Net book value
At 31 December 2023 -
At 31 December 2022 114,088
4 Debtors 2023 2022
£ £
Trade debtors - 303,505
Other debtors - 13,000
- 316,505
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - (3,021)
Trade creditors - 75,342
Taxation and social security costs 3,663 72,490
Other creditors 41,696 274,851
45,359 419,662
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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