Ultimate Supplies Ltd
Registered number: 05183197
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 37,590 45,086
Current assets
Stocks 314,085 325,148
Debtors 4 69,437 116,506
Cash at bank and in hand 30,915 40,513
414,437 482,167
Creditors: amounts falling due within one year 5 (333,714) (418,177)
Net current assets 80,723 63,990
Total assets less current liabilities 118,313 109,076
Provisions for liabilities (5,340) (5,340)
Net assets 112,973 103,736
Capital and reserves
Called up share capital 40 40
Profit and loss account 112,933 103,696
Shareholders' funds 112,973 103,736
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 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.
Mr R Halai
Director
Approved by the board on 5 April 2024
Ultimate Supplies 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.
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:
Plant and machinery 15% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 109,219 64,991 174,210
Additions 483 - 483
At 31 December 2023 109,702 64,991 174,693
Depreciation
At 1 January 2023 88,434 40,690 129,124
Charge for the year 3,119 4,860 7,979
At 31 December 2023 91,553 45,550 137,103
Net book value
At 31 December 2023 18,149 19,441 37,590
At 31 December 2022 20,785 24,301 45,086
4 Debtors 2023 2022
£ £
Trade debtors 66,579 113,648
Other debtors 2,858 2,858
69,437 116,506
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 31,551 63,697
Other taxes and social security costs 8,199 15,465
Other creditors 293,964 339,015
333,714 418,177
6 Other information
Ultimate Supplies Ltd is a private company limited by shares and incorporated in England. Its registered office is:
58 Mount Stewart Avenue
Harrow
Middlesex
HA3 0JU
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