Company registration number 11002799 (England and Wales)
ULTIMA BUSINESS SUPPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ULTIMA BUSINESS SUPPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ULTIMA BUSINESS SUPPORT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
88,876
53,215
Cash at bank and in hand
1,301
7,589
90,177
60,804
Creditors: amounts falling due within one year
4
(94,082)
(104,257)
Net current liabilities
(3,905)
(43,453)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(4,005)
(43,553)
Total equity
(3,905)
(43,453)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 24 July 2024
Mustafa Mehmet
Director
Company registration number 11002799 (England and Wales)
ULTIMA BUSINESS SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Ultima Business Support Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit D Mole Hall Estate, Widdington, Saffron Walden, Essex, England, CB11 3SP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has prepared the financial statements on the going concern basis although the balance sheettrue shows negative shareholders funds. This is considered appropriate as the company's shareholders and creditors will continue to provide financial support to the company for the foreseeable future and the company is expecting to make profits in future years that will reverse this position. Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise.

1.3
Turnover

The company recognises revenue when, and to the extent that, the company obtains a right to consideration in exchange for its performance of its obligations under the sales agreement with the customer. The amount reported as revenue is the fair value of the right to consideration.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets include debtors and cash and bank balances.

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

ULTIMA BUSINESS SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal value.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ULTIMA BUSINESS SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
53,908
25,996
Other debtors
34,968
27,219
88,876
53,215
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,931
19,703
Corporation tax
149
-
0
Other creditors
79,002
84,554
94,082
104,257
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.200No description of principal activityMustafa Mehmet110027992023-01-012023-12-31110027992023-12-31110027992022-12-3111002799core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111002799core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111002799core:CurrentFinancialInstruments2023-12-3111002799core:CurrentFinancialInstruments2022-12-3111002799core:ShareCapital2023-12-3111002799core:ShareCapital2022-12-3111002799core:RetainedEarningsAccumulatedLosses2023-12-3111002799core:RetainedEarningsAccumulatedLosses2022-12-3111002799bus:Director12023-01-012023-12-31110027992022-01-012022-12-3111002799core:WithinOneYear2023-12-3111002799core:WithinOneYear2022-12-3111002799bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111002799bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111002799bus:FRS1022023-01-012023-12-3111002799bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3111002799bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP