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COMPANY REGISTRATION NUMBER: 07426433
Ultracrease Limited
Filleted Unaudited Financial Statements
31 March 2024
Ultracrease Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Ultracrease Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
4,039
8,218
Current assets
Stocks
95,719
60,952
Debtors
7
42,494
76,707
Cash at bank and in hand
1,184,662
1,108,358
------------
------------
1,322,875
1,246,017
Creditors: amounts falling due within one year
8
79,057
125,763
------------
------------
Net current assets
1,243,818
1,120,254
------------
------------
Total assets less current liabilities
1,247,857
1,128,472
Provisions
Taxation including deferred tax
1,010
1,562
------------
------------
Net assets
1,246,847
1,126,910
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
1,245,847
1,125,910
------------
------------
Shareholders funds
1,246,847
1,126,910
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ultracrease Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 August 2024 , and are signed on behalf of the board by:
Mr M Volante
Mr P N Robinson
Director
Director
Company registration number: 07426433
Ultracrease Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Kellner Road, Thamesmead Business Park, London, SE28 0AX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
20,278
--------
Amortisation
At 1 April 2023 and 31 March 2024
20,278
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
118,149
7,000
8,291
133,440
---------
-------
-------
---------
Depreciation
At 1 April 2023
113,230
7,000
4,992
125,222
Charge for the year
2,379
1,800
4,179
---------
-------
-------
---------
At 31 March 2024
115,609
7,000
6,792
129,401
---------
-------
-------
---------
Carrying amount
At 31 March 2024
2,540
1,499
4,039
---------
-------
-------
---------
At 31 March 2023
4,919
3,299
8,218
---------
-------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
21,054
62,167
Other debtors
21,440
14,540
--------
--------
42,494
76,707
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,942
33,495
Corporation tax
39,841
44,625
Pension creditor
124
117
Other creditors
8,150
47,526
--------
---------
79,057
125,763
--------
---------
9. Related party transactions
At the year end the company owed the directors £5,150 (2023: £44,526).