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Registered number: 03766472
Ultralite Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Merranti Figures Accounting Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 03766472
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 36,857 9,154
36,857 9,154
CURRENT ASSETS
Debtors 5 3,921 6,823
Cash at bank and in hand 366,368 336,318
370,289 343,141
Creditors: Amounts Falling Due Within One Year 6 (29,805 ) (71,407 )
NET CURRENT ASSETS (LIABILITIES) 340,484 271,734
TOTAL ASSETS LESS CURRENT LIABILITIES 377,341 280,888
NET ASSETS 377,341 280,888
CAPITAL AND RESERVES
Called up share capital 2 2
Profit and Loss Account 377,339 280,886
SHAREHOLDERS' FUNDS 377,341 280,888
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Rowe
Director
Mr David Rowe
Director
22 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ultralite Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03766472 . The registered office is 13 The Plantation, West Park Road Newchapel, Lingfield, Surrey, RH7 6HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 3)
2 3
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 21,239 39,649 9,341 70,229
Additions - 39,990 - 39,990
As at 31 May 2024 21,239 79,639 9,341 110,219
Depreciation
As at 1 June 2023 18,385 33,616 9,074 61,075
Provided during the period 714 11,506 67 12,287
As at 31 May 2024 19,099 45,122 9,141 73,362
Net Book Value
As at 31 May 2024 2,140 34,517 200 36,857
As at 1 June 2023 2,854 6,033 267 9,154
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 792 5,647
Other debtors 3,129 1,176
3,921 6,823
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 32 537
Other creditors 9,261 51,830
Taxation and social security 20,512 19,040
29,805 71,407
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