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REGISTERED NUMBER: 01874551 (England and Wales)















ULTRA SPORT EUROPE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






ULTRA SPORT EUROPE LTD (REGISTERED NUMBER: 01874551)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8

Chartered Certified Accountants' Report 9

ULTRA SPORT EUROPE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N Staples
Mrs C Vernon
T Way
G K Way





REGISTERED OFFICE: Carnival Way
Castle Donington
Derby
Derbyshire
DE74 2HP





REGISTERED NUMBER: 01874551 (England and Wales)





ACCOUNTANTS: Essex Abel Ltd
4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF

ULTRA SPORT EUROPE LTD (REGISTERED NUMBER: 01874551)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 38,500 56,418
Tangible assets 5 69,306 100,039
107,806 156,457

CURRENT ASSETS
Stocks 1,324,074 1,370,617
Debtors 6 1,124,898 1,133,695
Cash at bank and in hand 42,045 152,050
2,491,017 2,656,362
CREDITORS
Amounts falling due within one year 7 1,792,083 1,751,989
NET CURRENT ASSETS 698,934 904,373
TOTAL ASSETS LESS CURRENT
LIABILITIES

806,740

1,060,830

CREDITORS
Amounts falling due after more than one
year

8

(104,953

)

(253,307

)

PROVISIONS FOR LIABILITIES - (26,989 )
NET ASSETS 701,787 780,534

CAPITAL AND RESERVES
Called up share capital 11 47,147 47,147
Share premium 79,391 79,391
Capital redemption reserve 10,000 10,000
Retained earnings 565,249 643,996
SHAREHOLDERS' FUNDS 701,787 780,534

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ULTRA SPORT EUROPE LTD (REGISTERED NUMBER: 01874551)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





G K Way - Director


ULTRA SPORT EUROPE LTD (REGISTERED NUMBER: 01874551)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Ultra Sport Europe Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that the future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost, 25% on reducing balance and 10% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and goods for resale comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.


ULTRA SPORT EUROPE LTD (REGISTERED NUMBER: 01874551)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contribution even if the fund does not hold sufficient assets to pay all the employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 21 ) .

ULTRA SPORT EUROPE LTD (REGISTERED NUMBER: 01874551)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 85,000 11,000 96,000
AMORTISATION
At 1 January 2023 29,500 10,082 39,582
Charge for year 17,000 918 17,918
At 31 December 2023 46,500 11,000 57,500
NET BOOK VALUE
At 31 December 2023 38,500 - 38,500
At 31 December 2022 55,500 918 56,418

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 9,151 259,368 268,519
Additions - 1,821 1,821
Disposals - (15,000 ) (15,000 )
At 31 December 2023 9,151 246,189 255,340
DEPRECIATION
At 1 January 2023 6,131 162,349 168,480
Charge for year 366 32,188 32,554
Eliminated on disposal - (15,000 ) (15,000 )
At 31 December 2023 6,497 179,537 186,034
NET BOOK VALUE
At 31 December 2023 2,654 66,652 69,306
At 31 December 2022 3,020 97,019 100,039

ULTRA SPORT EUROPE LTD (REGISTERED NUMBER: 01874551)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 70,932
DEPRECIATION
At 1 January 2023 12,852
Charge for year 14,251
At 31 December 2023 27,103
NET BOOK VALUE
At 31 December 2023 43,829
At 31 December 2022 58,080

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,032,201 1,017,597
Amounts owed by participating interests 10,000 10,028
Other debtors 82,697 106,070
1,124,898 1,133,695

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 70,000 62,500
Hire purchase contracts (see note 9) 10,191 29,110
Trade creditors 1,253,015 1,235,491
Taxation and social security 266,068 226,393
Other creditors 192,809 198,495
1,792,083 1,751,989

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 7,833 83,333
Hire purchase contracts (see note 9) 2,821 13,012
Other creditors 94,299 156,962
104,953 253,307

ULTRA SPORT EUROPE LTD (REGISTERED NUMBER: 01874551)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 10,191 29,110
Between one and five years 2,821 13,012
13,012 42,122

Non-cancellable operating leases
2023 2022
£    £   
Within one year 11,353 -
Between one and five years 31,531 75,746
42,884 75,746

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 77,833 -
Other loans 156,962 216,575
Hire purchase contracts 13,012 42,122
Invoice factoring 495,345 352,415
743,152 611,112

The loans are secured by way of a fixed and floating charge over the assets of the company.

Hire purchase are secured on the assets to which they relate.

The bank loan is provided under the Coronavirus Business Interruption Loan Scheme, which includes a partial guarantee provided by the Secretary of State.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30,000 Ordinary shares £1 30,000 30,000
17,147 Preference shares £1 17,147 17,147
47,147 47,147

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ULTRA SPORT EUROPE LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ultra Sport Europe Ltd for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Ultra Sport Europe Ltd, as a body, in accordance with the terms of our engagement letter dated 14 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Ultra Sport Europe Ltd and state those matters that we have agreed to state to the Board of Directors of Ultra Sport Europe Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ultra Sport Europe Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ultra Sport Europe Ltd. You consider that Ultra Sport Europe Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ultra Sport Europe Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Essex Abel Ltd
4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF


5 September 2024