Registered number
08371338
Ultimate Tools Ltd
Report and Accounts
31 December 2023
Ultimate Tools Ltd
Registered number: 08371338
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 778 1,037
Current assets
Debtors 4 15,145 6,343
Cash at bank and in hand 313 14,139
15,458 20,482
Creditors: amounts falling due within one year 5 (3,389) (7,518)
Net current assets 12,069 12,964
Net assets 12,847 14,001
Capital and reserves
Called up share capital 100 100
Profit and loss account 12,747 13,901
Shareholders' funds 12,847 14,001
The director is 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 director acknowledges his 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 and delivered 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.
S P Wakefield
Director
Approved by the board on 24 July 2024
Ultimate Tools 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 (as applied to small entities by section 1A of the standard).
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.
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 1 2
3 Tangible fixed assets
Office equipment etc
£
Cost
At 1 January 2023 1,843
At 31 December 2023 1,843
Depreciation
At 1 January 2023 806
Charge for the year 259
At 31 December 2023 1,065
Net book value
At 31 December 2023 778
At 31 December 2022 1,037
4 Debtors 2023 2022
£ £
Trade debtors 7,190 6,343
Other debtors 7,955 -
15,145 6,343
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 3,508 3,508
Other taxes and social security costs (731) (386)
Other creditors 612 4,396
3,389 7,518
6 Other information
Ultimate Tools Ltd is a private company limited by shares and incorporated in England. Its registered office is:
315 North Avenue, Southend on Sea, Essex, SS2 4EH
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