IRIS Accounts Production v24.2.0.383 04115984 Board of Directors 1.4.23 31.3.24 31.3.24 The principal activity of the company in the year under review was that of retail of office furniture, provision of office design services, provision of interior fit out and furniture and design services for offices, hotels, leisure and education properties. true false true true false false true true true false Ordinary 1 1.00000 Ordinary 2 1.00000 Ordinary 3 1.00000 Ordinary Shares 1.00000 A Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041159842023-03-31041159842024-03-31041159842023-04-012024-03-31041159842022-03-31041159842022-04-012023-03-31041159842023-03-3104115984ns15:EnglandWales2023-04-012024-03-3104115984ns14:PoundSterling2023-04-012024-03-3104115984ns10:Director12023-04-012024-03-3104115984ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104115984ns10:FRS1022023-04-012024-03-3104115984ns10:Audited2023-04-012024-03-3104115984ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3104115984ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3104115984ns10:FullAccounts2023-04-012024-03-3104115984ns10:OrdinaryShareClass22023-04-012024-03-3104115984ns10:OrdinaryShareClass32023-04-012024-03-3104115984ns10:OrdinaryShareClass42023-04-012024-03-3104115984ns10:OrdinaryShareClass12023-04-012024-03-3104115984ns10:OrdinaryShareClass52023-04-012024-03-31041159845ns10:OrdinaryShareClass52023-04-012024-03-3104115984ns10:Director42023-04-012024-03-3104115984ns10:Director52023-04-012024-03-3104115984ns10:Director62023-04-012024-03-3104115984ns10:Director72023-04-012024-03-3104115984ns10:Director82023-04-012024-03-3104115984ns10:RegisteredOffice2023-04-012024-03-3104115984ns10:Director22023-04-012024-03-3104115984ns10:Director32023-04-012024-03-3104115984ns5:CurrentFinancialInstruments2024-03-3104115984ns5:CurrentFinancialInstruments2023-03-3104115984ns5:Non-currentFinancialInstruments2024-03-3104115984ns5:Non-currentFinancialInstruments2023-03-3104115984ns5:ShareCapital2024-03-3104115984ns5:ShareCapital2023-03-3104115984ns5:SharePremium2024-03-3104115984ns5:SharePremium2023-03-3104115984ns5:FurtherSpecificReserve1ComponentTotalEquity2024-03-3104115984ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-3104115984ns5:RetainedEarningsAccumulatedLosses2024-03-3104115984ns5:RetainedEarningsAccumulatedLosses2023-03-3104115984ns5:ShareCapital2022-03-3104115984ns5:RetainedEarningsAccumulatedLosses2022-03-3104115984ns5:SharePremium2022-03-3104115984ns5:FurtherSpecificReserve1ComponentTotalEquity2022-03-3104115984ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3104115984ns5:FurtherSpecificReserve1ComponentTotalEquity2022-04-012023-03-3104115984ns5:ShareCapital2023-04-012024-03-3104115984ns5:SharePremium2023-04-012024-03-3104115984ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3104115984ns5:FurtherSpecificReserve1ComponentTotalEquity2023-04-012024-03-3104115984ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3104115984ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3104115984ns5:PlantMachinery2023-04-012024-03-3104115984ns5:FurnitureFittings2023-04-012024-03-3104115984ns5:MotorVehicles2023-04-012024-03-3104115984ns5:ComputerEquipment2023-04-012024-03-3104115984ns5:ReportableOperatingSegment12023-04-012024-03-3104115984ns5:ReportableOperatingSegment12022-04-012023-03-3104115984ns5:ReportableOperatingSegment22023-04-012024-03-3104115984ns5:ReportableOperatingSegment22022-04-012023-03-3104115984ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-04-012024-03-3104115984ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-3104115984ns15:UnitedKingdom2023-04-012024-03-3104115984ns15:UnitedKingdom2022-04-012023-03-3104115984ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-04-012024-03-3104115984ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-3104115984ns10:HighestPaidDirector2023-04-012024-03-3104115984ns5:OwnedAssets2023-04-012024-03-3104115984ns5:OwnedAssets2022-04-012023-03-3104115984ns5:LeasedAssets2023-04-012024-03-3104115984ns5:LeasedAssets2022-04-012023-03-3104115984ns5:HirePurchaseContracts2023-04-012024-03-3104115984ns5:HirePurchaseContracts2022-04-012023-03-3104115984ns10:OrdinaryShareClass12022-04-012023-03-3104115984ns10:OrdinaryShareClass22022-04-012023-03-3104115984ns10:OrdinaryShareClass32022-04-012023-03-3104115984ns10:OrdinaryShareClass42022-04-012023-03-3104115984ns5:LandBuildings2023-03-3104115984ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3104115984ns5:PlantMachinery2023-03-3104115984ns5:LandBuildings2023-04-012024-03-3104115984ns5:LandBuildings2024-03-3104115984ns5:ShortLeaseholdAssetsns5:LandBuildings2024-03-3104115984ns5:PlantMachinery2024-03-3104115984ns5:LandBuildings2023-03-3104115984ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3104115984ns5:PlantMachinery2023-03-3104115984ns5:FurnitureFittings2023-03-3104115984ns5:MotorVehicles2023-03-3104115984ns5:ComputerEquipment2023-03-3104115984ns5:FurnitureFittings2024-03-3104115984ns5:MotorVehicles2024-03-3104115984ns5:ComputerEquipment2024-03-3104115984ns5:FurnitureFittings2023-03-3104115984ns5:MotorVehicles2023-03-3104115984ns5:ComputerEquipment2023-03-3104115984ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3104115984ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3104115984ns5:LeasedAssetsHeldAsLessee2023-03-3104115984ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3104115984ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3104115984ns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3104115984ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-3104115984ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-3104115984ns5:LeasedAssetsHeldAsLessee2024-03-3104115984ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3104115984ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3104115984ns5:LeasedAssetsHeldAsLessee2023-03-3104115984ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104115984ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104115984ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3104115984ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3104115984ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3104115984ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3104115984ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104115984ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104115984ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3104115984ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3104115984ns5:HirePurchaseContracts2024-03-3104115984ns5:HirePurchaseContracts2023-03-3104115984ns5:WithinOneYear2024-03-3104115984ns5:WithinOneYear2023-03-3104115984ns5:BetweenOneFiveYears2024-03-3104115984ns5:BetweenOneFiveYears2023-03-3104115984ns5:MoreThanFiveYears2024-03-3104115984ns5:MoreThanFiveYears2023-03-3104115984ns5:AllPeriods2024-03-3104115984ns5:AllPeriods2023-03-3104115984ns5:Secured2024-03-3104115984ns5:Secured2023-03-3104115984ns5:DeferredTaxation2023-03-3104115984ns5:DeferredTaxation2023-04-012024-03-3104115984ns5:DeferredTaxation2024-03-3104115984ns10:OrdinaryShareClass12024-03-3104115984ns5:RetainedEarningsAccumulatedLosses2023-03-3104115984ns5:SharePremium2023-03-3104115984ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-31
REGISTERED NUMBER: 04115984 (England and Wales)










Ultimate (Commercial Interiors) Limited

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024






Ultimate (Commercial Interiors) Limited (Registered number: 04115984)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


Ultimate (Commercial Interiors) Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: D Platt
P Alexander
R A Murriero
S Cowley
S Broadbent
Mrs V Plunkett





REGISTERED OFFICE: The Hive
8 Skelton Business Park
Crosshills
Keighley
West Yorkshire
BD20 7BY





REGISTERED NUMBER: 04115984 (England and Wales)





AUDITORS: Walkers Accountants Limited
Statutory Auditor and Chartered Accountants
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Strategic Report
for the year ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the company in the year under review was that of retail of office furniture, provision of office design services, provision of interior fit out and furniture and design services for offices, hotels, leisure, education and healthcare properties. The company trades from its registered office, The Hive, 8 Skelton Business Park, Cross Hills, Keighley, BD20 7BY.

The directors aim to present a balanced and comprehensive view of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

On 31st May 2023, the business undertook a Management Buyout (MBO) by senior members of the company's management team.

The MBO team comprises of long-standing Co-Owner Dan Platt, who now takes up the role of Chief Executive Officer; Vici Plunkett, as Finance Director; Steve Broadbent as Pre-Construction Director; Steve Cowley as Director; Bobby Murriero as Contracts Director, and Paul Alexander as Sales and Brand Director.

The team have taken over the running of the company from Mark Hickey and Mark Naisbitt who founded Ultimate in 2002 and who have retired. However, both will maintain a minority shareholding in the Parent Company.

There has been a continual emphasis on driving improvements across individual departments and the business as a whole.

Sales for the year decreased by 6.9%. This fall in activity coincided with the transition period of the MBO and change of sales personnel manifesting in a reduction in enquiries for a couple of months, this is now back on track with the target turnover for this year.

The Gross Profit Margin increased to 20% due to a better spread of projects undertaking furniture and overall improved cost management across the business. This has stabilised the company's profitability in light of the fall in turnover. The gross margin does not include certain costs that could also be reflected in the overall margin - chiefly project related salaries which are included in overheads but are directly linked to turnover.

The showroom (The Hive) has continued to be refreshed during the year to present the 'wow' factor and continues to attract new business, garnering attention within the market sector.

PRINCIPAL RISKS AND UNCERTAINTIES
It is uncertain what impact a change in government will have going forward, though it is felt that the industry is very adaptable to changes in the economy as demonstrated in the past. The company is resilient working with companies who are looking to grow, as well as supporting companies who are looking to downsize and reduce their space. Other sectors can be explored if needed, to react to a downturn in the office sector.

Financial risk
The business is comfortable that it is generating sufficient margin/cash-flow to cover all eventualities.

Credit risk
The Company only trades with creditworthy parties. Receivable balances are monitored on an ongoing basis. The company is not aware of any bad debts from ongoing operations.

Liquidity risk
This is managed with regular cashflow projections, on a project-by-project basis to ensure that sufficient funds are available to meet liabilities as and when they fall due.

The directors believe that the company has sufficient funds available to support its activities in the future.


Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Strategic Report
for the year ended 31 March 2024

FUTURE DEVELOPMENTS
The company has been focusing on a number of strategic initiatives for the new financial year and we are optimistic about our position within the industry.

KEY PERFORMANCE INDICATORS
The key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. These being turnover, gross margin and shareholder funds.

- Turnover decreased 6.9% from £23,250,853 to £21,641,479

- Gross Profit Margin increased from 16.4% to 20.3% as described above in Review of Business

- Shareholder funds decreased 45.1% from £2,308,584 to £1,267,388.

The position of the company at the year end

The Directors are satisfied with the company's position at 31st March 2024. The company is in a net current asset position, cash resources and cash generation are sufficient to meet business needs and there are no liquidity issues foreseen in the foreseeable future.

RESEARCH AND DEVELOPMENT
Efficiency improvements are continuously reviewed and investment in digital systems will be continuously reviewed.

ON BEHALF OF THE BOARD:





D Platt - Director


25 July 2024

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Report of the Directors
for the year ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
Interim dividends per share were paid during the year as follows :
Ordinary Shares £1 - £20129.53 - 31 March 2024
Ordinary 1 £1 - £925 - 31 May 2023
Ordinary 2 £1 - £925 - 31 May 2023
Ordinary 3 £1 - £1850 - 31 May 2023

The total distribution of dividends for the year ended 31 March 2024 will be £2,184,342 of which £2,073,342 was paid to the parent company as part of the management buyout.

DIRECTORS
D Platt has held office during the whole of the period from 1 April 2023 to the date of this report.

Other changes in directors holding office are as follows:

M A Hickey - resigned 31 May 2023
M J Naisbitt - resigned 31 May 2023
P Alexander - appointed 31 May 2023
R A Murriero - appointed 31 May 2023
S Cowley - appointed 31 May 2023
S Broadbent - appointed 31 May 2023
Mrs V Plunkett - appointed 31 May 2023

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and hire purchase agreements.

DISCLOSURE IN THE STRATEGIC REPORT
The Business Review, Key Performance Indicators, Future Developments and Principle Risks and Uncertainties statements are disclosed within the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Report of the Directors
for the year ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Walkers Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Platt - Director


25 July 2024

Report of the Independent Auditors to the Members of
Ultimate (Commercial Interiors) Limited

Opinion
We have audited the financial statements of Ultimate (Commercial Interiors) Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ultimate (Commercial Interiors) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Ultimate (Commercial Interiors) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation;

- we assessed the extent of compliance with the law and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- tested journal entries and other adjustments for appropriateness to identify any unusual transactions, and evaluation the business rationale of significant transaction outside the normal course of the business.

- reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Ultimate (Commercial Interiors) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Day (Senior Statutory Auditor)
for and on behalf of Walkers Accountants Limited
Statutory Auditor and Chartered Accountants
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

25 July 2024

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Income Statement
for the year ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 21,641,479 23,250,853

Cost of sales (17,249,134 ) (19,431,472 )
GROSS PROFIT 4,392,345 3,819,381

Administrative expenses (3,185,798 ) (3,517,710 )
1,206,547 301,671

Other operating income 21,809 25,265
OPERATING PROFIT 5 1,228,356 326,936

Interest receivable and similar income 33,083 11,719
1,261,439 338,655

Interest payable and similar expenses 6 28,436 (66,662 )
PROFIT BEFORE TAXATION 1,289,875 271,993

Tax on profit 7 (156,012 ) (78,508 )
PROFIT FOR THE FINANCIAL YEAR 1,133,863 193,485

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Other Comprehensive Income
for the year ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 1,133,863 193,485


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,133,863

193,485

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 9 285,364 1,720,669

CURRENT ASSETS
Stocks 10 57,702 158,795
Debtors 11 2,429,835 2,986,917
Cash at bank 2,503,439 2,654,389
4,990,976 5,800,101
CREDITORS
Amounts falling due within one year 12 (3,945,661 ) (4,327,895 )
NET CURRENT ASSETS 1,045,315 1,472,206
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,330,679

3,192,875

CREDITORS
Amounts falling due after more than one
year

13

-

(762,119

)

PROVISIONS FOR LIABILITIES 17 (63,291 ) (122,172 )
NET ASSETS 1,267,388 2,308,584

CAPITAL AND RESERVES
Called up share capital 18 103 100
Share premium 19 89,280 80,000
Other reserves 19 - 9,283
Retained earnings 19 1,178,005 2,219,201
SHAREHOLDERS' FUNDS 1,267,388 2,308,584

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





D Platt - Director


Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Statement of Changes in Equity
for the year ended 31 March 2024

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   
Balance at 1 April 2022 100 2,345,499 80,000 - 2,425,599

Changes in equity
Dividends - (310,500 ) - - (310,500 )
Total comprehensive income - 184,202 - 9,283 193,485
Balance at 31 March 2023 100 2,219,201 80,000 9,283 2,308,584

Changes in equity
Issue of share capital 3 - 9,280 - 9,283
Dividends - (2,184,342 ) - - (2,184,342 )
Total comprehensive income - 1,143,146 - (9,283 ) 1,133,863
Balance at 31 March 2024 103 1,178,005 89,280 - 1,267,388

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Ultimate (Commercial Interiors) Limited 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Ultimate Interiors Group Limited as at the 31 March 2024 and those financial statements may be obtained from Companies House, Cardiff, CD14 3UZ.

Significant judgements and estimates
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the applications of policies and the reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

- Estimation Uncertainty
Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below.

- Useful lives of depreciable assets
Management reviews its estimates of the useful lives of depreciable assets at each reporting date, based on the expected utility of assets. Uncertainties in these estimates relate to mechanical and technological obsolescence that may change the utility of certain plant and equipment.Acc

- Accrued income
Accrued income is calculated using the project valuation or the costs incurred to date plus the expected margin for the project. Uncertainties in these estimates relate to the expected margins which are monitored regularly by project managers.

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Company recognises revenue when:
- the significant risks and rewards of the goods and services provided have transferred to the customer;
- the amount of revenue can be reliably measured; and
- it is probable that future economic benefits will flow to the entity.

The company enters into contracts to provide its services. At the year end all contracts that have not been finalised are reviewed and an estimate of the recoverability of these contracts is determined, based on the expected contract value and work completed to date.

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.
Freehold property - 1% on cost
Short leasehold - Over the life of the lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments.

Going concern
The financial statements have been prepared on the going concern basis which assumes that the group will continue in operation for at least 12 months from the date of approval of these financial statements.

In reaching their conclusion, the directors have considered their current trading information and their cashflows that cover a period of no less than 12 months from the date of approval. The company has maintained significant liquid balances as demonstrated by the balance sheet position at the year end to continue operationally for a period of no less than 12 months from the date of approval of the financial statements.

After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

Debtors
Trade and other debtors are recognised at the transaction price and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the debtors are stated at cost less impairment losses for bad

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and for an integral part of the Company's cash management.

Creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of the discounting would be immaterial, in which case they were stated at cost.

Finance costs
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loan from bank and investments in non puttable ordinary shares.

Debt instruments (other than those repayable or receivable within one year), including loan and other amounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised rate using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangement of a short term instrument constitute a financing transaction, like the payment of a trade debts deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate of interest, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at the amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at each of the reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
£    £   
Construction contracts 16,954,965 18,161,530
Sale of goods 4,686,514 5,089,323
21,641,479 23,250,853

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 21,490,479 23,250,853
Channel Islands 151,000 -
21,641,479 23,250,853

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 1,875,921 1,725,624
Social security costs 249,841 215,393
Other pension costs 61,485 252,336
2,187,247 2,193,353

The average number of employees during the year was as follows:
31.3.24 31.3.23

Direct 9 9
Administrative 30 30
39 39

31.3.24 31.3.23
£    £   
Directors' remuneration 469,739 145,028
Directors' pension contributions to money purchase schemes 24,825 216,000

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:
31.3.24
£   
Emoluments etc 157,906
Pension contributions to money purchase schemes 12,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 74,088 87,826
Depreciation - assets on hire purchase contracts 6,206 8,188
Loss on disposal of fixed assets 898 3,373
Audit Fees 19,000 19,000
Foreign exchange differences (489 ) 2,641

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank loan interest (29,095 ) 65,032
Hire purchase 659 1,630
(28,436 ) 66,662

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 214,893 125,733

Deferred tax (58,881 ) (47,225 )
Tax on profit 156,012 78,508

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 1,289,875 271,993
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

322,469

51,679

Effects of:
Expenses not deductible for tax purposes 4,412 7,051
Adjustments to tax charge in respect of previous periods (761 ) -
Depreciation on non-qualifying assets - 866
Enhanced capital allowances (48,211 ) (10,409 )
Change in deferred tax rate - 29,321
Group relief (76,887 ) -
EMI options exercised (45,010 ) -

Total tax charge 156,012 78,508

8. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary Shares shares of £1 each
Interim 2,073,342 -
Ordinary 1 shares of £1 each
Interim 37,000 103,500
Ordinary 2 shares of £1 each
Interim 37,000 103,500
Ordinary 3 shares of £1 each
Interim 37,000 103,500
2,184,342 310,500

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

9. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2023 1,457,849 - 11,809
Additions - 10,276 358
Disposals (1,457,849 ) - -
At 31 March 2024 - 10,276 12,167
DEPRECIATION
At 1 April 2023 57,586 - 7,254
Charge for year - - 718
Eliminated on disposal (57,586 ) - -
At 31 March 2024 - - 7,972
NET BOOK VALUE
At 31 March 2024 - 10,276 4,195
At 31 March 2023 1,400,263 - 4,555

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 217,921 156,057 128,704 1,972,340
Additions 6,596 - 32,655 49,885
Disposals (7,282 ) - - (1,465,131 )
At 31 March 2024 217,235 156,057 161,359 557,094
DEPRECIATION
At 1 April 2023 39,988 75,574 71,269 251,671
Charge for year 28,049 20,120 31,407 80,294
Eliminated on disposal (2,649 ) - - (60,235 )
At 31 March 2024 65,388 95,694 102,676 271,730
NET BOOK VALUE
At 31 March 2024 151,847 60,363 58,683 285,364
At 31 March 2023 177,933 80,483 57,435 1,720,669

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 6,250 49,530 55,780
DEPRECIATION
At 1 April 2023 2,604 26,893 29,497
Charge for year 547 5,659 6,206
At 31 March 2024 3,151 32,552 35,703
NET BOOK VALUE
At 31 March 2024 3,099 16,978 20,077
At 31 March 2023 3,646 22,637 26,283

10. STOCKS
31.3.24 31.3.23
£    £   
Stocks 22,722 13,518
Work-in-progress 34,980 145,277
57,702 158,795

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,810,519 1,820,146
Amounts due on contracts 33,274 746,306
Other debtors 503,502 356,146
Prepayments 82,540 64,319
2,429,835 2,986,917

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 14) - 58,022
Hire purchase contracts (see note 15) 22,442 7,532
Trade creditors 2,214,189 2,985,222
Tax 214,926 125,733
Social security and other taxes 92,094 95,374
VAT 683,461 466,713
Other creditors 280,175 311,625
Directors' current accounts - 13,272
Accrued expenses 438,374 264,402
3,945,661 4,327,895

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 14) - 739,677
Hire purchase contracts (see note 15) - 22,442
- 762,119

14. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 58,022

Amounts falling due between one and two years:
Bank loans - 1-2 years - 71,449

Amounts falling due between two and five years:
Bank loans - 2-5 years - 668,228

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 22,442 7,532
Between one and five years - 22,442
22,442 29,974

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 210,332 66,567
Between one and five years 658,638 168,336
In more than five years 501,500 21,600
1,370,470 256,503

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans - 797,699
Hire purchase contracts 22,442 29,974
22,442 827,673

Net obligation under hire purchase contracts are secured by fixed charges on the assets concerned.

The bank loan is secured by Debenture and by a first legal charge over the Company's Freehold Property.

17. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 63,291 122,172

Deferred
tax
£   
Balance at 1 April 2023 122,172
Provided during year (58,120 )
Accelerated capital allowances
Prior year over provision (761 )
Balance at 31 March 2024 63,291

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
NIL Ordinary 1 £1 - 40
NIL Ordinary 2 £1 - 40
NIL Ordinary 3 £1 - 20
- 100

Allotted and issued:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
103 Ordinary £1 103 -

The following shares were issued during the year for cash at par :

3 A Ordinary shares of £1

Ultimate (Commercial Interiors) Limited (Registered number: 04115984)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

18. CALLED UP SHARE CAPITAL - continued

During the year, 40 Ordinary 1 shares, 40 Ordinary 2 shares and 20 Ordinary 3 shares were reclassified as Ordinary shares.

In 2018 EMI share options were granted to 3 employees. Each employee was granted 1 ordinary share of £1 each, with an exercise price of £3,094.22.The options were exercised on the 31st May 2023.

The shares have attached to them full rights to receive notice of, attend and vote at general meetings.
One share carries one vote, and full rights to dividends and capital distributions (including upon winding up).

19. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 April 2023 2,219,201 80,000 9,283 2,308,484
Profit for the year 1,133,863 1,133,863
Dividends (2,184,342 ) (2,184,342 )
Cash share issue - 9,280 - 9,280
Share option reserve 9,283 - (9,283 ) -
At 31 March 2024 1,178,005 89,280 - 1,267,285

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. During the year £61,485 (2023: £252,336) has been charged to the profit and loss account in respect of pension contributions. At the balance sheet date, there were outstanding contributions of £10,360 (2023: £9,469).

21. ULTIMATE PARENT COMPANY

The ultimate parent company is Ultimate Interiors Group Ltd, a company incorporated in Great Britain, which in turn is under the control of D Platt. The registered address office of the ultimate parent company is 8 Skelton Business Park, Cross Hill, West Yorkshire, BD20 7BY.

The consolidated financial statements of Ultimate Interiors Group Ltd are available to the public and may be obtained from the registered office.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, included within creditors is an amount of £nil (2023: £13,272) due to the directors.

The amounts advanced during the year totalled £139,272 (2023: £408,410) and the amounts repaid in the year totalled £126,000 (2023: £400,500).

23. RELATED PARTY DISCLOSURES

During the year, total dividends of £111,000 were paid to the directors .

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, a total of key management personnel compensation of £ 592,239 was paid.