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REGISTERED NUMBER: 14556217 (England and Wales)










Ultimate Interiors Group LTD

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024






Ultimate Interiors Group LTD (Registered number: 14556217)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


Ultimate Interiors Group LTD

Company Information
for the year ended 31 March 2024







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





REGISTERED OFFICE: 8 Skelton Business Park
Cross Hills
United Kingdom
West Yorkshire
BD20 7BY





REGISTERED NUMBER: 14556217 (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 Interiors Group LTD (Registered number: 14556217)

Group Strategic Report
for the year ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the parent company in the year under review was that of a holding company. The company trades from its registered office, The Hive, 8 Skeleton Business Park, Cross Hills, Keighley, BDL 7BY.

The principal activity of the trading subsidiary 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 Skeleton Business Park, Cross Hills, Keighley, BDL 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 the 31 May 2023 the Company acquired a subsidiary undertaking, Ultimate (Commercial Interiors) Limited, when the business undertook a Management Buyout (MBO) by senior members of the company's management team.

Turnover for the year of £18,093,696 relates to the trading subsidiary company. The gross profit for the year is 20.3% which is in line with expectations for the trading subsidiary. 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.

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

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.

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


Ultimate Interiors Group LTD (Registered number: 14556217)

Group Strategic Report
for the year ended 31 March 2024

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 increased from £nil to £18,093,696

- Gross Profit Margin for the year is 20.3% as described in the Review of Business

- Shareholder funds increased from £1 to £77,147

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.

ON BEHALF OF THE BOARD:





D Platt - Director


25 July 2024

Ultimate Interiors Group LTD (Registered number: 14556217)

Report of the Directors
for the year ended 31 March 2024

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

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

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:

Mrs V Plunkett - appointed 31 May 2023
S Broadbent - appointed 31 May 2023
S Cowley - appointed 31 May 2023
R A Murriero - appointed 31 May 2023
P Alexander - appointed 31 May 2023

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors, loans 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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

Ultimate Interiors Group LTD (Registered number: 14556217)

Report of the Directors
for the year ended 31 March 2024


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 Interiors Group LTD

Opinion
We have audited the financial statements of Ultimate Interiors Group LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 Interiors Group LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Ultimate Interiors Group LTD


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.

Other matters which we are required to address
The prior years financial statements were not audited, therefore the figures for the period ending 31 March 2023 are unaudited.

Report of the Independent Auditors to the Members of
Ultimate Interiors Group LTD


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 Interiors Group LTD (Registered number: 14556217)

Consolidated
Income Statement
for the year ended 31 March 2024

Period
23.12.22
Year Ended to
31.3.24 31.3.23
Notes £    £   

TURNOVER 3 18,093,696 -

Cost of sales (14,421,408 ) -
GROSS PROFIT 3,672,288 -

Administrative expenses (3,046,764 ) -
625,524 -

Other operating income 18,415 -
OPERATING PROFIT 5 643,939 -

Interest receivable and similar income 27,660 -
671,599 -

Interest payable and similar expenses 6 (527,866 ) -
PROFIT BEFORE TAXATION 143,733 -

Tax on profit 7 (116,587 ) -
PROFIT FOR THE FINANCIAL YEAR 27,146 -
Profit attributable to:
Owners of the parent 27,146 -

Ultimate Interiors Group LTD (Registered number: 14556217)

Consolidated
Other Comprehensive Income
for the year ended 31 March 2024

Period
23.12.22
Year Ended to
31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 27,146 -


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

27,146

-

Total comprehensive income attributable to:
Owners of the parent 27,146 -

Ultimate Interiors Group LTD (Registered number: 14556217)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 3,777,707 -
Tangible assets 10 285,362 -
Investments 11 - -
4,063,069 -

CURRENT ASSETS
Stocks 12 57,702 -
Debtors 13 2,444,118 1
Cash at bank 2,503,438 -
5,005,258 1
CREDITORS
Amounts falling due within one year 14 (4,708,644 ) -
NET CURRENT ASSETS 296,614 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,359,683

1

CREDITORS
Amounts falling due after more than one
year

15

(4,219,245

)

-

PROVISIONS FOR LIABILITIES 20 (63,291 ) -
NET ASSETS 77,147 1

CAPITAL AND RESERVES
Called up share capital 21 50,001 1
Retained earnings 22 27,146 -
SHAREHOLDERS' FUNDS 77,147 1

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 Interiors Group LTD (Registered number: 14556217)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 6,549,333 -
6,549,333 -

CURRENT ASSETS
Debtors 13 14,584 1

CREDITORS
Amounts falling due within one year 14 (763,286 ) -
NET CURRENT (LIABILITIES)/ASSETS (748,702 ) 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,800,631

1

CREDITORS
Amounts falling due after more than one
year

15

(4,219,245

)

-
NET ASSETS 1,581,386 1

CAPITAL AND RESERVES
Called up share capital 21 50,001 1
Retained earnings 22 1,531,385 -
SHAREHOLDERS' FUNDS 1,581,386 1

Company's profit for the financial year 1,531,385 -

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 Interiors Group LTD (Registered number: 14556217)

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

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1 - 1
Balance at 31 March 2023 1 - 1

Changes in equity
Issue of share capital 50,000 - 50,000
Total comprehensive income - 27,146 27,146
Balance at 31 March 2024 50,001 27,146 77,147

Ultimate Interiors Group LTD (Registered number: 14556217)

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

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1 - 1
Balance at 31 March 2023 1 - 1

Changes in equity
Issue of share capital 50,000 - 50,000
Total comprehensive income - 1,531,385 1,531,385
Balance at 31 March 2024 50,001 1,531,385 1,581,386

Ultimate Interiors Group LTD (Registered number: 14556217)

Consolidated Cash Flow Statement
for the year ended 31 March 2024

Period
23.12.22
Year Ended to
31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,313,127 -
Interest paid (527,315 ) -
Interest element of hire purchase payments
paid

(551

)

-
Net cash from operating activities 1,785,261 -

Cash flows from investing activities
Sale of tangible fixed assets 3,735 -
Acquisition of subsidiary (1,447,653 ) -
Interest received 27,660 -
Net cash from investing activities (1,416,258 ) -

Cash flows from financing activities
New loans in year 2,250,000 -
Loan repayments in year (93,750 ) -
Capital repayments in year (7,532 ) -
Amount introduced by directors 9,283 -
Amount withdrawn by directors (23,566 ) -
Net cash from financing activities 2,134,435 -

Increase in cash and cash equivalents 2,503,438 -
Cash and cash equivalents at beginning of
year

2

-

-

Cash and cash equivalents at end of year 2 2,503,438 -

Ultimate Interiors Group LTD (Registered number: 14556217)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
23.12.22
Year Ended to
31.3.24 31.3.23
£    £   
Profit before taxation 143,733 -
Depreciation charges 410,411 -
Loss on disposal of fixed assets 898 -
Finance costs 527,866 -
Finance income (27,660 ) -
1,055,248 -
Increase in stocks (57,702 ) -
Increase in trade and other debtors (2,429,835 ) -
Increase in trade and other creditors 3,745,416 -
Cash generated from operations 2,313,127 -

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,503,438 -
Period ended 31 March 2023
31.3.23 23.12.22
£    £   


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank - 2,503,438 2,503,438
- 2,503,438 2,503,438
Debt
Finance leases - (22,442 ) (22,442 )
Debts falling due within 1 year - (754,465 ) (754,465 )
Debts falling due after 1 year - (4,185,820 ) (4,185,820 )
- (4,962,727 ) (4,962,727 )
Total - (2,459,289 ) (2,459,289 )

Ultimate Interiors Group LTD (Registered number: 14556217)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 March 2024

4. ACQUISITION OF BUSINESS

During the year the group acquired Ultimate (Commercial Interiors) Limited. The fair value of the assets liabilities assumed were as followings:

£

Cash 2,518,560
Stocks 15,698
Debtors 4,343,443
Fixed Assets 308,969
Creditors (4,636,300 )
Provision's (122,172 )
2,428,198
Goodwill 4,141,135
Total purchase price 6,549,333

Less

Cash of Ultimate (Commercial Interiors) Limited (2,516,560 )
Non cash consideration (2,583,120 )
Cash flow on acquisition net of cash acquired 1,447,653


Ultimate Interiors Group LTD (Registered number: 14556217)

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

1. STATUTORY INFORMATION

Ultimate Interiors Group 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 General 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.

Basis of consolidation
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of the business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of the acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which Control was obtained. They are deconsolidated from the date control ceases.

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 Interiors Group LTD (Registered number: 14556217)

Notes to the Consolidated 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

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.

Ultimate Interiors Group LTD (Registered number: 14556217)

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

2. ACCOUNTING POLICIES - continued

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.
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.

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.


Ultimate Interiors Group LTD (Registered number: 14556217)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
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.

Ultimate Interiors Group LTD (Registered number: 14556217)

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

2. ACCOUNTING POLICIES - continued

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.

Financial instruments
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.

Ultimate Interiors Group LTD (Registered number: 14556217)

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

3. TURNOVER

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

An analysis of turnover by class of business for the year ended 31 March 2024 is given below:

£   
Construction contracts 14,175,463
Sale of goods 3,918,233
18,093,696

This analysis is not considered to be applicable to the period ended 31 March 2023.

An analysis of turnover by geographical market for the year ended 31 March 2024 is given below:

£   
United Kingdom 17,967,450
Channel islands 126,246
18,093,696

This analysis is not considered to be applicable to the period ended 31 March 2023.

4. EMPLOYEES AND DIRECTORS
Period
23.12.22
Year Ended to
31.3.24 31.3.23
£    £   
Wages and salaries 1,595,180 -
Social security costs 213,822 -
Other pension costs 49,475 -
1,858,477 -

The average number of employees during the year was as follows:
Period
23.12.22
Year Ended to
31.3.24 31.3.23

Direct 8 -
Administrative 25 -
33 -

The average number of employees by undertakings that were proportionately consolidated during the year was 39 (2023 - NIL ) .

Ultimate Interiors Group LTD (Registered number: 14556217)

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

4. EMPLOYEES AND DIRECTORS - continued

Period
23.12.22
Year Ended to
31.3.24 31.3.23
£    £   
Directors' remuneration 419,520 -
Directors' pension contributions to money purchase schemes 18,825 -

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:


Year Ended
31.3.24
£   
Emoluments etc 132,021
Pension contributions to money purchase schemes 10,000

5. OPERATING PROFIT

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

Period
23.12.22
Year Ended to
31.3.24 31.3.23
£    £   
Depreciation - owned assets 74,089 -
Depreciation - assets on hire purchase contracts 6,206 -
Loss on disposal of fixed assets 898 -
Goodwill amortisation 343,428 -
Audit fees 17,885 -
Foreign exchange differences (409 ) -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
23.12.22
Year Ended to
31.3.24 31.3.23
£    £   
Interest payable 527,315 -
Hire purchase 551 -
527,866 -

Ultimate Interiors Group LTD (Registered number: 14556217)

Notes to the Consolidated 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:
Period
23.12.22
Year Ended to
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 175,468 -

Deferred tax (58,881 ) -
Tax on profit 116,587 -

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 higher than the standard rate of corporation tax in the UK. The difference is explained below:



Year Ended
31.3.24
£   
Profit before tax 143,733
Profit multiplied by the standard rate of corporation tax in the UK of 25 % 35,933

Effects of:
Expenses not deductible for tax purposes 61,075
Capital allowances in excess of depreciation (40,203 )
Adjustments to tax charge in respect of previous periods (634 )
Goodwill amortisation 85,857
Other difference leading to increase in tax charge 7,248
Other difference leading to decrease in tax charge (37,509 )
S455 tax provision 4,820
Total tax charge 116,587

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Ultimate Interiors Group LTD (Registered number: 14556217)

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

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 4,121,135
At 31 March 2024 4,121,135
AMORTISATION
Amortisation for year 343,428
At 31 March 2024 343,428
NET BOOK VALUE
At 31 March 2024 3,777,707

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
Additions 10,276 4,913 184,529
Disposals - - (7,282 )
At 31 March 2024 10,276 4,913 177,247
DEPRECIATION
Charge for year - 718 28,050
Eliminated on disposal - - (2,649 )
At 31 March 2024 - 718 25,401
NET BOOK VALUE
At 31 March 2024 10,276 4,195 151,846

Ultimate Interiors Group LTD (Registered number: 14556217)

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

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
Additions 80,482 90,090 370,290
Disposals - - (7,282 )
At 31 March 2024 80,482 90,090 363,008
DEPRECIATION
Charge for year 20,120 31,407 80,295
Eliminated on disposal - - (2,649 )
At 31 March 2024 20,120 31,407 77,646
NET BOOK VALUE
At 31 March 2024 60,362 58,683 285,362

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
Additions 3,646 22,637 26,283
At 31 March 2024 3,646 22,637 26,283
DEPRECIATION
Charge for year 547 5,659 6,206
At 31 March 2024 547 5,659 6,206
NET BOOK VALUE
At 31 March 2024 3,099 16,978 20,077

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 6,549,333
At 31 March 2024 6,549,333
NET BOOK VALUE
At 31 March 2024 6,549,333

Ultimate Interiors Group LTD (Registered number: 14556217)

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

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Ultimate (Commercial Interiors) Limited
Registered office: United Kingdom
Nature of business: Design and fit out of offices.
%
Class of shares: holding
Ordinary 100.00
31.3.24
£   
Aggregate capital and reserves 1,267,388
Profit for the year 1,133,863


12. STOCKS

Group
31.3.24 31.3.23
£    £   
Stocks 22,722 -
Work-in-progress 34,980 -
57,702 -

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 1,810,519 - - -
No description 33,274 - - -
Other debtors 503,502 - - -
Directors' current accounts 14,283 - 14,284 -
VAT - - 300 -
Called up share capital not paid - 1 - 1
Prepayments 82,540 - - -
2,444,118 1 14,584 1

Ultimate Interiors Group LTD (Registered number: 14556217)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Bank loans and overdrafts (see note 16) - - 1 -
Other loans (see note 16) 754,465 - 754,465 -
Hire purchase contracts (see note 17) 22,442 - - -
Trade creditors 2,214,187 - - -
Tax 219,746 - 4,820 -
Social security and other taxes 92,094 - - -
VAT 683,161 - - -
Other creditors 280,175 - - -
Accrued expenses 442,374 - 4,000 -
4,708,644 - 763,286 -

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Other loans (see note 16) 4,185,820 - 4,185,820 -
Accruals and deferred income 33,425 - 33,425 -
4,219,245 - 4,219,245 -

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - - 1 -
Other loans 754,465 - 754,465 -
754,465 - 754,466 -
Amounts falling due between one and two years:
Other loans - 1-2 years 356,931 - 356,931 -
Amounts falling due between two and five years:
Other loans - 2-5 years 1,912,723 - 1,912,723 -
Amounts falling due in more than five years:
Repayable by instalments
Other loans more 5yrs instal 1,916,166 - 1,916,166 -

Ultimate Interiors Group LTD (Registered number: 14556217)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 22,442 -

Group
Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 210,332 -
Between one and five years 658,638 -
In more than five years 501,500 -
1,370,470 -

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.24 31.3.23
£    £   
Other loans 4,940,285 -
Hire purchase contracts 22,442 -
4,962,727 -

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

The loan contains a fixed charge and floating charge that covers all the property or undertaking of the company.

19. FINANCIAL INSTRUMENTS

31.03.2024 31.03.2024
£ £
Carrying amount of financial assets
Cash and cash equivalents 2,503,438 -
Trade and other debtors 2,444,118 1

Carrying amount of financial liabilities
Loans 4,940,285 -
Hire purchase 22,442
Trade and other payables 2,936,736
Interest payable 33,425

Ultimate Interiors Group LTD (Registered number: 14556217)

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

20. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 63,291 -

Group
Deferred
tax
£   
Provided during year 63,291
Balance at 31 March 2024 63,291

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
50,001 Ordinary 1 50,001 1

50,000 Ordinary shares of 1 each were allotted and fully paid for cash at par during the year.

22. RESERVES

Group
Retained
earnings
£   

Profit for the year 27,146
At 31 March 2024 27,146

Company
Retained
earnings
£   

Profit for the year 1,531,385
At 31 March 2024 1,531,385


23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. During the year £49,475 (2023: £nil) 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: £nil).

Ultimate Interiors Group LTD (Registered number: 14556217)

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

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 March 2024 and the period ended 31 March 2023:

31.3.24 31.3.23
£    £   
D Platt
Balance outstanding at start of year - -
Amounts advanced 1 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1 -

S Broadbent
Balance outstanding at start of year - -
Amounts advanced 3,094 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,094 -

S Cowley
Balance outstanding at start of year - -
Amounts advanced 3,094 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,094 -

Mrs V Plunkett
Balance outstanding at start of year - -
Amounts advanced 3,094 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,094 -

P Alexander
Balance outstanding at start of year - -
Amounts advanced 2,500 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,500 -

Ultimate Interiors Group LTD (Registered number: 14556217)

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

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

R A Murriero
Balance outstanding at start of year - -
Amounts advanced 2,500 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,500 -

The amounts due from directors are interest free and repayable on demand.

25. RELATED PARTY DISCLOSURES

Other related parties
31.3.24 31.3.23
£    £   
Rent payable 98,333 -

Rent was paid to a small self-administered pension scheme (SSAS), in which one of the directors is a beneficiary.

26. ULTIMATE CONTROLLING PARTY

The controlling party is D Platt.