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REGISTERED NUMBER: 04239809 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Ultra Trade Frames Limited

Ultra Trade Frames Limited (Registered number: 04239809)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ultra Trade Frames Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: W Boatright
N Ridgard
M J Lombardo
J R Hughes





REGISTERED OFFICE: Eldo House
Kempson Way
Suffolk Business Park
Bury St. Edmunds
Suffolk
IP32 7AR





REGISTERED NUMBER: 04239809 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Ultra Trade Frames Limited (Registered number: 04239809)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 175,779 67,382

CURRENT ASSETS
Stocks 4,254 4,351
Debtors 5 1,874,071 2,825,591
Cash at bank 791,855 43,521
2,670,180 2,873,463
CREDITORS
Amounts falling due within one year 6 728,635 815,066
NET CURRENT ASSETS 1,941,545 2,058,397
TOTAL ASSETS LESS CURRENT LIABILITIES 2,117,324 2,125,779

CREDITORS
Amounts falling due after more than one
year

7

-

(4,734

)

PROVISIONS FOR LIABILITIES 10 (43,945 ) (16,846 )
NET ASSETS 2,073,379 2,104,199

CAPITAL AND RESERVES
Called up share capital 11 250 250
Share premium 9,950 9,950
Retained earnings 2,063,179 2,093,999
SHAREHOLDERS' FUNDS 2,073,379 2,104,199

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

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

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

Ultra Trade Frames Limited (Registered number: 04239809)

Balance Sheet - continued
31 December 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2024 and were signed on its behalf by:




W Boatright - Director N Ridgard - Director




M J Lombardo - Director J R Hughes - Director


Ultra Trade Frames Limited (Registered number: 04239809)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Ultra Trade Frames 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, and is recognised over the period in which it relates.

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.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stock
Stock has been valued at the lower of cost and estimated selling price less costs to sell.

Ultra Trade Frames Limited (Registered number: 04239809)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, such as loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost 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 arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

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

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 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 best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet 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 to realise the asset and settle the liability simultaneously.

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.

Ultra Trade Frames Limited (Registered number: 04239809)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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

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

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes for its directors. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

Employee benefit trusts
The Company created a trust in 2013 whose beneficiaries included employees of the Company and their dependents. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.

Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these assets of the trust when payment is made to the trust. The value transferred will be charged in the Company's profit and loss account for the year to which it relates.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

Ultra Trade Frames Limited (Registered number: 04239809)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 178,668
Additions 187,554
Disposals (99,785 )
At 31 December 2023 266,437
DEPRECIATION
At 1 January 2023 111,286
Charge for year 47,621
Eliminated on disposal (68,249 )
At 31 December 2023 90,658
NET BOOK VALUE
At 31 December 2023 175,779
At 31 December 2022 67,382

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

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 31,760
DEPRECIATION
At 1 January 2023 11,413
Charge for year 5,087
At 31 December 2023 16,500
NET BOOK VALUE
At 31 December 2023 15,260
At 31 December 2022 20,347

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 963,774 827,608
Amounts owed by group undertakings 902,648 1,972,352
Other debtors 7,649 25,631
1,874,071 2,825,591

Ultra Trade Frames Limited (Registered number: 04239809)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 4,734 10,919
Trade creditors 468,862 508,490
Taxation and social security 172,317 223,572
Other creditors 82,722 72,085
728,635 815,066

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) - 4,734

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 4,734 10,919
Between one and five years - 4,734
4,734 15,653

Non-cancellable operating leases
2023 2022
£    £   
Within one year 15,295 14,673
Between one and five years 22,041 28,000
37,336 42,673

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 4,734 15,653

The Hire Purchase balance is secured over the asset financed under the Hire Purchase agreement.

Ultra Trade Frames Limited (Registered number: 04239809)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 43,945 16,846

Deferred
tax
£   
Balance at 1 January 2023 16,846
Charge to Income Statement during year 27,099
Balance at 31 December 2023 43,945

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250 Ordinary £1 250 250

12. ULTIMATE CONTROLLING PARTY

The controlling party and parent company is Ultra Trade Frames (Holdings) Ltd:

Registered office:
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Place of business:
14 Mercers Road
Bury Saint Edmunds
Suffolk
IP32 7HX

Mr W Boatright and Mr N Ridgard jointly have ultimate control over the company by virtue of their shareholding in the parent company.