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ULTRAMAG INSPECTION
SERVICES LIMITED
FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2024



















Company Registration Number - 1312465

















ANDREWS AND COMPANY

Accountants and Tax Consultants

U001


1.
ULTRAMAG INSPECTION SERVICES LIMITED
COMPANY NUMBER - 1312465

Balance sheet as at 30 April 2024





2024
2023

Notes
£ £ £ £
FIXED ASSETS





Tangible assets 4
308,894
283,132

Current assets




Stocks
10,767
12,100

Debtors 5 381,215
394,512

Cash at bank and in hand
22,478
57,786




414,460
464,398
Current liabilities




Creditors - Amounts
falling due within one year 6 398,913
422,227


NET CURRENT ASSETS

15,547
42,171


Total assets less current liabilities

324,441
325,303





Creditors - Amounts falling

due after more than one year 6 60,728
23,653





Provisions for liabilities

Deferred taxation 7 55,871
49,447





(116,599)
(73,100)


Net assets

207,842
252,203














2.
ULTRAMAG INSPECTION SERVICES LIMITED
COMPANY NUMBER - 1312465

Balance sheet as at 30 April 2024





2024
2023

Notes
£
£
CAPITAL AND RESERVES

Called up share capital 8
1,010
1,010

Profit and Loss account

206,832
251,193


Shareholders' funds

207,842
252,203



These financial statements have been prepared in accordance with the provisions of FRS102 Section 1A of the Companies Act 2006 relating to small companies.
In accordance with section 444 of the Companies Act 2006, the directors' report and the profit and loss account have not been delivered.

For the financial year ended 30 April 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.

The members have not required the company to obtain an audit.


The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.


Approved by the board of directors on 6 January 2025
and signed on their behalf by:



J R SIMMONDS C J SIMMONDS




Director Director



The notes on pages 3 to 5 form an integral part of these accounts.


3.
ULTRAMAG INSPECTION SERVICES LIMITED

Notes to the Financial Statements

For the year ended 30 April 2024


1. General Information

ULTRAMAG INSPECTION SERVICES LIMITED is a Private Company, limited by shares, domiciled in England and Wales, registration number 1312465.


The company's registered office is Unit 1 Contech House, Rushington Business Park, Rushington, Southampton, Hampshire SO40 9LT.


2. Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.


Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents goods supplied or services rendered, stated net of Value Added Tax. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.


Tangible fixed assets and depreciation

Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life:


Building improvements - three year straight line

Plant and machinery - 15% reducing balance

Motor vehicles - 25% reducing balance


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 includes all direct expenditure and an appropriate proportion of fixed and variable overheads.


Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and corresponding tax bases used in the computation of the of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.


3. Employees

The average number employed by the company (including directors) during the year 2024 was 20
and in the previous year 2023 was 18.


4.
ULTRAMAG INSPECTION SERVICES LIMITED

Notes to the Financial Statements

For the year ended 30 April 2024


4. Fixed assets - tangible


Plant

Building and Motor Total

improv'ts machinery Vehicles

--------- --------- -------- -----
Fair value £ £ £ £
At 1 May 2023 76,622 404,705 80,908 562,235
Additions - 16,545 74,468 91,013




At 30 April 2024 76,622 421,250 155,376 653,248





Depreciation
At 1 May 2023 19,885 220,322 38,896 279,103
Charge for year 18,910 29,299 17,042 65,251




At 30 April 2024 38,795 249,621 55,938 344,354





Net book values
At 30 April 2024 37,827 171,629 99,438 308,894




At 1 May 2023 56,737 184,383 42,012 283,132








2024
2023


£
£
5. Debtors

Due within one year:



Trade debtors 288,701
337,728
Prepayments and accrued income 92,514
56,784



381,215
394,512





5.
ULTRAMAG INSPECTION SERVICES LIMITED

Notes to the Financial Statements

For the year ended 30 April 2024




2024
2023


£
£
6. Creditors

Amounts falling due within one year:



Bank overdraft & loans 92,709
105,207
Trade creditors 106,919
61,487
Wages 6,183
5,745
Credit card 4,727
4,215
Income in advance 1,950
2,448
Obligations under finance leases 19,646
9,224
Other creditors:



Corporation tax 26,490
59,614
Other taxation and social security 87,184
112,445
Directors' current accounts (56)
2,959
Other 50,000
50,000
Accruals and deferred income 3,161
8,883


398,913 422,227


Amounts falling due after one year:



Hire purchase liabilities 60,728
23,653



RBS Invoice Finance Ltd holds a fixed charge dated 24 February 2015 covering all of the company's fixed assets. It also holds a floating charge, also dated 24 February 2015, that covers the remainder of the company's assets.

National Westminster Bank Plc holds a fixed and floating charge dated 29 April 2014 covering all of the company's assets.

The hire purchase liabilities are secured on the asset they are used to finance.


7. Deferred taxation

At 1 May 2023 49,447
35,897
Charged to profit and loss account 6,424
13,550


At 30 April 2024 55,871 49,447



8. Called up share capital

There was no change in share capital during the year.


Allotted, called up and fully paid



Ordinary shares of £1 each 1,010
1,010