IRIS Accounts Production v24.2.0.383 NI019194 Board of Directors Board of Directors 1.5.23 30.4.24 30.4.24 Medium entities manufacturing & galvanising. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0191942023-04-30NI0191942024-04-30NI0191942023-05-012024-04-30NI0191942022-04-30NI0191942022-05-012023-04-30NI0191942023-04-30NI019194ns15:NorthernIreland2023-05-012024-04-30NI019194ns14:PoundSterling2023-05-012024-04-30NI019194ns10:Director12023-05-012024-04-30NI019194ns10:Director22023-05-012024-04-30NI019194ns10:CompanySecretary12023-05-012024-04-30NI019194ns10:PrivateLimitedCompanyLtd2023-05-012024-04-30NI019194ns10:MediumEntities2023-05-012024-04-30NI019194ns10:Audited2023-05-012024-04-30NI019194ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-05-012024-04-30NI019194ns10:Medium-sizedCompaniesRegimeForAccounts2023-05-012024-04-30NI019194ns10:FullAccounts2023-05-012024-04-30NI019194ns10:OrdinaryShareClass12023-05-012024-04-30NI019194ns10:OrdinaryShareClass22023-05-012024-04-30NI019194ns10:Director32023-05-012024-04-30NI019194ns10:RegisteredOffice2023-05-012024-04-30NI019194ns5:CurrentFinancialInstruments2024-04-30NI019194ns5:CurrentFinancialInstruments2023-04-30NI019194ns5:ShareCapital2024-04-30NI019194ns5:ShareCapital2023-04-30NI019194ns5:CapitalRedemptionReserve2024-04-30NI019194ns5:CapitalRedemptionReserve2023-04-30NI019194ns5:RetainedEarningsAccumulatedLosses2024-04-30NI019194ns5:RetainedEarningsAccumulatedLosses2023-04-30NI019194ns5:ShareCapital2022-04-30NI019194ns5:RetainedEarningsAccumulatedLosses2022-04-30NI019194ns5:CapitalRedemptionReserve2022-04-30NI019194ns5:RetainedEarningsAccumulatedLosses2022-05-012023-04-30NI019194ns5:CapitalRedemptionReserve2022-05-012023-04-30NI019194ns5:RetainedEarningsAccumulatedLosses2023-05-012024-04-30NI019194ns5:CapitalRedemptionReserve2023-05-012024-04-30NI019194ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-05-012024-04-30NI019194ns5:PlantMachinery2023-05-012024-04-30NI019194ns5:FurnitureFittings2023-05-012024-04-30NI019194ns5:MotorVehicles2023-05-012024-04-30NI01919412023-05-012024-04-30NI019194ns5:OwnedAssets2023-05-012024-04-30NI019194ns5:OwnedAssets2022-05-012023-04-30NI019194112023-05-012024-04-30NI019194112022-05-012023-04-30NI019194122023-05-012024-04-30NI019194122022-05-012023-04-30NI01919442023-05-012024-04-30NI01919442022-05-012023-04-30NI019194ns5:LandBuildings2023-04-30NI019194ns5:PlantMachinery2023-04-30NI019194ns5:FurnitureFittings2023-04-30NI019194ns5:MotorVehicles2023-04-30NI019194ns5:LandBuildings2023-05-012024-04-30NI019194ns5:LandBuildings2024-04-30NI019194ns5:PlantMachinery2024-04-30NI019194ns5:FurnitureFittings2024-04-30NI019194ns5:MotorVehicles2024-04-30NI019194ns5:LandBuildings2023-04-30NI019194ns5:PlantMachinery2023-04-30NI019194ns5:FurnitureFittings2023-04-30NI019194ns5:MotorVehicles2023-04-30NI019194ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-30NI019194ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-30NI019194ns5:WithinOneYear2024-04-30NI019194ns5:WithinOneYear2023-04-30NI019194ns5:BetweenOneFiveYears2024-04-30NI019194ns5:BetweenOneFiveYears2023-04-30NI019194ns5:AllPeriods2024-04-30NI019194ns5:AllPeriods2023-04-30NI019194ns5:DeferredTaxation2023-04-30NI019194ns5:DeferredTaxation2024-04-30NI019194ns10:OrdinaryShareClass12024-04-30NI019194ns10:OrdinaryShareClass22024-04-30NI01919412023-05-012024-04-30
REGISTERED NUMBER: NI019194 (Northern Ireland)













ULTRA BUILDING PRODUCTS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


ULTRA BUILDING PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Sean McGuigan
Anthony McGuigan
Patrick Lynch



SECRETARY: Sean McGuigan



REGISTERED OFFICE: Deerpark Industrial Estate
Baronscourt Road
Newtownstewart
Co. Tyrone
BT78 4EX



REGISTERED NUMBER: NI019194 (Northern Ireland)



AUDITORS: McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Danske Bank
5-7 Market Street
OMAGH
Co. Tyrone
BT78 1BN



BANKERS: Bank of Ireland
Main Street
BALLYBOFEY
Co. Donegal
F93 K527

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activities of the company during the year were the provision of a galvanising service and the manufacture and sale of a range of aluminium and steel products for the building and agricultural markets.

REVIEW OF BUSINESS
The results for the year and the financial position at the year end are as set out in the annexed financial statements.

The directors are pleased with the results for the year with turnover of £11.3m and consistent levels of profitability. It is the intention of the directors to continue to develop the current activities of the company and to generate increased turnover and profitability by delivering quality products and service.

At 30 April 2024, the company's net assets were in excess of £16m. The company continues to maintain strong operating cash flow and the directors are satisfied that it remains resilient in the current economic climate.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the following areas of risk and uncertainty:

Supply chain and logistics:
Not withstanding the impact of the effects of the war in Ukraine, the directors are satisfied that the arrangements they have in place with key suppliers are adequate to mitigate the risk of interrupted supply.

Environmental risk:
The directors recognise the potential environmental risks arising from the company's operations and invest resources to ensure the company maintains all necessary environmental standards and manages the risk effectively.

Health and safety:
The company is committed to achieving the highest practicable standards in health and safety management and strives to make its sites and offices safe environments for employees and customer alike.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company's activities expose it to a number of financial risks including commodity price risk, liquidity risk and credit risk.

Commodity price risk:
The company uses materials which are exposed to commodity price risk. The directors take measures to protect against short term fluctuations in price, including measures to pass any fluctuations on to customers.

Credit risk:
The company's principal credit risk is in respect of customer credit arrangements which are managed through strict credit control arrangements and procedures.

Liquidity risk:
The company finances its working capital and investments with its own cash reserves and retains adequate balances to mitigate short and medium term liquidity risk.

Currency risk:
The company actively trades in both sterling and euro. Where possible euro cash inflows and outflows are matched. The directors take an active role in managing the currency exposure remains within acceptable levels.


ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

KEY PERFORMANCE INDICATORS (KPIS)
Given the nature of the business, the company's directors monitor the success of the business on the basis of growth in turnover and on operating profit margins.

Turnover has decreased by 8.4% in the year, however operating margins remain consistent with the prior year.

After allowing for fluctuations resulting from foreign exchange gains, the operating profit margin has been maintained above the directors' target level.

ON BEHALF OF THE BOARD:





Sean McGuigan - Secretary


9 September 2024

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 30,000 .

FUTURE DEVELOPMENTS
The directors do not foresee any future developments in the forthcoming year outside of normal principal trading activities.

POST BALANCE SHEET EVENTS
There have been no significant events affecting the Company since the year end.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Sean McGuigan
Anthony McGuigan
Patrick Lynch

POLITICAL AND CHARITABLE CONTRIBUTIONS
The company made charitable donations amounting to £2,600 during the year (2023: £3,800). No donations for political purposes were made during the year.

RESULTS
The profit for the year, after taxation, amounts to £1,994,672 (2023 - £2,185,439).

DIRECTORS' RESPONSIBILITIES STATEMENT
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Sean McGuigan - Secretary


9 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ULTRA BUILDING PRODUCTS LIMITED

Opinion
We have audited the financial statements of Ultra Building Products Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 April 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
ULTRA BUILDING PRODUCTS 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 Directors' Responsibilities Statement 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
ULTRA BUILDING PRODUCTS 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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, environmental regulations and health and safety laws, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies.

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the company's remuneration policies, and performance targets;
- results of our enquiries of management and other key persons about the company's own policies for the identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the company's policies, procedures and internal controls; and
- the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements;
- design of audit procedures responsive to those risks that incorporate unpredictability around the nature, timing and extent of our testing.

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
ULTRA BUILDING PRODUCTS 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.




Michael Barnett (Senior Statutory Auditor)
for and on behalf of McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE

9 September 2024

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 11,388,963 12,430,801

Cost of sales 7,845,192 8,754,078
GROSS PROFIT 3,543,771 3,676,723

Administrative expenses 1,130,739 1,073,811
2,413,032 2,602,912

Other operating income - 50,200
OPERATING PROFIT 5 2,413,032 2,653,112

Interest receivable and similar income 259,113 72,219
2,672,145 2,725,331

Interest payable and similar expenses 6 - 3,569
PROFIT BEFORE TAXATION 2,672,145 2,721,762

Tax on profit 7 677,473 536,323
PROFIT FOR THE FINANCIAL YEAR 1,994,672 2,185,439

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,994,672

2,185,439

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,607,438 1,586,770

CURRENT ASSETS
Stocks 10 1,701,744 1,804,968
Debtors 11 2,455,998 2,834,801
Cash at bank and in hand 11,751,954 9,647,624
15,909,696 14,287,393
CREDITORS
Amounts falling due within one year 12 1,294,301 1,619,585
NET CURRENT ASSETS 14,615,395 12,667,808
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,222,833

14,254,578

PROVISIONS FOR LIABILITIES 15 194,296 190,713
NET ASSETS 16,028,537 14,063,865

CAPITAL AND RESERVES
Called up share capital 16 9,001 9,001
Capital redemption reserve 7,124 7,124
Retained earnings 16,012,412 14,047,740
SHAREHOLDERS' FUNDS 16,028,537 14,063,865

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:




Sean McGuigan - Director



Anthony McGuigan - Director


ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 9,001 11,928,801 7,124 11,944,926

Changes in equity
Dividends - (66,500 ) - (66,500 )
Total comprehensive income - 2,185,439 - 2,185,439
Balance at 30 April 2023 9,001 14,047,740 7,124 14,063,865

Changes in equity
Dividends - (30,000 ) - (30,000 )
Total comprehensive income - 1,994,672 - 1,994,672
Balance at 30 April 2024 9,001 16,012,412 7,124 16,028,537

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,773,440 2,995,038
Interest paid - (3,569 )
Tax paid (509,827 ) (597,101 )
Net cash from operating activities 2,263,613 2,394,368

Cash flows from investing activities
Purchase of tangible fixed assets (387,156 ) (451,122 )
Sale of tangible fixed assets 62,500 16,000
Interest received 259,113 72,219
Net cash from investing activities (65,543 ) (362,903 )

Cash flows from financing activities
Equity dividends paid (30,000 ) (66,500 )
Net cash from financing activities (30,000 ) (66,500 )

Increase in cash and cash equivalents 2,168,070 1,964,965
Cash and cash equivalents at beginning of
year

2

9,583,884

7,618,919

Cash and cash equivalents at end of year 2 11,751,954 9,583,884

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 2,672,145 2,721,762
Depreciation charges 278,980 264,813
Loss/(profit) on disposal of fixed assets 25,008 (5,766 )
Finance costs - 3,569
Finance income (259,113 ) (72,219 )
2,717,020 2,912,159
Decrease in stocks 103,224 261,090
Decrease in trade and other debtors 378,803 22,534
Decrease in trade and other creditors (425,607 ) (200,745 )
Cash generated from operations 2,773,440 2,995,038

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 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 11,751,954 9,647,624
Bank overdrafts - (63,740 )
11,751,954 9,583,884
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 9,647,624 7,618,919
Bank overdrafts (63,740 ) -
9,583,884 7,618,919


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 9,647,624 2,104,330 11,751,954
Bank overdrafts (63,740 ) 63,740 -
9,583,884 2,168,070 11,751,954
Total 9,583,884 2,168,070 11,751,954

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Ultra Building Products Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

The financial statements are shown in sterling, which is the functional currency of the company.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% straight line
Plant & machinery - 20% on reducing balance
Fixtures & fittings - 15% on reducing balance
Commercial vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

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

Cost is defined as the expenditure which has been incurred in the normal course of business in bridging the product to its present location and condition. Net realisable value is the actual or estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distributing.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Pension costs
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Grant income
Grants related to expenditure are credited to the Profit and Loss account as the expenditure is incurred.

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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, like 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 the case of an out-right short-term loan not at market rate, 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 amortised cost.

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 of the recoverable amount, 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.

Going concern
At the time of approving the financial statements, the directors had reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,579,187 2,349,133
Social security costs 255,246 227,327
Other pension costs 186,541 210,473
3,020,974 2,786,933

The average number of employees during the year was as follows:
2024 2023

Management 3 3
Administrative 17 19
Manufacturing 59 60
Transport 13 14
92 96


2024 2023
£ £
Directors' remuneration 138,121 146,524
Directors' social security 15,390 17,212
Directors' pension 80,000 103,500
233,511 267,236


5. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 85,177 73,000
Depreciation - owned assets 278,980 264,814
Loss/(profit) on disposal of fixed assets 25,008 (5,766 )
Auditors' remuneration - audit services 7,670 7,100
Auditors' remuneration - non audit services 8,090 7,495

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest paid - 3,569

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 673,890 481,936

Deferred tax 3,583 54,387
Tax on profit 677,473 536,323

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:

2024 2023
£    £   
Profit before tax 2,672,145 2,721,762
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

668,036

517,135

Effects of:
Expenses not deductible for tax purposes - 8,883
Income not taxable for tax purposes (198 ) -
Adjustments to tax charge in respect of previous periods - (412 )
Enhanced capital allowances - (22,198 )
Depreciation on non-qualifying assets 9,635 7,512
Deferred tax at future rate - 11,981
Adjustment due to change in tax rate - 13,422
Total tax charge 677,473 536,323

8. DIVIDENDS

20242023
£   £   

Ordinary A Shares of £1 each27,00061,500

Ordinary B Shares of £1 each3,0005,000
30,00066,500

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. TANGIBLE FIXED ASSETS
Freehold Plant & Fixtures Commercial
property machinery & fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 May 2023 1,500,138 1,765,054 252,485 1,167,557 4,685,234
Additions - 259,836 1,434 125,886 387,156
Disposals - (137,431 ) - (46,709 ) (184,140 )
At 30 April 2024 1,500,138 1,887,459 253,919 1,246,734 4,888,250
DEPRECIATION
At 1 May 2023 703,126 1,513,185 150,566 731,587 3,098,464
Charge for year 38,540 86,303 15,503 138,634 278,980
Eliminated on disposal - (57,241 ) - (39,391 ) (96,632 )
At 30 April 2024 741,666 1,542,247 166,069 830,830 3,280,812
NET BOOK VALUE
At 30 April 2024 758,472 345,212 87,850 415,904 1,607,438
At 30 April 2023 797,012 251,869 101,919 435,970 1,586,770

Cost or valuation at 30 April 2024 is represented by:

Freehold Plant & Fixtures Commercial
property machinery & fittings vehicles Totals
£    £    £    £    £   
Valuation in 2023 (50,597 ) - - - (50,597 )
Cost 1,550,735 1,887,459 253,919 1,246,734 4,938,847
1,500,138 1,887,459 253,919 1,246,734 4,888,250

10. STOCKS
2024 2023
£    £   
Stocks and finished goods 1,701,744 1,804,968

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,168,875 2,515,298
Prepayments and accrued income 70,804 67,188
Other debtors 216,319 252,315
2,455,998 2,834,801

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) - 63,740
Trade creditors 579,969 958,435
Corporation tax 401,730 237,667
Social security and other taxes 210,824 215,458
Directors loan 9,961 6,961
Other creditors 91,817 137,324
1,294,301 1,619,585

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 63,740

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 85,177 73,000
Between one and five years 340,708 292,000
425,885 365,000

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 194,296 190,713

Deferred
tax
£   
Balance at 1 May 2023 190,713
Movement during year 3,583
Balance at 30 April 2024 194,296

ULTRA BUILDING PRODUCTS LIMITED (REGISTERED NUMBER: NI019194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
7,876 Ordinary A £1 7,876 7,876
1,125 Ordinary B £1 1,125 1,125
9,001 9,001

17. RELATED PARTY DISCLOSURES

At 30 April 2024 members of key management were owed £9,961 (2023: £6,961) No interest is to be charged on the loan. At the balance sheet date, the loan is presented within creditors: amounts falling due within one year.

In addition the company rented a property from Mr S McGuigan, a shareholder and director in the company. The rental charge totalled £15,177 (2023: £13,000).

The company also rented property from Ultra Building Products Ltd Pension Scheme of which Mr S McGuigan and Mr A McGuigan are trustees. The rental charge totalled £70,000 (2023: £60,000).

18. POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

19. ULTIMATE CONTROLLING PARTY

The directors are considered to be the ultimate controlling party by virtue of their shareholding and their ability to act in concert in respect of the operational and financial policies of the company.