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COMPANY REGISTRATION NUMBER: 12285901
Ultrasource Ltd
Filleted Unaudited Financial Statements
31 October 2024
Ultrasource Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
76,375
95,540
Current assets
Debtors
6
9,880
8,877
Cash at bank and in hand
112,757
141,754
---------
---------
122,637
150,631
Creditors: amounts falling due within one year
7
9,120
40,163
---------
---------
Net current assets
113,517
110,468
---------
---------
Total assets less current liabilities
189,892
206,008
---------
---------
Net assets
189,892
206,008
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
189,891
206,007
---------
---------
Shareholders funds
189,892
206,008
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ultrasource Ltd
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 5 February 2025 , and are signed on behalf of the board by:
Lee Cooke
Director
Company registration number: 12285901
Ultrasource Ltd
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and the figures therein are rounded to the nearest whole pound.
Going concern
The Director considers that the company remains a going concern having regard to the financial support provided and future predicted cash flow and profitability.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% p.a. Straight line
Motor vehicles
-
20% p.a. Straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 November 2023
2,690
102,000
104,690
Additions
2,682
2,682
-------
---------
---------
At 31 October 2024
5,372
102,000
107,372
-------
---------
---------
Depreciation
At 1 November 2023
650
8,500
9,150
Charge for the year
1,447
20,400
21,847
-------
---------
---------
At 31 October 2024
2,097
28,900
30,997
-------
---------
---------
Carrying amount
At 31 October 2024
3,275
73,100
76,375
-------
---------
---------
At 31 October 2023
2,040
93,500
95,540
-------
---------
---------
6. Debtors
2024
2023
£
£
Other debtors
9,880
8,877
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,983
29,333
Social security and other taxes
9,315
Other creditors
3,137
1,515
-------
--------
9,120
40,163
-------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Lee Cooke
( 255)
( 312)
( 567)
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Lee Cooke
( 624)
369
( 255)
----
----
----
9. Related party transactions
The company was under the control of Mr L Cooke throughout the current and previous year. Mr L Cooke is the managing director and sole shareholder. As at 31 October 2024 the company owed the director £567 (2023: £255). This is repayable on demand and interest free.