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Company registration number: 07239212
Ultracomida Trading Co. Limited
Unaudited financial statements
31 May 2024
Ultracomida Trading Co. Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ultracomida Trading Co. Limited
Directors and other information
Directors Mr PW Grimwood
Ms S Palit
Company number 07239212
Registered office Unit 10
Glan Yr Afon Industrial Estate
Llanbadarn Fawr
Aberystwyth
SY23 3JQ
Business address Unit 10
Glan Yr Afon Industrial Estate
Llanbadarn Fawr
Aberystwyth
SY23 3JQ
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Bankers Barclays Bank PLC
26 Terrace Road
Aberystwyth
Ceredigion
SY23 2AE
Ultracomida Trading Co. Limited
Directors report
Year ended 31 May 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2024.
Directors
The directors who served the company during the year were as follows:
Mr PW Grimwood
Ms S Palit
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 February 2025 and signed on behalf of the board by:
Mr PW Grimwood
Director
Ultracomida Trading Co. Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ultracomida Trading Co. Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ultracomida Trading Co. Limited for the year ended 31 May 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/ gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Ultracomida Trading Co. Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ultracomida Trading Co. Limited and state those matters that we have agreed to state to the board of directors of Ultracomida Trading Co. Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ultracomida Trading Co. Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Ultracomida Trading Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ultracomida Trading Co. Limited. You consider that Ultracomida Trading Co. Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ultracomida Trading Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
14 February 2025
Ultracomida Trading Co. Limited
Statement of comprehensive income
Year ended 31 May 2024
2024 2023
Note £ £
Turnover 2,945,872 2,658,649
Cost of sales ( 2,350,542) ( 2,016,960)
_______ _______
Gross profit 595,330 641,689
Distribution costs ( 39,865) ( 32,649)
Administrative expenses ( 656,570) ( 669,315)
_______ _______
Operating loss ( 101,105) ( 60,275)
Interest payable and similar expenses ( 43,115) ( 43,224)
Loss before taxation 5 ( 144,220) ( 103,499)
Tax on loss 6 32,862 3,157
_______ _______
Loss for the financial year and total comprehensive income ( 111,358) ( 100,342)
_______ _______
All the activities of the company are from continuing operations.
Ultracomida Trading Co. Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 7 455,533 519,185
_______ _______
455,533 519,185
Current assets
Stocks 1,224,697 1,307,523
Debtors 8 378,542 195,250
Cash at bank and in hand 10,017 7,784
_______ _______
1,613,256 1,510,557
Creditors: amounts falling due
within one year 9 ( 1,520,052) ( 1,488,137)
_______ _______
Net current assets 93,204 22,420
_______ _______
Total assets less current liabilities 548,737 541,605
Creditors: amounts falling due
after more than one year 10 ( 287,567) ( 399,176)
Provisions for liabilities 12 ( 103,765) ( 73,666)
_______ _______
Net assets 157,405 68,763
_______ _______
Capital and reserves
Called up share capital 14 300,000 100,000
Profit and loss account ( 142,595) ( 31,237)
_______ _______
Shareholders funds 157,405 68,763
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
Mr PW Grimwood Ms S Palit
Director Director
Company registration number: 07239212
Ultracomida Trading Co. Limited
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 100,000 69,105 169,105
Loss for the year ( 100,342) ( 100,342)
_______ _______ _______
Total comprehensive income for the year - ( 100,342) ( 100,342)
_______ _______ _______
At 31 May 2023 and 1 June 2023 100,000 ( 31,237) 68,763
Loss for the year ( 111,358) ( 111,358)
_______ _______ _______
Total comprehensive income for the year - ( 111,358) ( 111,358)
Issue of shares 200,000 200,000
_______ _______ _______
Total investments by and distributions to owners 200,000 - 200,000
_______ _______ _______
At 31 May 2024 300,000 ( 142,595) 157,405
_______ _______ _______
Ultracomida Trading Co. Limited
Notes to the financial statements
Year ended 31 May 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 Unit 10, Glan Yr Afon Industrial Estate, Llanbadarn Fawr, Aberystwyth, SY23 3JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Short leasehold property - 10 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 20 % straight line
Website - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 9 ).
5. Loss before taxation
Loss before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 73,274 71,807
_______ _______
6. Tax on loss
Major components of tax income
2024 2023
£ £
Current tax:
UK current tax income ( 62,961) ( 19,560)
_______ _______
Deferred tax:
Origination and reversal of timing differences 30,099 16,403
_______ _______
Tax on loss ( 32,862) ( 3,157)
_______ _______
The company has received £24,159 (2023: £11,738) from its parent company and £38,802 (2023: £7,822) from a fellow subsidiary for losses surrendered by way of group relief.
7. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Website Total
£ £ £ £ £ £
Cost
At 1 June 2023 48,859 29,232 495,044 53,368 52,715 679,218
Additions - 2,750 4,307 - 2,566 9,623
_______ _______ _______ _______ _______ _______
At 31 May 2024 48,859 31,982 499,351 53,368 55,281 688,841
_______ _______ _______ _______ _______ _______
Depreciation
At 1 June 2023 6,784 8,959 92,086 23,428 28,776 160,033
Charge for the year 4,708 2,784 48,806 9,948 7,029 73,275
_______ _______ _______ _______ _______ _______
At 31 May 2024 11,492 11,743 140,892 33,376 35,805 233,308
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 May 2024 37,367 20,239 358,459 19,992 19,476 455,533
_______ _______ _______ _______ _______ _______
At 31 May 2023 42,075 20,273 402,958 29,940 23,939 519,185
_______ _______ _______ _______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 154,549 174,999
Amounts owed by group undertakings and undertakings in which the company has a participating interest 204,908 -
Other debtors 19,085 20,251
_______ _______
378,542 195,250
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 45,761 45,824
Trade creditors 1,259,448 1,075,319
Amounts owed to group undertakings and undertakings in which the company has a participating interest 46,696 73,954
Social security and other taxes 80,187 59,077
Other creditors 87,960 233,963
_______ _______
1,520,052 1,488,137
_______ _______
Barclays Bank PLC have a fixed and floating charge over the assets of the company in respect of any borrowings. At the year end the total outstanding to Barclays was £261 (2023 £324).This excludes £31, 895 (2023: £37,793) funds borrowed under the Bounce Back Loan Scheme, provided with a government backed guarantee.
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 26,895 32,793
Other creditors 260,672 366,383
_______ _______
287,567 399,176
_______ _______
11. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2024 2023
£ £
Not later than 1 year 80,362 91,395
Later than 1 year and not later than 5 years 145,287 241,061
_______ _______
225,649 332,456
Less: future finance charges ( 47,082) ( 68,318)
_______ _______
Present value of minimum lease payments 178,567 264,138
_______ _______
The net book value of assets held under finance leases at the year end was as follows: Plant and machinery £7,324 (2023: £8,269); Fixtures, fittings and equipment £240,987 (2023: £271,822) and Motor vehicles £19,992 (2023: £29,940).
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 June 2023 73,666 73,666
Additions 30,099 30,099
_______ _______
At 31 May 2024 103,765 103,765
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 12) 103,765 73,666
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 103,765 119,000
Unused tax losses - ( 45,334)
_______ _______
103,765 73,666
_______ _______
14. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 300,000 300,000 100,000 100,000
_______ _______ _______ _______
15. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 106,358 99,308
Later than 1 year and not later than 5 years 262,921 299,558
Later than 5 years 143,334 183,333
_______ _______
512,613 582,199
_______ _______
16. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Ultracomida Limited - - ( 92,632) ( 458,674)
Sales 575,957 514,939 - -
Wage contribution paid 40,255 39,890 - -
Curado Bar Limited - - ( 784,013) ( 618,328)
Sales 400,214 367,888 - -
Wages contribution paid 16,872 22,707 - -
_______ _______ _______ _______
Ultracomida Trading Co. Limited is a wholly owned subsidiary of Ultracomida Limited. Curado Bar Limited is also a subsidiary of Ultracomida Limited.
17. Controlling party
The company is controlled by the directors, Mr PW Grimwood and Ms S Palit .