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Company registration number: 06582875
Ultracomida Limited
Unaudited financial statements
31 May 2024
Ultracomida Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
Ultracomida Limited
Directors and other information
Directors Mr PW Grimwood
Ms S Palit
Secretary Mr P W Grimwood
Company number 06582875
Registered office 31 Pier Street
Aberystwyth
Ceredigion
SY23 2LN
Business address 31 Pier Street
Aberystwyth
Ceredigion
SY23 2LN
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Bankers Barclays Bank PLC
26 Terrace Road
Aberystwyth
Ceredigion
SY23 2AE
Ultracomida 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
Particulars of recommended dividends are detailed in note 7 to the unaudited financial statements.
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 P W Grimwood
Secretary
Ultracomida Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ultracomida 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 Limited for the year ended 31 May 2024 which comprise the statement of income and retained earnings, statement of financial position 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 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 Limited and state those matters that we have agreed to state to the board of directors of Ultracomida 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 Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Ultracomida 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 profit of Ultracomida Limited. You consider that Ultracomida 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 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 Limited
Statement of income and retained earnings
Year ended 31 May 2024
2024 2023
Note £ £
Turnover 1,564,056 1,494,843
Cost of sales ( 689,274) ( 649,465)
_______ _______
Gross profit 874,782 845,378
Administrative expenses ( 797,289) ( 802,351)
Other operating income 5,406 4,860
_______ _______
Operating profit 82,899 47,887
Interest payable and similar expenses ( 11,051) ( 11,108)
Profit before taxation 5 71,848 36,779
Tax on profit 6 ( 20,419) ( 14,246)
_______ _______
Profit for the financial year and total comprehensive income 51,429 22,533
_______ _______
Dividends declared and paid or payable during the year 7 ( 36,427) ( 25,000)
Retained earnings at the start of the year 280,472 282,936
_______ _______
Retained earnings at the end of the year 295,474 280,469
_______ _______
All the activities of the company are from continuing operations.
Ultracomida Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 8 84,000 105,000
Tangible assets 9 109,381 131,762
Investments 10 510,973 310,973
_______ _______
704,354 547,735
Current assets
Stocks 93,000 93,000
Debtors 11 569,524 624,166
Cash at bank and in hand 4,025 11,625
_______ _______
666,549 728,791
Creditors: amounts falling due
within one year 12 ( 364,445) ( 175,808)
_______ _______
Net current assets 302,104 552,983
_______ _______
Total assets less current liabilities 1,006,458 1,100,718
Creditors: amounts falling due
after more than one year 13 ( 93,024) ( 198,549)
Provisions for liabilities 14 ( 17,960) ( 21,700)
_______ _______
Net assets 895,474 880,469
_______ _______
Capital and reserves
Called up share capital 16 600,000 600,000
Profit and loss account 295,474 280,469
_______ _______
Shareholders funds 895,474 880,469
_______ _______
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: 06582875
Ultracomida 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 31 Pier Street, Aberystwyth, Ceredigion, SY23 2LN.
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 option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 - 5 % straight line
Fittings fixtures and equipment - 10 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Government grants
Government grants are recognised using the accrual model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 29 (2023: 33 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Amortisation of intangible assets 21,000 21,000
Depreciation of tangible assets 25,953 26,712
_______ _______
6. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 24,159 11,738
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 3,740) 2,508
_______ _______
Tax on profit 20,419 14,246
_______ _______
A payment equivalent to the above tax charge of £24,159 (2023: £11,738) has been made to a subsidiary company for group relief, rather than a payment for Corporation Tax to HM Revenue & Customs.
7. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 36,427 25,000
_______ _______
Dividends of £18,214 each (2023: £12,500) were paid to the directors, Mr P W Grimwood and Ms S Palit .
8. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2023 and 31 May 2024 420,000 420,000
_______ _______
Amortisation
At 1 June 2023 315,000 315,000
Charge for the year 21,000 21,000
_______ _______
At 31 May 2024 336,000 336,000
_______ _______
Carrying amount
At 31 May 2024 84,000 84,000
_______ _______
At 31 May 2023 105,000 105,000
_______ _______
9. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2023 140,588 1,190 216,860 22,000 380,638
Additions - - 3,572 - 3,572
_______ _______ _______ _______ _______
At 31 May 2024 140,588 1,190 220,432 22,000 384,210
_______ _______ _______ _______ _______
Depreciation
At 1 June 2023 95,628 694 143,020 9,533 248,875
Charge for the year 7,419 238 13,897 4,400 25,954
_______ _______ _______ _______ _______
At 31 May 2024 103,047 932 156,917 13,933 274,829
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2024 37,541 258 63,515 8,067 109,381
_______ _______ _______ _______ _______
At 31 May 2023 44,960 496 73,840 12,467 131,763
_______ _______ _______ _______ _______
10. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 June 2023 310,973 310,973
Additions 200,000 200,000
_______ _______
At 31 May 2024 510,973 510,973
_______ _______
Impairment
At 1 June 2023 and 31 May 2024 - -
_______ _______
Carrying amount
At 31 May 2024 510,973 510,973
_______ _______
At 31 May 2023 310,973 310,973
_______ _______
11. Debtors
2024 2023
£ £
Trade debtors 470,082 520,333
Amounts owed by group undertakings and undertakings in which the company has a participating interest 67,556 94,814
Other debtors 31,886 9,019
_______ _______
569,524 624,166
_______ _______
12. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 105,637 105,690
Trade creditors 214,819 12,630
Social security and other taxes 36,955 29,786
Other creditors 7,034 27,702
_______ _______
364,445 175,808
_______ _______
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 £113 (2023: £166). Dbw Investments (10) Limited, Development Bank of Wales, also have a fixed and floating charge over all the property or undertakings of the company in respect of borrowings totalling £111,049 (2023: £166,573).
13. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 55,524 111,049
Other creditors 37,500 87,500
_______ _______
93,024 198,549
_______ _______
14. Provisions
Deferred tax (note 15) Total
£ £
At 1 June 2023 21,700 21,700
Charges against provisions ( 3,740) ( 3,740)
_______ _______
At 31 May 2024 17,960 17,960
_______ _______
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 14) 17,960 21,700
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 17,960 21,700
_______ _______
16. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 600,000 600,000 600,000 600,000
_______ _______ _______ _______
17. 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 3,666 9,098
Later than 1 year and not later than 5 years - 3,666
_______ _______
3,666 12,764
_______ _______
18. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr PW Grimwood ( 5,024) 10,000 5,024 10,000
Ms S Palit ( 5,023) 10,000 5,023 10,000
_______ _______ _______ _______
( 10,047) 20,000 10,047 20,000
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr PW Grimwood ( 168) ( 8,518) 3,662 ( 5,024)
Ms S Palit ( 167) ( 8,518) 3,662 ( 5,023)
_______ _______ _______ _______
( 335) ( 17,036) 7,324 ( 10,047)
_______ _______ _______ _______
19. 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
£ £ £ £
Curado Bar Limited - - 232,898 151,217
Management fees receivable 36,000 36,400 - -
Wages rechargeable 40,255 39,890 - -
Ultracomida Trading Co. Limited - - 92,632 458,674
Stock purchases 575,957 514,939 - -
Wages rechargeable 40,255 39,890 - -
_______ _______ _______ _______
During the year the company paid commercial rent to the directors totalling £77,500 (2023: £66,000). Ultracomida Trading Co. Limited is a wholly owned subsidiary of Ultracomida Limited . Curado Bar Limited is also a subsidiary of Ultracomida Limited .
20. Controlling party
The company is controlled by the directors, Mr PW Grimwood and Ms S Palit .