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Registered number: 04224527 (England and Wales)














THE ULTIMATE SOLUTION PARTNERSHIP LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024


 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
 

 
COMPANY INFORMATION


Directors
P Anusas
C A Mortensen
S W Power
S L Killeen
G O Fenemore 




Registered number
04224527



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
 


CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 9



 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
REGISTERED NUMBER:04224527


BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
19,980
38,128

  
19,980
38,128

Current assets
  

Debtors: amounts falling due within one year
 5 
1,085,640
1,100,128

Cash at bank and in hand
  
147,132
140,413

  
1,232,772
1,240,541

Creditors: amounts falling due within one year
 6 
(1,181,375)
(1,200,516)

Net current assets
  
 
 
51,397
 
 
40,025

Total assets less current liabilities
  
71,377
78,153

Provisions for liabilities
  

Deferred tax
  
-
(8,779)

  
 
 
-
 
 
(8,779)

Net assets
  
71,377
69,374

Page 1


 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
REGISTERED NUMBER:04224527

    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 7 
1,050
1,000

Share premium account
 8 
199,950
-

Profit and loss account
  
(129,623)
68,374

  
71,377
69,374


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G O Fenemore
Director

Date: 13 March 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 2


 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
 


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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 December 2022
1,000
-
101,699
102,699



Profit for the period
-
-
50,334
50,334

Dividends paid
-
-
(83,659)
(83,659)



At 1 July 2023
1,000
-
68,374
69,374



Loss for the year
-
-
(197,997)
(197,997)

Shares issued during the year
50
199,950
-
200,000


At 30 June 2024
1,050
199,950
(129,623)
71,377


Page 3


 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
 

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

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The prior period was a short accounting period covering 7 months as the directors elected to align the accounting period with group requirements. Therefore the prior period accounts are not entirely comparable. 

The following principal accounting policies have been applied:

 
1.2

Going concern

The Company is in a net asset position at the end of the financial year. In assessing the Company's ability to continue as a going concern, the directors have considered the recent financial performance and availability of financing from the parent company where necessary and are confident the Company will be able to meet its liabilities as they fall due. For these reasons, the directors continue to prepare the financial statements on a going concern basis.

 
1.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4


 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
 

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

1.Accounting policies (continued)

 
1.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5


 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
 

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

1.Accounting policies (continued)

 
1.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.10

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 14 March 2025 by Edwards Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 9 (2023 - 27).

Page 6


 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
 

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

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 July 2023
6,793
50,149
56,942


Additions
9,532
-
9,532


Disposals
-
(32,570)
(32,570)



At 30 June 2024

16,325
17,579
33,904



Depreciation


At 1 July 2023
2,679
16,135
18,814


Charge for the year on owned assets
2,037
4,890
6,927


Disposals
-
(11,817)
(11,817)



At 30 June 2024

4,716
9,208
13,924



Net book value



At 30 June 2024
11,609
8,371
19,980



At 30 June 2023
4,114
34,014
38,128

Page 7


 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
 

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

5.


Debtors

2024
2023
£
£


Trade debtors
947,085
693,265

Amounts owed by group undertakings
4,063
-

Other debtors
14,645
6,757

Prepayments and accrued income
119,847
400,106

1,085,640
1,100,128



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
606,919
148,783

Amounts owed to group undertakings
330
194,737

Corporation tax
-
9,964

Other taxation and social security
159,950
211,161

Other creditors
281,865
538,411

Accruals and deferred income
132,311
97,460

1,181,375
1,200,516



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,050 (2023 - 1,000) ordinary shares of £1.00 each
1,050
1,000


During the year, the Company issued 50 additional shares at a premium of £4,000 per ordinary share.


8.


Reserves

Share premium account

During the year, the Company issued 50 additional shares at a premium of £4,000 per ordinary share. The consideration for this issue was the waiver of an intercompany payable position due to the parent company BMD Infrastructure Services Ltd.

Page 8


 
THE ULTIMATE SOLUTION PARTNERSHIP LIMITED
 

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

9.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than one year
21,343
28,822

Later than one year and not later than five years
31,079
6,779

52,422
35,601


10.


Controlling party

BMD Holdings Pty Ltd is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 1 Sandpiper Avenue, Port of Brisbane, QLD 4178.


11.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 9