Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-12-01Other Business support service activities not elsewhere classified2324falsetruefalse 01897448 2023-12-01 2024-11-30 01897448 2022-12-01 2023-11-30 01897448 2024-11-30 01897448 2023-11-30 01897448 2022-12-01 01897448 c:Director1 2023-12-01 2024-11-30 01897448 d:Buildings 2023-12-01 2024-11-30 01897448 d:Buildings 2024-11-30 01897448 d:Buildings 2023-11-30 01897448 d:Buildings d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 01897448 d:Buildings d:LongLeaseholdAssets 2023-12-01 2024-11-30 01897448 d:MotorVehicles 2023-12-01 2024-11-30 01897448 d:MotorVehicles 2024-11-30 01897448 d:MotorVehicles 2023-11-30 01897448 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 01897448 d:FurnitureFittings 2023-12-01 2024-11-30 01897448 d:FurnitureFittings 2024-11-30 01897448 d:FurnitureFittings 2023-11-30 01897448 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 01897448 d:ComputerEquipment 2023-12-01 2024-11-30 01897448 d:ComputerEquipment 2024-11-30 01897448 d:ComputerEquipment 2023-11-30 01897448 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 01897448 d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 01897448 d:FreeholdInvestmentProperty 2023-12-01 2024-11-30 01897448 d:FreeholdInvestmentProperty 2024-11-30 01897448 d:FreeholdInvestmentProperty 2023-11-30 01897448 d:CurrentFinancialInstruments 2024-11-30 01897448 d:CurrentFinancialInstruments 2023-11-30 01897448 d:Non-currentFinancialInstruments 2024-11-30 01897448 d:Non-currentFinancialInstruments 2023-11-30 01897448 d:CurrentFinancialInstruments d:WithinOneYear 2024-11-30 01897448 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01897448 d:Non-currentFinancialInstruments d:AfterOneYear 2024-11-30 01897448 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 01897448 d:ShareCapital 2024-11-30 01897448 d:ShareCapital 2023-11-30 01897448 d:RevaluationReserve 2023-12-01 2024-11-30 01897448 d:RevaluationReserve 2024-11-30 01897448 d:RevaluationReserve 2023-11-30 01897448 d:InvestmentPropertiesRevaluationReserve 2023-12-01 2024-11-30 01897448 d:InvestmentPropertiesRevaluationReserve 2024-11-30 01897448 d:InvestmentPropertiesRevaluationReserve 2023-11-30 01897448 d:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 01897448 d:RetainedEarningsAccumulatedLosses 2024-11-30 01897448 d:RetainedEarningsAccumulatedLosses 2023-11-30 01897448 d:AcceleratedTaxDepreciationDeferredTax 2024-11-30 01897448 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 01897448 d:OtherDeferredTax 2024-11-30 01897448 d:OtherDeferredTax 2023-11-30 01897448 c:FRS102 2023-12-01 2024-11-30 01897448 c:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 01897448 c:FullAccounts 2023-12-01 2024-11-30 01897448 c:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 01897448 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-01 2024-11-30 01897448 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-11-30 01897448 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-11-30 01897448 d:UltimateParent 2023-12-01 2024-11-30 01897448 d:UltimateParent 2024-11-30 01897448 d:UltimateParent 2023-11-30 01897448 2 2023-12-01 2024-11-30 01897448 5 2023-12-01 2024-11-30 01897448 6 2023-12-01 2024-11-30 01897448 e:PoundSterling 2023-12-01 2024-11-30 iso4217:GBP xbrli:pure

Registered number: 01897448









ULTRATOWN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
ULTRATOWN LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 12


 
ULTRATOWN LIMITED
REGISTERED NUMBER: 01897448

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
3,535,178
3,583,379

Investments
 5 
5,176
5,076

Investment property
 6 
3,589,183
3,076,150

  
7,129,537
6,664,605

Current assets
  

Debtors: amounts falling due within one year
 7 
81,400
655,890

Cash at bank and in hand
 8 
735,245
401,305

  
816,645
1,057,195

Creditors: amounts falling due within one year
 9 
(4,692,461)
(3,938,202)

Net current liabilities
  
 
 
(3,875,816)
 
 
(2,881,007)

Total assets less current liabilities
  
3,253,721
3,783,598

Creditors: amounts falling due after more than one year
 10 
(491,431)
(491,431)

Provisions for liabilities
  

Deferred tax
 11 
(480,202)
(477,503)

  
 
 
(480,202)
 
 
(477,503)

Net assets
  
2,282,088
2,814,664


Capital and reserves
  

Called up share capital 
  
200
200

Revaluation reserve
 12 
835,850
835,850

Investment property reserve
 12 
1,408,500
1,452,553

Profit and loss account
 12 
37,538
526,061

  
2,282,088
2,814,664


Page 1

 
ULTRATOWN LIMITED
REGISTERED NUMBER: 01897448
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 20 August 2025.


D G Mattey
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Ultratown Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 01897448. The address of the registered office is Lawrence House, Goodwyn Avenue, Mill Hill, London, NW7 3RH. The principal activity of the company is that of other business support service activities.

2.Accounting policies

 
2.1

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Sale of properties 
- Revenue from the sale of properties is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated   with ownership nor effective control over the properties sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

Page 4

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

Depreciation is provided on the following basis:

Freehold property
-
is not depreciated
Land
-
is not depreciated
Motor vehicles
-
20% on cost
Fixtures and fittings
-
10% on cost
Computer equipment
-
33% on cost

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 the Statement of Comprehensive Income.

Page 5

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

The entity has elected to use the revalued amount at the date of transition to FRS 102 for freehold property as its deemed cost.

 
2.9

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of
Page 7

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2023 - 24).


4.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2023
3,632,517
103,880
781,577
118,577
4,636,551



At 30 November 2024

3,632,517
103,880
781,577
118,577
4,636,551



Depreciation


At 1 December 2023
312,112
45,871
579,974
115,216
1,053,173


Charge for the year on owned assets
-
20,776
24,909
2,514
48,199



At 30 November 2024

312,112
66,647
604,883
117,730
1,101,372



Net book value



At 30 November 2024
3,320,405
37,233
176,694
847
3,535,179



At 30 November 2023
3,320,405
58,010
201,603
3,361
3,583,379

Page 8

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2023
5,076


Additions
100



At 30 November 2024
5,176





6.


Investment property


Freehold investment property

£



Valuation


At 1 December 2023
3,076,150


Additions at cost
513,033



At 30 November 2024
3,589,183

The 2024 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
55,919
51,895

Other debtors
-
603,995

Prepayments and accrued income
25,481
-

81,400
655,890


Page 9

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
735,245
401,305

735,245
401,305



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
30,000
30,000

Amounts owed to group undertakings
3,400,000
2,500,000

Other taxation and social security
190,291
189,372

Other creditors
992,484
982,206

Accruals and deferred income
79,686
236,624

4,692,461
3,938,202



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
491,431
491,431

491,431
491,431


Page 10

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(477,503)
(473,996)


Charged to profit or loss
(2,699)
(3,507)



At end of year
(480,202)
(477,503)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(41,354)
(52,056)

On investment property revaluation
(438,848)
(425,447)

(480,202)
(477,503)


12.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative effects of revaluation adjustments net of deferred tax and other adjustments in respect of tangible fixed assets. 

Investment property revaluation reserve

The revaluation reserve represents cumulative effects of fair value adjustments net of deferred tax and other adjustments in respect of investment properties.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,409 (2023 - £14,206) Contributions totalling £2,604 (2023 - £2,780) were payable to the fund at the balance sheet date and are included in creditors. 

Page 11

 
ULTRATOWN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


Related party transactions

Remuneration to key management personnel for the year was £471,214 (2023: £356,944).
At the year end the following amounts were due from/(to) related parties:


2024
2023
£
£

Entities with control, joint control or significant influence over the entity
(3,400,000)
(2,500,000)
Entities over which the entity has control, joint control or significant influence
55,918
51,895


15.


Controlling party

The ultimate parent undertaking is West & End City Properties Limited, a company incorporated in England and Wales.
The ultimate controlling party is The Alan Mattey Will Trust due to its majority shareholding in the ultimate parent company.

 
Page 12