For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

Ultima Development Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Cork Street, London, United Kingdom, W1S 3LG.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements are prepared on the going concern basis. As at 31 March 2025 the company had net liabilities due to amounts owed related parties. The directors have a reasonable expectation that the company will continue in operational existence for the forseeable future due to the ultimate shareholder providing financial support for the company as necessary.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The company is related to the following companies by virtue of common control:

Ult Grand Villa SA (registered in Switzerland), Unica Capital Management Ltd, Icona Capital Ltd, Ultima Management Holding SA (registered in Switzerland), Ultima Capital UK Ltd, BMH Investment London Ltd, Kometa Holding SA (registered in Switzerland), Icona Capital SA (registered in Switzerland) and Unica Capital Holding Ltd.

(i) At the year end, the company was owed £167,370 (2024: £167,370) by Ult Grand Villa SA through an interest-free intercompany account.

(ii) At the year end, the company was owed £63,074 (2024: £nil) by Unica Capital Management Ltd through an interest-free intercompany account.

(iii) At the year end, the company was owed £940,860 (2024: £27,863) by Icona Capital Ltd through an interest-free intercompany account. Furthermore, at the year end, the company owed Icona Capital Ltd £367,297 (2024: £nil) through four unsecured loans at between 5.25% and 5.5% interest.

(iv) At the year end, the company was owed £1,494,011 (2024: £1,979,011) by Ultima Management Holding SA through an interest-free intercompany account.

(v) At the year end, the company owed £41,101 (2024: £27,135) to Ultima Capital UK Ltd through an interest-free intercompany account.

(vi) At the year end, the company owed £60,540 (2024: £60,540) to BMH Investment London Ltd through an interest-free intercompany account.

(vii) At the year end, the company owed £41,006 (2024: £35,000) to Kometa Holding SA through an unsecured loan at 3.5% interest.

(viii) At the year end, the company owed £281,932 (2024: £255,000) to Icona Capital SA through an unsecured loan at 5% interest.

(ix) At the year end, the company owed £44,296 (2024: £42,000) to Unica Capital Holding Ltd through an unsecured loan at 5.25% interest.

(x) At the year end, the company owed £2,825,719 (2024: £2,681,160) to the ultimate controlling party through an interest-free loan account.

(xi) At the year end, the company owed £507,406 (2024: £505,406) to a founding shareholder through an interest-free loan account.

In the prior year financial statements to 31 March 2024, £4,180,997 was included within creditors: amounts falling due after more than one year.

Of this balance, £3,213,701 related to intercompany loans and loans to shareholders and co-founders that are repayable on demand. In accordance with FRS 102, such balances should be classified as creditors falling due within one year.

Furthermore, £351,664 related to intercompany loans repayable on demand of which a balance to the same company was also recorded as part of debtors. These have been offset as there is an intention to settle this balance on a net basis.

The comparative figures have therefore been restated to reclassify these balances to creditors: amounts falling due within one year.

As a result, creditors: amounts falling due after more than one year have been reduced to £615,632, representing amounts that are due more than 12 months after the balance sheet date. Debtors have been reduced to £2,319,002, representing amounts that are repayable on demand or within 12 months of the balance sheet date.