Ultracrease Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07426433

Ultracrease Limited

Filleted Unaudited Financial Statements

31 March 2022

Ultracrease Limited

Financial Statements

Year ended 31 March 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ultracrease Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		12,397	9,398

Current assets

Stocks		58,400	53,684
Debtors	7	59,635	75,504
Cash at bank and in hand		939,941	836,283
		------------	---------
		1,057,976	965,471

Creditors: amounts falling due within one year	8	87,216		111,874
		------------		---------
Net current assets			970,760	853,597
			---------	---------
Total assets less current liabilities			983,157	862,995

Provisions

Taxation including deferred tax	12,398	425
	---------	---------
Net assets	970,759	862,570
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	969,759	861,570
	---------	---------
Shareholders funds	970,759	862,570
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 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 .

Ultracrease Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 7 December 2022 , and are signed on behalf of the board by:

Mr M Volante	Mr P N Robinson
Director	Director

Company registration number: 07426433

Ultracrease Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Kellner Road, Thamesmead Business Park, London, SE28 0AX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

Income tax

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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	-	25% 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent 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:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	20% straight line
Equipment	-	33% straight line

Impairment of fixed assets

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.

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 stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2021: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2021 and 31 March 2022	20,278
	--------
Amortisation
At 1 April 2021 and 31 March 2022	20,278
	--------
Carrying amount
At 31 March 2022	–
	--------
At 31 March 2021	–
	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2021	116,649	7,000	2,891	126,540
Additions	1,500	–	5,400	6,900
	---------	-------	-------	---------
At 31 March 2022	118,149	7,000	8,291	133,440
	---------	-------	-------	---------
Depreciation
At 1 April 2021	107,468	7,000	2,674	117,142
Charge for the year	3,383	–	518	3,901
	---------	-------	-------	---------
At 31 March 2022	110,851	7,000	3,192	121,043
	---------	-------	-------	---------
Carrying amount
At 31 March 2022	7,298	–	5,099	12,397
	---------	-------	-------	---------
At 31 March 2021	9,181	–	217	9,398
	---------	-------	-------	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	42,263	62,407
Other debtors	17,372	13,097
	--------	--------
	59,635	75,504
	--------	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	14,311	14,795
Corporation tax	34,376	41,910
Pension creditor	151	155
Other creditors	38,378	55,014
	--------	---------
	87,216	111,874
	--------	---------

9. Related party transactions

At the year end the company owed the directors £34,114 (2021: £33,490).