Ultimate Life Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09846112 (England and Wales)

Financial Statements

for the Year Ended 31 October 2021

for

ULTIMATE LIFE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A M Penny

J R Penny

REGISTERED OFFICE:

1st Floor

Princes Exchange

Princes Square

Leeds

LS1 4HY

REGISTERED NUMBER:

09846112 (England and Wales)

ACCOUNTANTS:

Rawse, Varley & Co

Chartered Accountants

Lloyds Bank Chambers

Hustlergate

Bradford

BD1 1UQ

FIXED ASSETS

Intangible assets

4

5,485

6,621

Tangible assets

5

1,749

937

7,234

7,558

CURRENT ASSETS

Stock

108,641

210,977

Debtors

6

128,568

89,637

Cash at bank

463,538

89,685

700,747

390,299

CREDITORS

Amounts falling due within one year

7

498,736

256,177

NET CURRENT ASSETS

202,011

134,122

TOTAL ASSETS LESS CURRENT LIABILITIES

209,245

141,680

PROVISIONS FOR LIABILITIES

332

178

NET ASSETS

208,913

141,502

CAPITAL AND RESERVES

Called up share capital

8

200

100

Retained earnings

208,713

141,402

SHAREHOLDERS' FUNDS

208,913

141,502

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2022 and were signed on its behalf by:

A M Penny - Director

1.	STATUTORY INFORMATION

Ultimate Life Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation.

Depreciation is calculated on a straight line basis to write off the assets over their estimated useful lives at the following annual rates:

Computer equipment

-

33.33% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a money purchase pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2020

and 31 October 2021

11,341

AMORTISATION

At 1 November 2020

4,720

Charge for year

1,136

At 31 October 2021

5,856

NET BOOK VALUE

At 31 October 2021

5,485

At 31 October 2020

6,621

5.	TANGIBLE FIXED ASSETS

Plant and

equipment

£

COST

At 1 November 2020

4,366

Additions

1,921

At 31 October 2021

6,287

DEPRECIATION

At 1 November 2020

3,429

Charge for year

1,109

At 31 October 2021

4,538

NET BOOK VALUE

At 31 October 2021

1,749

At 31 October 2020

937

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

111,331

59,814

Other debtors

17,237

29,823

128,568

89,637

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

2,400

39,266

Taxation and social security

362,185

161,177

Other creditors

134,151

55,734

498,736

256,177

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

180

Ordinary

£1

180

100

20

Ordinary B

£1

20

-

200

100

The following shares were allotted and fully paid for cash at par during the year:

80 Ordinary shares of £1 each

20 Ordinary B shares of £1 each

9.	RELATED PARTY DISCLOSURES

Dividends include £900,000 (2020 - £400,000) paid to the parent company, Tuppence Investments Limited. Debtors include an amount owed by Tuppence Investments Limited of £111,331 (2020 - £59,814).

10.	ULTIMATE PARENT COMPANY

The ultimate parent company is Tuppence Investments Limited.