Ultra Biotecs Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07557627 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 December 2020

for

Ultra Biotecs Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M R Snowball

Mr S M Gordon

Mr P E Barr

Mr D Jones

REGISTERED OFFICE:

7 Billing Road

Northampton

NORTHAMPTONSHIRE

NN1 5AN

REGISTERED NUMBER:

07557627 (England and Wales)

ACCOUNTANTS:

Cochran, Harris & Clarke Ltd

7 Billing Road

Northampton

NORTHAMPTONSHIRE

NN1 5AN

FIXED ASSETS

Intangible assets

4

150,791

324,875

Tangible assets

5

99,061

119,767

249,852

444,642

CURRENT ASSETS

Debtors

6

27,500

30,323

Cash at bank and in hand

42,409

64,488

69,909

94,811

CREDITORS

Amounts falling due within one year

7

136,264

672,357

NET CURRENT LIABILITIES

(66,355

)

(577,546

)

TOTAL ASSETS LESS CURRENT LIABILITIES

183,497

(132,904

)

CREDITORS

Amounts falling due after more than one year

8

474,250

-

NET LIABILITIES

(290,753

)

(132,904

)

CAPITAL AND RESERVES

Called up share capital

19,440

19,440

Share premium

1,447,455

1,447,455

Retained earnings

(1,757,648

)

(1,599,799

)

SHAREHOLDERS' FUNDS

(290,753

)

(132,904

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 8 September 2021 and were signed on its behalf by:

Mr D Jones - Director

1.	STATUTORY INFORMATION

Ultra Biotecs 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.

The financial statements have been prepared on a going concern basis. This is dependant upon the continuing support of the shareholders.

Turnover

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

Turnover from operating leases granted to customers is accounted for on a straight line basis over the period of the lease

Intangible assets

Patents purchased by the company are amortised individually over their anticipated economic life. The anticipated economic life of the existing purchased patents is five years.

Applications for patents resulting from research and development expenditure is written off unless the patent has a readily ascertainable market value in accordance with accounting standard FRS10.

The prototype plant developed in a preceding period has been capitalised and is being amortised over its anticipated useful life of four years.

The company has capitalised costs associated with developing patents. The costs are being written off over ten years commencing from January 2019.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost, Over the length of time of the lease and Straight line over 3 years

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the ent amount reported in the Balance Sheet when there is an 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.

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.

Research and development

With the exception of costs incurred in respect of the development of a prototype plant, expenditure on research and development is written off in the year in which it is incurred

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Government grants

The company has received grants relating to Revenue in respect of the Coronavirus Job Retention Scheme. Grants are recognised under the accrual model in which grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

and 31 December 2020

788,935

AMORTISATION

At 1 January 2020

464,060

Charge for year

174,084

At 31 December 2020

638,144

NET BOOK VALUE

At 31 December 2020

150,791

At 31 December 2019

324,875

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

156,397

Additions

6,944

At 31 December 2020

163,341

DEPRECIATION

At 1 January 2020

36,630

Charge for year

27,650

At 31 December 2020

64,280

NET BOOK VALUE

At 31 December 2020

99,061

At 31 December 2019

119,767

Tangible fixed assets include assets leased to customers. The cost of leased assets amounts to £117,247 (2019: £117,247) with a net book value of £57,025 (2019: £80,617). Depreciation charged on assets leased to customers for the period was £23,592 (2019: £23,592).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

27,500

30,323

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

11,421

69,991

Taxation and social security

8,409

4,754

Other creditors

116,434

597,612

136,264

672,357

Other creditors includes an amount of £97,921 (2019: £132,921) in respect of deferred income. The deferred income relates to income from operating leases that extend beyond the accounting period.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

474,250

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Other loans

488,206

461,983

These amounts are secured by a fixed and floating charge over all property or undertaking of the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

M R Snowball and P E Barr have advanced monies to the company. At the balance sheet date the amount due to M R Snowball is £213 (2019: £213).and to P E Barr is £98 (2019: £98)