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Registered number: 01897448
ULTRATOWN LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2020
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ULTRATOWN LIMITED
REGISTERED NUMBER: 01897448
BALANCE SHEET
AS AT 30 NOVEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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ULTRATOWN LIMITED
REGISTERED NUMBER: 01897448
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2020
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 9 July 2021.
The notes on pages 3 to 8 form part of these financial statements.
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ULTRATOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
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
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment 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:
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, on the following basis:.
Depreciation is provided on the following basis:
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.
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Revaluation of tangible fixed assets
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The entity has elected to use the revalued amount at the date of transition to FRS 102 for freehold property as its deemed cost.
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ULTRATOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Unsold properties held for resale are stated at the lower of cost and net realisable value. Cost includes all ancillary expenses of purchase. Sums received for lease period extensions are deducted from the original cost where the company owns the relevant freehold reversions.
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Cash and cash equivalents
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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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
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.
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ULTRATOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
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The average monthly number of employees, including directors, during the year was 25 (2019 - 25).
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Charge for the year on owned assets
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Investments in subsidiary companies
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ULTRATOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
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The following were subsidiary undertakings of the Company:
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Ultratown Investments Limited
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The aggregate of the share capital and reserves as at 30 November 2020 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Ultratown Investments Limited
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Amounts owed by group undertakings
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ULTRATOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Revaluation reserve
The revaluation reserve represents cumulative effects of fair value adjustments net of deferred tax and other adjustments.
Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
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ULTRATOWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
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 £13,679 (2019 - £12,823) Contributions totalling £4,239 (2019 - £1,646) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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Remuneration to key management personnel for the year was £275,012 (2019: £275,012).
At the year end the following amounts were due from/(to) related parties:
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Entities with control. joint control or significant influence over the entity
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Entities over which the entity has control, joint control or significant influence
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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.
The auditors' report on the financial statements for the year ended 30 November 2020 was unqualified.
The audit report was signed on 9 July 2021 by Christina Georgiou (Senior Statutory Auditor) on behalf of Haslers.
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