Ultimate 4X4 Specialists Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06517062 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Ultimate 4X4 Specialists Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T Fones

SECRETARY:

T Fones

REGISTERED OFFICE:

Unit C

Chappel Street

Netherton

Dudley

West Midlands

DY2 9PN

REGISTERED NUMBER:

06517062 (England and Wales)

ACCOUNTANTS:

S R Higgs

Accountant

101 Dixons Green Road

Dudley

West Midlands

DY2 7DJ

FIXED ASSETS

Tangible assets

4

11,593

9,106

CURRENT ASSETS

Debtors

5

4,237

4,542

Cash at bank and in hand

98,094

78,126

102,331

82,668

CREDITORS

Amounts falling due within one year

6

92,702

76,553

NET CURRENT ASSETS

9,629

6,115

TOTAL ASSETS LESS CURRENT LIABILITIES

21,222

15,221

PROVISIONS FOR LIABILITIES

7

2,203

1,730

NET ASSETS

19,019

13,491

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

18,919

13,391

SHAREHOLDERS' FUNDS

19,019

13,491

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

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

The director acknowledges his 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 director and authorised for issue on 24 November 2021 and were signed by:

T Fones - Director

1.	STATUTORY INFORMATION

Ultimate 4X4 Specialists 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

15% on reducing balance

Government grants

Government grants are recognised at their fair value received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and that the grants will be received.

Government grants are recognised using the accruals model and where relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related cost for which the grant is intended to compensate. Grants including business rates relief funding and JRS furlough grants, that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs, are recognised as income for the period in which they become receivable.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2020

24,585

5,650

2,644

32,879

Additions

4,650

-

-

4,650

At 31 March 2021

29,235

5,650

2,644

37,529

DEPRECIATION

At 1 April 2020

17,126

4,645

2,002

23,773

Charge for year

1,816

251

96

2,163

At 31 March 2021

18,942

4,896

2,098

25,936

NET BOOK VALUE

At 31 March 2021

10,293

754

546

11,593

At 31 March 2020

7,459

1,005

642

9,106

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

4,237

4,542

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

8,316

7,317

Taxation and social security

14,614

15,671

Other creditors

69,772

53,565

92,702

76,553

7.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax

2,203

1,730

Deferred

tax

£

Balance at 1 April 2020

1,730

Provided during year

473

Balance at 31 March 2021

2,203

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £37,500 (2020 - £37,500) were paid to the director .

9.	ULTIMATE CONTROLLING PARTY

The company is under the control of its director Mr T Fones as he owns all of the issued share capital.