Ultra Biotecs Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07557627 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 December 2022

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

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

51,000

59,500

Tangible assets

5

499,491

71,222

550,491

130,722

CURRENT ASSETS

Debtors

6

31,856

27,500

Cash at bank and in hand

293,747

30,121

325,603

57,621

CREDITORS

Amounts falling due within one year

7

178,173

71,484

NET CURRENT ASSETS/(LIABILITIES)

147,430

(13,863

)

TOTAL ASSETS LESS CURRENT LIABILITIES

697,921

116,859

CREDITORS

Amounts falling due after more than one year

8

440,855

502,087

NET ASSETS/(LIABILITIES)

257,066

(385,228

)

CAPITAL AND RESERVES

Called up share capital

26,004

19,440

Share premium

2,101,966

1,447,455

Retained earnings

(1,870,904

)

(1,852,123

)

SHAREHOLDERS' FUNDS

257,066

(385,228

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 26 September 2023 and were signed on its behalf by:

Mr P E Barr - 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 reclassified as a Tangible Asset during the year

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

-

25% on cost, 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 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 (2021 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

788,935

Reclassification/transfer

(662,335

)

At 31 December 2022

126,600

AMORTISATION

At 1 January 2022

729,435

Charge for year

8,500

Reclassification/transfer

(662,335

)

At 31 December 2022

75,600

NET BOOK VALUE

At 31 December 2022

51,000

At 31 December 2021

59,500

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

Prototypes

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2022

-

160,747

3,756

164,503

Additions

455,880

-

1,678

457,558

Reclassification/transfer

662,335

-

-

662,335

At 31 December 2022

1,118,215

160,747

5,434

1,284,396

DEPRECIATION

At 1 January 2022

-

91,789

1,492

93,281

Charge for year

1

27,942

1,346

29,289

Reclassification/transfer

662,335

-

-

662,335

At 31 December 2022

662,336

119,731

2,838

784,905

NET BOOK VALUE

At 31 December 2022

455,879

41,016

2,596

499,491

At 31 December 2021

-

68,958

2,264

71,222

During the year expenditure on prototypes has been reclassified from Intangible Assets to Tangible Assets. Expenditure on the current prototype is ongoing and depreciation will commence once the prototype has been completed.

Tangible fixed assets include assets leased to customers. The cost of leased assets amounts to £117,247 (2021: £117,247) with a net book value of £9,841 (2021: £33,433). Depreciation charged on assets leased to customers for the period was £23,592 (2021: £23,592).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

31,856

27,500

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

4,853

1,606

Taxation and social security

6,556

4,280

Other creditors

166,764

65,598

178,173

71,484

Other creditors includes an amount of £27,921 (2021: £62,921) 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

2022

2021

£

£

Other creditors

440,855

502,087

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Other loans

540,007

502,087

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 (2021: £213).and to P E Barr is £98 (2021: £98)