Ultracomida Trading Co. Limited 31/05/2023 iXBRL

ULTRACOMIDA TRADING CO. LIMITED - Company Information

9 31/05/2023 2023-05-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 07239212 2022-06-01 2023-05-31 07239212 2023-05-31 07239212 2022-05-31 07239212 2021-06-01 2022-05-31 07239212 2022-05-31 07239212 core:LandBuildings core:ShortLeaseholdAssets 2022-06-01 2023-05-31 07239212 core:PlantMachinery 2022-06-01 2023-05-31 07239212 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 07239212 core:MotorVehicles 2022-06-01 2023-05-31 07239212 core:OnerousContractsExcludingVacantProperties 2022-06-01 2023-05-31 07239212 bus:RegisteredOffice 2022-06-01 2023-05-31 07239212 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 07239212 bus:LeadAgentIfApplicable 2022-06-01 2023-05-31 07239212 bus:Director1 2022-06-01 2023-05-31 07239212 bus:Director2 2022-06-01 2023-05-31 07239212 core:LandBuildings core:ShortLeaseholdAssets 2022-05-31 07239212 core:PlantMachinery 2022-05-31 07239212 core:FurnitureFittingsToolsEquipment 2022-05-31 07239212 core:MotorVehicles 2022-05-31 07239212 core:LandBuildings core:ShortLeaseholdAssets 2023-05-31 07239212 core:PlantMachinery 2023-05-31 07239212 core:FurnitureFittingsToolsEquipment 2023-05-31 07239212 core:MotorVehicles 2023-05-31 07239212 core:DeferredTaxation 2022-06-01 2023-05-31 07239212 core:WithinOneYear 2023-05-31 07239212 core:WithinOneYear 2022-05-31 07239212 core:AfterOneYear 2023-05-31 07239212 core:AfterOneYear 2022-05-31 07239212 core:UKTax 2022-06-01 2023-05-31 07239212 core:UKTax 2021-06-01 2022-05-31 07239212 core:RetainedEarningsAccumulatedLosses 2022-05-31 07239212 core:RetainedEarningsAccumulatedLosses 2021-05-31 07239212 core:RetainedEarningsAccumulatedLosses 2023-05-31 07239212 core:RetainedEarningsAccumulatedLosses 2022-05-31 07239212 core:ShareCapital 2023-05-31 07239212 core:ShareCapital 2022-05-31 07239212 bus:OrdinaryShareClass1 core:ShareCapital 2023-05-31 07239212 bus:OrdinaryShareClass1 core:ShareCapital 2022-05-31 07239212 core:BetweenOneFiveYears 2023-05-31 07239212 core:BetweenOneFiveYears 2022-05-31 07239212 core:MoreThanFiveYears 2023-05-31 07239212 core:MoreThanFiveYears 2022-05-31 07239212 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 07239212 core:AcceleratedTaxDepreciationDeferredTax 2022-05-31 07239212 core:TaxLossesCarry-forwardsDeferredTax 2023-05-31 07239212 core:TaxLossesCarry-forwardsDeferredTax 2022-05-31 07239212 core:LandBuildings core:ShortLeaseholdAssets 2022-05-31 07239212 core:PlantMachinery 2022-05-31 07239212 core:FurnitureFittingsToolsEquipment 2022-05-31 07239212 core:MotorVehicles 2022-05-31 07239212 core:DeferredTaxation 2022-05-31 07239212 core:DeferredTaxation 2023-05-31 07239212 bus:SmallEntities 2022-06-01 2023-05-31 07239212 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07239212 bus:FullAccounts 2022-06-01 2023-05-31 07239212 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 07239212 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07239212 core:UltimateParent 2022-06-01 2023-05-31 07239212 core:UltimateParent core:SaleOrPurchaseGoods 2022-06-01 2023-05-31 07239212 core:UltimateParent core:SaleOrPurchaseGoods 2021-06-01 2022-05-31 07239212 core:UltimateParent core:AdministrativeServices 2022-06-01 2023-05-31 07239212 core:UltimateParent core:AdministrativeServices 2021-06-01 2022-05-31 07239212 core:OtherGroupMember1 2022-06-01 2023-05-31 07239212 core:OtherGroupMember1 core:SaleOrPurchaseGoods 2022-06-01 2023-05-31 07239212 core:OtherGroupMember1 core:SaleOrPurchaseGoods 2021-06-01 2022-05-31 07239212 core:ComputerEquipment 2022-06-01 2023-05-31 07239212 core:ComputerEquipment 2022-05-31 07239212 core:ComputerEquipment 2023-05-31 07239212 core:UltimateParent 2023-05-31 07239212 core:UltimateParent 2022-05-31 07239212 core:OtherGroupMember1 2023-05-31 07239212 core:OtherGroupMember1 2022-05-31 07239212 1 2022-06-01 2023-05-31

Company registration number: 07239212

Ultracomida Trading Co. Limited

Unaudited financial statements

31 May 2023

Ultracomida Trading Co. Limited

Contents

Directors and other information

Directors report

Accountants report

Statement of income and retained earnings

Statement of financial position

Notes to the financial statements

Ultracomida Trading Co. Limited

Directors and other information


	Directors	Mr PW Grimwood
		Ms S Palit


	Company number	07239212


	Registered office	Unit 10
		Glan Yr Afon Industrial Estate
		Llanbadarn Fawr
		Aberystwyth
		SY23 3JQ


	Business address	Unit 10
		Glan Yr Afon Industrial Estate
		Llanbadarn Fawr
		Aberystwyth
		SY23 3JQ


	Accountants	Davies Lewis Baker
		31 Bridge Street
		Aberystwyth
		Ceredigion
		SY23 1QB




	Bankers	Barclays Bank PLC
		26 Terrace Road
		Aberystwyth
		Ceredigion
		SY23 2AE

Ultracomida Trading Co. Limited

Directors report

Year ended 31 May 2023

The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2023.

Directors

The directors who served the company during the year were as follows:

Mr PW Grimwood

Ms S Palit

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 21 February 2024 and signed on behalf of the board by:

Mr PW Grimwood

Director

Ultracomida Trading Co. Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Ultracomida Trading Co. Limited

Year ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ultracomida Trading Co. Limited for the year ended 31 May 2023 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com /gb/en/about-us/regulation/rulebook.html.

This report is made solely to the board of directors of Ultracomida Trading Co. Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ultracomida Trading Co. Limited and state those matters that we have agreed to state to the board of directors of Ultracomida Trading Co. Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ultracomida Trading Co. Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Ultracomida Trading Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ultracomida Trading Co. Limited. You consider that Ultracomida Trading Co. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ultracomida Trading Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Davies Lewis Baker

Chartered Certified Accountants

31 Bridge Street

Aberystwyth

Ceredigion

SY23 1QB

21 February 2024

Ultracomida Trading Co. Limited

Statement of income and retained earnings

Year ended 31 May 2023

		2023	2022
	Note	£	£


Turnover		2,658,649	2,142,371
Cost of sales		( 2,016,960)	( 1,736,025)
		_______	_______
Gross profit		641,689	406,346

Distribution costs		( 32,649)	( 24,684)
Administrative expenses		( 669,315)	( 370,024)
Other operating income		-	3,180
		_______	_______
Operating (loss)/profit		( 60,275)	14,818

Interest payable and similar expenses		( 43,224)	( 10,059)
		_______	_______
(Loss)/profit before taxation	5	( 103,499)	4,759

Tax on (loss)/profit	6	3,157	13,084
		_______	_______
(Loss)/profit for the financial year and total comprehensive income		( 100,342)	17,843
		_______	_______

Retained earnings at the start of the year		69,105	51,262
		_______	_______
Retained earnings at the end of the year		( 31,237)	69,105
		_______	_______

All the activities of the company are from continuing operations.

Ultracomida Trading Co. Limited

Statement of financial position

31 May 2023

		2023		2022
	Note	£	£	£	£

Fixed assets
Tangible assets	7	519,185		534,122
		_______		_______
			519,185		534,122

Current assets
Stocks		1,307,523		1,273,041
Debtors	8	195,250		144,304
Cash at bank and in hand		7,784		4,506
		_______		_______
		1,510,557		1,421,851
Creditors: amounts falling due
within one year	9	( 1,488,137)		( 1,382,554)
		_______		_______
Net current assets			22,420		39,297
			_______		_______
Total assets less current liabilities			541,605		573,419

Creditors: amounts falling due
after more than one year	10		( 399,176)		( 347,051)

Provisions for liabilities	12		( 73,666)		( 57,263)

			_______		_______
Net assets			68,763		169,105
			_______		_______

Capital and reserves
Called up share capital	14		100,000		100,000
Profit and loss account			( 31,237)		69,105
			_______		_______
Shareholders funds			68,763		169,105
			_______		_______

For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:

Mr PW Grimwood Ms S Palit

Director Director

Company registration number: 07239212

Ultracomida Trading Co. Limited

Notes to the financial statements

Year ended 31 May 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Glan Yr Afon Industrial Estate, Llanbadarn Fawr, Aberystwyth, SY23 3JQ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Short leasehold property	-	10 %	straight line
Plant and machinery	-	10 %	straight line
Fittings fixtures and equipment	-	10 %	straight line
Motor vehicles	-	20 %	straight line
Website	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised using the accrual model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2022: 4 ).

5. Loss/profit before taxation

Loss/profit before taxation is stated after charging/(crediting):

	2023	2022
	£	£
Depreciation of tangible assets	71,807	34,497
	_______	_______

6. Tax on loss/profit

Major components of tax income

	2023	2022
	£	£
Current tax:
UK current tax income	( 19,560)	( 47,060)
	_______	_______

Deferred tax:
Origination and reversal of timing differences	16,403	33,976
	_______	_______
Tax on loss/profit	( 3,157)	( 13,084)
	_______	_______

The company has received £11,738 (2022: £23,750) from its parent company and £7,822 (2022: £23,310) from a fellow subsidiary for losses surrendered by way of group relief.

7. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Website	Total
	£	£	£	£	£	£
Cost
At 1 June 2022	48,859	29,232	476,369	33,373	34,516	622,349
Additions	-	-	18,675	19,995	18,199	56,869
	_______	_______	_______	_______	_______	_______
At 31 May 2023	48,859	29,232	495,044	53,368	52,715	679,218
	_______	_______	_______	_______	_______	_______
Depreciation
At 1 June 2022	2,076	6,281	43,952	13,301	22,615	88,225
Charge for the year	4,708	2,678	48,134	10,127	6,161	71,808
	_______	_______	_______	_______	_______	_______
At 31 May 2023	6,784	8,959	92,086	23,428	28,776	160,033
	_______	_______	_______	_______	_______	_______
Carrying amount
At 31 May 2023	42,075	20,273	402,958	29,940	23,939	519,185
	_______	_______	_______	_______	_______	_______
At 31 May 2022	46,783	22,951	432,417	20,072	11,901	534,124
	_______	_______	_______	_______	_______	_______

8. Debtors

	2023	2022
	£	£
Trade debtors	174,999	125,398
Other debtors	20,251	18,906
	_______	_______
	195,250	144,304
	_______	_______

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	45,824	38,415
Trade creditors	1,075,319	1,006,846
Amounts owed to group undertakings and undertakings in which the company has a participating interest	73,954	87,464
Social security and other taxes	59,077	4,363
Other creditors	233,963	245,466
	_______	_______
	1,488,137	1,382,554
	_______	_______

Barclays Bank PLC have a fixed and floating charge over the assets of the company in respect of any borrowings. At the year end the total outstanding to Barclays was £324 (2022 £915).This excludes £37, 793 (2022: £43,828) funds borrowed under the Bounce Back Loan Scheme, provided with a government backed guarantee.

10. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	32,793	38,829
Other creditors	366,383	308,222
	_______	_______
	399,176	347,051
	_______	_______

11. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	2023	2022
	£	£
Not later than 1 year	91,395	95,538
Later than 1 year and not later than 5 years	241,061	252,971
	_______	_______
	332,456	348,509
Less: future finance charges	( 68,318)	( 83,096)
	_______	_______
Present value of minimum lease payments	264,138	265,413
	_______	_______

The net book value of assets held under finance leases at the year end was as follows: Plant and machinery £8,269 (2022: £9,214); Fixtures, fittings and equipment £271,822 (2022: £302,657) and Motor vehicles £29,940 (2022: £19,893).

12. Provisions

	Deferred tax (note 13)	Total
	£	£
At 1 June 2022	57,263	57,263
Additions	16,403	16,403
	_______	_______
At 31 May 2023	73,666	73,666
	_______	_______

13. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2023	2022
	£	£
Included in provisions (note 12)	73,666	57,263
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2023	2022
	£	£
Accelerated capital allowances	119,000	91,717
Unused tax losses	( 45,334)	( 34,634)
	_______	_______
	73,666	57,083
	_______	_______

14. Called up share capital

Issued, called up and fully paid

	2023		2022
	No	£	No	£
Ordinary shares shares of £ 1.00 each	100,000	100,000	100,000	100,000
	_______	_______	_______	_______

15. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	99,308	95,715
Later than 1 year and not later than 5 years	299,558	347,443
Later than 5 years	183,333	234,756
	_______	_______
	582,199	677,914
	_______	_______

16. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2023	2022	2023	2022
	£	£	£	£
Ultracomida Limited	-	-	( 458,674)	( 562,742)
Sales	514,939	508,757	-	-
Wage contribution paid	39,890	4,828	-	-
Curado Bar Limited	-	-	( 618,328)	( 445,250)
Sales	367,888	319,324	-	-
	_______	_______	_______	_______

Ultracomida Trading Co. Limited is a wholly owned subsidiary of Ultracomida Limited . Curado Bar Limited is also a subsidiary of Ultracomida Limited .

17. Controlling party

The company is controlled by the directors , Mr PW Grimwood and Ms S Palit .