Accounts filed on 31-03-2015

Accounts filed on 31-03-2015

ULTIMATE SPEED LIMITED - Company Information

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ULTIMATE SPEED LIMITED

Company Registration Number:
05787896 (England and Wales)

Report of the Directors and Unaudited Financial Statements

Period of accounts

Start date: 01 May 2014

End date: 31 March 2015

ULTIMATE SPEED LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2015

Company Information
Report of the Directors
Profit and Loss Account
Gains and Losses
Balance sheet
Notes to the Financial Statements

ULTIMATE SPEED LIMITED

Company Information

for the Period Ended 31 March 2015




Director: David John West
Registered office: Unit 5
Chinnor Road
Bledlow
Princes Risborough
Buckinghamshire
HP27 9PH
Company Registration Number: 05787896 (England and Wales)

ULTIMATE SPEED LIMITED

Directors' Report Period Ended 31 March 2015

The directors present their report with the financial statements of the company for the period ended 31 March 2015

Principal activities

The company's principal activity during the period was preparation of and on event support for motor vehicles

Directors
 The directors shown below have held office during the whole of the period from
01 May 2014 to 31 March 2015
David John West

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 26 January 2016
And Signed On Behalf Of The Board By:

Name: David John West
Status: Director

ULTIMATE SPEED LIMITED

Profit and Loss Account

for the Period Ended 31 March 2015


Notes		 11 months to
31 Mar 2015
£
2014
£
Turnover: 85,267
Cost of sales: ( 69,966 )
Gross profit or (loss): 15,301 0
Administrative expenses: ( 15,426 )
Operating profit or (loss): ( 125 ) 0
Interest payable and similar charges: ( 158 )
Profit or (loss) on ordinary activities before taxation: ( 283 ) 0
Profit or (loss) for the financial year: ( 283 ) 0

The notes form part of these financial statements

ULTIMATE SPEED LIMITED

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report

ULTIMATE SPEED LIMITED

Balance sheet

As at 31 March 2015


Notes		 11 months to
31 Mar 2015
£
2014
£
Fixed assets
Tangible assets: 2 8,947
Total fixed assets: 8,947 0
Current assets
Debtors: 1,419
Cash at bank and in hand: 1,038
Total current assets: 2,457 0
Creditors: amounts falling due within one year: ( 1,265 )
Net current assets (liabilities): 1,192 0
Total assets less current liabilities: 10,139 0
Creditors: amounts falling due after more than one year: ( 10,421 )
Total net assets (liabilities): ( 282 ) 0

The notes form part of these financial statements

ULTIMATE SPEED LIMITED

Balance sheet continued

As at 31 March 2015


Notes		 11 months to
31 Mar 2015
£
2014
£
Capital and reserves
Called up share capital: 3 1
Profit and loss account: 4 ( 283 )
Shareholders funds: ( 282 ) 0

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 26 January 2016

SIGNED ON BEHALF OF THE BOARD BY:

Name: David John West
Status: Director

The notes form part of these financial statements

ULTIMATE SPEED LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008)

    The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade. The validity of this basis is dependent upon the continued support of the director who provided support throughout the period and to date of this report. The director formed a judgement at the time of approving the financial statements that the support for Ultimate Speed Limited will continue for the foreseeable future and the financial statements do not include any adjustments that would result from a withdrawal of this support.

    Turnover policy

    Turnover represents amounts receivable for goods and services net of VAT.

    Revenue is recognised at the point of sale. This is considered to be once the company has fulfilled its obligations to the customer

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over it expected useful life, as follows:

    Plant & Machinery – Air Con Unit 100% straight line
    Plant & Machinery – Portacabins 20% straight line
    Motor Vehicles 33.33% straight line

    Plant & Machinery
    Cost 5,413
    Depreciation 1,467
    Net Book Value 3,946

    Other accounting policies

    3. Debtors
    Trade Debtors 1,419

    4. Creditors
    Creditors: amounts falling due within one year
    Trade Creditors 848
    Long Term Creditors 10,421

    5. Share Capital
    Allotted, called up and fully paid
    1 Ordinary Share of £1 1

    The director is the one controlling party of the business.

ULTIMATE SPEED LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 2. Tangible assets

    Land and buildings Plant and Machinery Fixtures and fittings Office Equipment Motor vehicles Total
    Cost £ £ £ £ £ £
    01 May 2014: - 0 - - 0 0
    Additions: - 5,413 - - 7,500 12,913
    Disposals: - - - - - 0
    Revaluations: - - - - - 0
    Transfers: - - - - - 0
    31 March 2015: - 5,413 - - 7,500 12,913
    Depreciation
    01 May 2014: - 0 - - - 0
    Charge for year: - 1,466 - - 2,500 3,966
    On disposals: - - - - - 0
    Other adjustments: - - - - - 0
    31 March 2015: - 1,466 - - 2,500 3,966
    Net book value
    31 March 2015: - 3,947 - - 5,000 8,947
    30 April 2014: - 0 - - 0 0

ULTIMATE SPEED LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 3. Called up share capital

    Allotted, called up and paid

    Previous period
    2014
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 0
    Preference shares: 0
    Total share capital (£): 0
    Current period 11 months to
    31 Mar 2015
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 1 1.00 1
    Preference shares: 0 0.00 0
    Total share capital (£): 1

ULTIMATE SPEED LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2015

  • 4. Profit and loss account

    11 months to
    31 Mar 2015
    £
    2014
    £
    Opening balance: 0
    Profit or (loss) for the period: ( 283 ) 0
    Retained profit: ( 283 ) 0