Accounts filed on 31-03-2016

Accounts filed on 31-03-2016

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 April 2015

End date: 31 March 2016

ULTIMATE SPEED LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2016

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 2016




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 2016

The directors present their report with the financial statements of the company for the period ended 31 March 2016

Principal Activities

The principal activity of the company was that of preparation and on event support for motor vehicles

Directors
 The directors shown below have held office during the whole of the period from
01 April 2015 to 31 March 2016
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 21 December 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 2016


Notes
2016
£		 11 months to
31 Mar 2015
£
Turnover: 111,479 85,267
Cost of sales: ( 84,031 ) ( 69,966 )
Gross profit or (loss): 27,448 15,301
Administrative expenses: ( 50,949 ) ( 15,426 )
Operating profit or (loss): ( 23,501 ) ( 125 )
Interest payable and similar charges: ( 252 ) ( 158 )
Profit or (loss) on ordinary activities before taxation: ( 23,753 ) ( 283 )
Profit or (loss) for the financial year: ( 23,753 ) ( 283 )

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 2016


Notes
2016
£		 11 months to
31 Mar 2015
£
Fixed assets
Tangible assets: 2 6,655 8,947
Total fixed assets: 6,655 8,947
Current assets
Debtors: 3,927 1,419
Cash at bank and in hand: 1,038
Total current assets: 3,927 2,457
Creditors: amounts falling due within one year: ( 18,527 ) ( 1,265 )
Net current assets (liabilities): ( 14,600 ) 1,192
Total assets less current liabilities: ( 7,945 ) 10,139
Creditors: amounts falling due after more than one year: ( 16,090 ) ( 10,421 )
Total net assets (liabilities): ( 24,035 ) ( 282 )

The notes form part of these financial statements

ULTIMATE SPEED LIMITED

Balance sheet continued

As at 31 March 2016


Notes
2016
£		 11 months to
31 Mar 2015
£
Capital and reserves
Called up share capital: 3 1 1
Revaluation reserve: 0 0
Profit and loss account: 4 ( 24,036 ) ( 283 )
Shareholders funds: ( 24,035 ) ( 282 )

For the year ending 31 March 2016 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 2015.

The financial statements were approved by the Board of Directors on 21 December 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 2016

  • 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 – Portacabins 20% straight line
    Plant & Machinery – Tools/Project Tools 33.33% straight line
    Motor Vehicles 33.33% straight line
    Office Equipment 25% straight line
    Furniture & Fittings 20% straight line

    Other accounting policies

    Debtors
    Work in Progress 2,560
    Trade Debtors 1,366

    Creditors
    Creditors: amounts falling due within one year
    Trade Creditors 18,527
    Long Term Creditors 16,090

    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 2016

  • 2. Tangible assets

    Land and buildings Plant and Machinery Fixtures and fittings Office Equipment Motor vehicles Total
    Cost £ £ £ £ £ £
    01 April 2015: - 5,413 0 0 7,500 12,913
    Additions: - 1,365 215 67 0 1,647
    Disposals: - 0 0 0 0 0
    Revaluations: - 0 0 0 0 0
    Transfers: - 0 0 0 0 0
    31 March 2016: - 6,778 215 67 7,500 14,560
    Depreciation
    01 April 2015: - 1,466 0 0 2,500 3,966
    Charge for year: - 1,379 43 17 2,500 3,939
    On disposals: - - 0 0 0 0
    Other adjustments: - - 0 0 0 0
    31 March 2016: - 2,845 43 17 5,000 7,905
    Net book value
    31 March 2016: - 3,933 172 50 2,500 6,655
    31 March 2015: - 3,947 0 0 5,000 8,947

ULTIMATE SPEED LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2016

  • 3. Called up share capital

    Allotted, called up and paid

    Previous 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
    Current period
    2016
    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 2016

  • 4. Profit and loss account


    2016
    £    		 11 months to
    31 Mar 2015
    £
    Opening balance: ( 283 )
    Profit or (loss) for the period: ( 23,753 ) ( 283 )
    Retained profit: ( 24,036 ) ( 283 )