Ultimate Life Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09846112 (England and Wales)

Financial Statements

for the Year Ended 31 October 2017

for

ULTIMATE LIFE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A M Penny

J R Penny

REGISTERED OFFICE:

9 York Place

Leeds

LS1 2DS

REGISTERED NUMBER:

09846112 (England and Wales)

ACCOUNTANTS:

Rawse, Varley & Co

Chartered Accountants

Lloyds Bank Chambers

Hustlergate

Bradford

BD1 1UQ

FIXED ASSETS

Intangible assets

4

10,031

7,305

Tangible assets

5

299

507

10,330

7,812

CURRENT ASSETS

Stocks

17,802

19,800

Debtors

6

9,763

-

Cash at bank

2,772

5,905

30,337

25,705

CREDITORS

Amounts falling due within one year

7

83,201

57,314

NET CURRENT LIABILITIES

(52,864

)

(31,609

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(42,534

)

(23,797

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

(42,634

)

(23,897

)

SHAREHOLDERS' FUNDS

(42,534

)

(23,797

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 July 2018 and were signed on its behalf by:

A M Penny - Director

1.	STATUTORY INFORMATION

Ultimate Life 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year for which financial statements have been prepared under FRS 102. No adjustments were

required on transition to FRS 102.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation.

Depreciation is calculated on a straight line basis to write off the assets over their estimated useful lives at the

following annual rates:

Computer equipment

-

33.33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2016

7,481

Additions

3,860

At 31 October 2017

11,341

AMORTISATION

At 1 November 2016

176

Charge for year

1,134

At 31 October 2017

1,310

NET BOOK VALUE

At 31 October 2017

10,031

At 31 October 2016

7,305

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2016

and 31 October 2017

629

DEPRECIATION

At 1 November 2016

122

Charge for year

208

At 31 October 2017

330

NET BOOK VALUE

At 31 October 2017

299

At 31 October 2016

507

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other debtors

9,763

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other creditors

83,201

57,314

8.	CALLED UP SHARE CAPITAL

Share capital was incorrectly recorded as 100 shares at a nominal value of £0.01 in the previous year. The error

has been corrected in the year ended 31 October 2017 to be 100 shares at a nominal value of £1.

9.

RESERVES

Retained

earnings

£

At 1 November 2016

(23,897

)

Deficit for the year

(18,737

)

At 31 October 2017

(42,634

)

10.	RELATED PARTY DISCLOSURES

Other creditors include interest free loans made by the directors of £81,251 (2016 - £56,114) to the company.

Whilst the loans were repayable on demand at 31 October 2017, the directors have confirmed that there is no

present intention to demand repayment.