REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 November 2022 |
for |
Ultracell (UK) Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 November 2022 |
for |
Ultracell (UK) Limited |
Ultracell (UK) Limited (Registered number: 04319719) |
Contents of the Financial Statements |
for the Year Ended 30 November 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Ultracell (UK) Limited |
Company Information |
for the Year Ended 30 November 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
116 Duke Street |
Liverpool |
England |
L1 5JW |
Ultracell (UK) Limited (Registered number: 04319719) |
Strategic Report |
for the Year Ended 30 November 2022 |
The directors present their strategic report for the year ended 30 November 2022. |
The company's business consists of the the importation and distribution of batteries. |
REVIEW OF BUSINESS |
We have continued to perform well during the year in spite of the recent economic uncertainty. |
Overall turnover has increased by just over £300k, but margin reduced due to increased costs and sales price reductions. |
The company's reserves at the year end decreased by £538,623 but a dividend of £1,031,000 was paid in the year leaving the reserves at a healthy £1,020,905. The cash balances of over £1.7 million, are sufficient to manage foreign currency fluctuations, cost price increases and any decline in the sector. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company is exposed to fluctuations in demand that could arise due to changes in the economic climate. We manage this by ensuring that we have sufficient reserves to fund any period of decline. |
The continued uncertainty surrounding Brexit is a risk to the business, although our exposure to imports and exports from the EU is minimal. |
The company is exposed to foreign exchange risk as some products are purchased in US Dollars and sold in Sterling. We manage this risk by holding funds in US Dollars and Euros and by forward buying currency. |
FUTURE DEVELOPMENTS |
The company has invested in the manufacture of a new range of lithium batteries that are more environmentally friendly. |
ON BEHALF OF THE BOARD: |
Ultracell (UK) Limited (Registered number: 04319719) |
Report of the Directors |
for the Year Ended 30 November 2022 |
The directors present their report with the financial statements of the company for the year ended 30 November 2022. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 30 November 2022 will be £ |
FUTURE DEVELOPMENTS |
Details of future developments are included within the Review of Business in the Strategic Report. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2021 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Ultracell (UK) Limited |
Opinion |
We have audited the financial statements of Ultracell (UK) Limited (the 'company') for the year ended 30 November 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 November 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Ultracell (UK) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Ultracell (UK) Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and Assessing Potential Risks Related to Irregularities |
Enquiring of management, including obtaining and reviewing supporting documentation concerning the company's policies and procedures relating to: |
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance |
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud |
the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations |
discussing among the engagement team including relevant internal specialists, including tax, valuations, pensions and IT regarding how and where fraud might occur in the financial statements and any potential indicators of fraud |
obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006, Pension legislation, Tax legislation, and Health and Safety requirements. |
Audit Response to Risks Identified |
In addition to the above, our procedures to respond to risks identified included the following: |
reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; |
enquiring of management concerning actual and potential litigation and claims; |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and |
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
116 Duke Street |
Liverpool |
England |
L1 5JW |
Ultracell (UK) Limited (Registered number: 04319719) |
Income Statement |
for the Year Ended 30 November 2022 |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
418,715 | 1,180,756 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
441,337 | 1,212,323 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Ultracell (UK) Limited (Registered number: 04319719) |
Other Comprehensive Income |
for the Year Ended 30 November 2022 |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Ultracell (UK) Limited (Registered number: 04319719) |
Balance Sheet |
30 November 2022 |
30.11.22 | 30.11.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ultracell (UK) Limited (Registered number: 04319719) |
Statement of Changes in Equity |
for the Year Ended 30 November 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 9 December 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
Ultracell (UK) Limited (Registered number: 04319719) |
Cash Flow Statement |
for the Year Ended 30 November 2022 |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of intangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Participating interests | - | 27,058 |
Amount introduced by directors | 1,029,287 | - |
Amount withdrawn by directors | (1,255,567 | ) | (299,746 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
3,375,159 |
Cash and cash equivalents at end of year | 2 | 1,709,618 | 3,551,539 |
Ultracell (UK) Limited (Registered number: 04319719) |
Notes to the Cash Flow Statement |
for the Year Ended 30 November 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 1,098 | 5,721 |
Finance income | (22,622 | ) | (19,567 | ) |
625,411 | 1,390,119 |
(Increase)/decrease in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 November 2022 |
30.11.22 | 1.12.21 |
£ | £ |
Cash and cash equivalents | 1,709,618 | 3,551,539 |
Period ended 30 November 2021 |
30.11.21 | 9.12.20 |
£ | £ |
Cash and cash equivalents | 3,551,539 | 3,375,159 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.12.21 | Cash flow | At 30.11.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,551,539 | (1,841,921 | ) | 1,709,618 |
3,551,539 | ( |
) | 1,709,618 |
Total | 3,551,539 | (1,841,921 | ) | 1,709,618 |
Ultracell (UK) Limited (Registered number: 04319719) |
Notes to the Financial Statements |
for the Year Ended 30 November 2022 |
1. | STATUTORY INFORMATION |
Ultracell (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04319719 and the registered office is 7 Vesty Business Park, Liverpool, Merseyside L30 1NY. |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activities of the company are the importation and distribution of batteries. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors consider that the going concern assumption is appropriate despite the net current liability position as they believe they will be able to meet company obligations as they become due. |
Significant judgements and estimates |
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable on the importation and distribution of batteries, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised when goods are despatched. |
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. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Fixed assets are recognised at cost, less depreciation and impairment where necessary |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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. |
Ultracell (UK) Limited (Registered number: 04319719) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
£ | £ |
United Kingdom |
Europe |
Non EU | 11,493,845 | 11,088,675 |
4. | EMPLOYEES AND DIRECTORS |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
£ | £ |
Wages and salaries |
Other pension costs |
Ultracell (UK) Limited (Registered number: 04319719) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
Staff |
The company operates a defined contribution pension scheme that all employees in that company are entitled to join. The cost for the year amounted to £8,884 (2021 - £10,063). Included in other creditors is £1,747 (2021 - £1,815) relating to pension contributions unpaid at the year end. |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
£ | £ |
Depreciation - owned assets |
Patents and licences amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Rent |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
£ | £ |
HMRC penalties & interest |
Ultracell (UK) Limited (Registered number: 04319719) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
£ | £ |
Current tax: |
UK corporation tax |
Amendment to prior year | (137,144 | ) | (26,220 | ) |
Total current tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
8. | DIVIDENDS |
Period |
9.12.20 |
Year Ended | to |
30.11.22 | 30.11.21 |
£ | £ |
Interim |
9. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 December 2021 |
Additions |
At 30 November 2022 |
AMORTISATION |
At 1 December 2021 |
Amortisation for year |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
Ultracell (UK) Limited (Registered number: 04319719) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2021 |
Additions |
At 30 November 2022 |
DEPRECIATION |
At 1 December 2021 |
Charge for year |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
11. | STOCKS |
30.11.22 | 30.11.21 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.22 | 30.11.21 |
£ | £ |
Trade debtors |
Directors' current accounts | 1,255,567 | 1,029,286 |
VAT |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.22 | 30.11.21 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
Ultracell (UK) Limited (Registered number: 04319719) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.11.22 | 30.11.21 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Property leases are over 10 years, rent reviews are carried out every 5 years. |
15. | PROVISIONS FOR LIABILITIES |
30.11.22 | 30.11.21 |
£ | £ |
Deferred tax | 239,748 | 239,915 |
Deferred |
tax |
£ |
Balance at 1 December 2021 |
Provided during year | ( |
) |
Balance at 30 November 2022 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.22 | 30.11.21 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
All shares issued are non-redeemable and rank equally in terms of:- |
(a) voting rights- one vote for each share |
(b) rights to participate in all dividend distributions for that class of share; and |
(c) rights to participate in any capital distribution on winding up |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2021 |
Profit for the year |
Dividends | ( |
) |
At 30 November 2022 |
Ultracell (UK) Limited (Registered number: 04319719) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The company paid rent in the year totalling £229,144 (2021 £229,732) to the directors, D Murray and M McGuinness. |
Both D Murray and M McGuinness, directors, operate current accounts with the company to which transactions of a private nature are charged. As at 30th November 2022, D Murray owed £871,809 (2021 - £609,122) and M McGuinness owed £383,759 (2021 - £420,165) to the company, which is included in other debtors. The loans are repayable on demand and interest has been charged at 2%. |
19. | ULTIMATE CONTROLLING PARTY |