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Registered number: 03124090
Ultimedia Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2022
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Ultimedia Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Ultimedia Limited for the year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ultimedia Limited for the year ended 31 December 2022 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Ultimedia 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 Ultimedia Limited and state those matters that we have agreed to state to the Board of directors of Ultimedia Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ultimedia Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Ultimedia 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 profit of Ultimedia Limited. You consider that Ultimedia Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Ultimedia 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.
Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
23 June 2023
Page 1
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Ultimedia Limited
Registered number: 03124090
Balance sheet
As at 31 December 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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Page 2
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Ultimedia Limited
Registered number: 03124090
Balance sheet (continued)
As at 31 December 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2023.
The notes on pages 4 to 8 form part of these financial statements.
Page 3
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Ultimedia Limited
Notes to the financial statements
For the year ended 31 December 2022
Ultimedia Limited is a private company limited by shares and is incorporated in England and Wales with the registration number 03124090. The address of the registered office and principal place of business is 36 High Street, Ashford, England, TN24 8TE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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Ultimedia Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 5
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Ultimedia Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 15 (2021 - 5).
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Charge for the year on owned assets
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Page 6
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Ultimedia Limited
Notes to the financial statements
For the year ended 31 December 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 7
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Ultimedia Limited
Notes to the financial statements
For the year ended 31 December 2022
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On 1 January 2022, the company's immediate parent undertaking, The Remarkable Group International Limited, granted options to certain employees of Ultimedia Limited over 240 Ordinary B shares of £1 each in the capital of that company under EMI option agreements.
The exercise price is £19.54 per share. Each option has a different element of time based and performance based vesting conditions which are specific to each employee.
The options may not be exercised later than ten years after the date on which they were granted, even if an Exit has not by then been achieved.
Given that part of the share options vested during the year ended 31 December 2022, a total charge of £5,236 has been recognised in the year for employees of the company.
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Weighted average exercise price (pence)
2022
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Weighted average exercise price
(pence)
2021
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Outstanding at the end of the year
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in a independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,064 (2021 - £3,966) . Contributions totalling £5,456 (2021 - £857) were payable to the fund at the balance sheet date and are included in other creditors.
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Related party transactions
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The company has taken advantage of the exemptions available under FRS102, section 33.5 not to disclose details of its transactions with members of the group headed by The Remarkable International Group Limited.
All other related party transactions have been undertaken at arms length.
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The ultimate controlling party is The Remarkable Group International Limited, owning 100% of the share capital.
Page 8
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