Ultimate Products (ULPC) 10-K 30 Jun 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Mar. 31, 2014	Jun. 26, 2014
Document and Entity Information:	'	'
Entity Registrant Name	'Ultimate Products CORP	'
Document Type	'10-K	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0001438095	'
Current Fiscal Year End Date	'--03-31	'
Entity Common Stock, Shares Outstanding	'	5,245,535
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'FY	'
Entity Public Float	$0	'

Balance_Sheets

Balance Sheets (USD $)	Mar. 31, 2014	Mar. 31, 2013
Current assets	'	'
Cash	$2	$36
Prepaid expenses	400	'
Total current assets	402	36
Trademarks	723	723
Total assets	1,125	759
Current liabilities	'	'
Accounts payable and accrued liabilities	800	4,175
Related party payable	56,864	44,924
Total current liabilities	57,664	49,099
Stockholders' Deficit	'	'
Preferred stock, $.001 par value; 5,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $.001 par value; 70,000,000 shares authorized; 5,245,535 issued and outstanding	5,245	5,245
Additional paid-in capital	17,323	17,323
Deficit accumulated during the development stage	-79,107	-70,908
Total stockholders' deficit	-56,539	-48,340
Total liabilities and stockholders' deficit	$1,125	$759

Balance_Sheets_Parathenticals

Balance Sheets Parathenticals (USD $)	Mar. 31, 2014	Mar. 31, 2013
Parentheticals	'	'
Preferred Stock, par value	$0.00	$0.00
Preferred Stock, shares authorized	5,000,000	5,000,000
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	70,000,000	70,000,000
Common Stock, shares issued	5,245,535	5,245,535
Common Stock, shares outstanding	5,245,535	5,245,535

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended		73 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Revenue:	'	'	'
Revenue	$0	$0	$0
Expenses	'	'	'
Professional fees	8,055	4,685	66,261
Research and development	0	0	9,400
Other general & administrative	144	144	3,446
Total expenses	8,199	4,829	79,107
Net loss	($8,199)	($4,829)	($79,107)
Net loss per weighted share, basic and fully diluted	$0	$0	'
Weighted average shares outstanding	5,245,535	5,245,535	'

Statement_of_Changes_in_Stockh

Statement of Changes in Stockholders' Equity (Deficit) (USD $)	Preferred Stock Shares	Preferred Stock Amount	Common Stock Shares	Common Stock Amount	Additional Paid-In Capital	Accumulated deficit	Total
		USD ($)		USD ($)	USD ($)	USD ($)	USD ($)
Balance at Feb. 15, 2008	0	0	0	0	0	0	0
Common stock issued for cash at $.001 per share	0	0	2,500,000	2,500	0	0	2,500
Common stock issued for services at $.002 per share	0	0	2,775,070	2,775	2,875	0	5,650
Net loss, period ended March 31, 2008	'	$0	'	$0	$0	$0	$0
Balance at Mar. 31, 2008	0	0	5,275,070	5,275	2,875	0	8,150
Common stock issued for cash at $0.10 per share less $1,000 of offering costs	0	0	158,000	158	14,642	0	14,800
Net loss, year ended March 31, 2009	'	0	'	0	0	-35,190	-35,190
Balance at Mar. 31, 2009	0	0	5,433,070	5,433	17,517	-35,190	-12,240
Net loss, year ended March 31, 2010	'	0	'	0	0	-3,540	-3,540
Balance at Mar. 31, 2010	0	0	5,433,070	5,433	17,517	-38,730	-15,780
Net loss, year ended March 31, 2011	'	0	'	0	0	-16,549	-16,549
Balance at Mar. 31, 2011	0	0	5,433,070	5,433	17,517	-55,279	-32,329
Common stock rescinded	0	0	-187,535	-188	-194	0	-382
Net loss, year ended March 31, 2012	'	0	'	0	0	-10,800	-10,800
Balance at Mar. 31, 2012	0	0	5,245,535	5,245	17,323	-66,079	-43,511
Net loss, year ended March 31, 2013	'	0	'	0	0	-4,829	-4,829
Balance at Mar. 31, 2013	0	0	5,245,535	5,245	17,323	-70,908	-48,340
Net loss, year ended March 31, 2014	'	$0	'	$0	$0	($8,199)	($8,199)
Balance at Mar. 31, 2014	0	0	5,245,535	5,245	17,323	-79,107	-56,539

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended		73 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Cash flows from operating activities	'	'	'
Net loss	($8,199)	($4,829)	($79,107)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Common stock issued for services	0	0	2,393
Changes in operating liabilities:	'	'	'
Prepaid expenses	-400	0	-400
Accounts payable and accrued liabilities	-3,375	1,975	800
Net cash used in operating activities	-11,974	-2,854	-76,314
Cash flows from investing activities	'	'	'
Purchase of trademarks	0	0	-723
Net cash used in investing activities	0	0	-723
Cash flows from financing activities	'	'	'
Repayment of bank overdraft	0	-8	0
Proceeds from related party payable	11,940	2,898	56,864
Proceeds from sale of stock	0	0	17,300
Capital contributed by shareholders	0	0	2,875
Net cash provided by financing activities	11,940	2,890	77,039
Net increase (decrease) in cash	-34	36	2
Cash at beginning of period	36	0	0
Cash at end of period	2	36	2
Supplemental disclosure of non-cash investing and financing activities:	'	'	'
Issuance of 2,775,070 shares of common stock for professional and consulting services	0	0	2,393
Supplemental Cash Flow Information:	'	'	'
Cash paid for interest	0	0	0
Cash paid for income taxes	$0	$0	$0

Nature_of_Business

Nature of Business	12 Months Ended
	Mar. 31, 2014
Nature of Business	'
Nature of Business	'
	Note 1 – Nature of Business
	Ultimate Products Corporation (“the Company”) was organized February 15, 2008 under the laws of the State of Nevada for the purpose developing, producing and distributing a magnesium oxide building board called “Ultimate Building Board’ for use in a number of applications including wall and ceiling applications. The Company currently has no operations or realized revenues from its planned principle business purpose and, in accordance with FASB ASC Topic 915, Development Stage Companies, it is considered a Development Stage Enterprise.

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Mar. 31, 2014
Significant Accounting Policies	'
Significant Accounting Policies	'
	Note 2 – Significant Accounting Policies
	Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Cash
	For the Statements of Cash Flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of March 31, 2014 or 2013.
	Going concern
	The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company no material assets other than cash, nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The Company is currently attempting to raise capital in order to initiate its business plan which will, if successful, mitigate these factors which raise substantial doubt about the Company’s ability to continue as a going concern. The Company will be dependent upon the raising of this additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern.
	Share Based Expenses
	The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 primarily focuses on accounting for transactions in which an entity obtains employee services in share-based payment transactions. This statement requires a public entity to expense the cost of employee services received in exchange for an award of equity instruments. This statement also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted FASB ASC Topic 718 upon formation of the company and expenses share based costs in the period incurred.
	Recent Accounting Pronouncements
	We evaluate recent accounting pronouncements as they are issued for applicability to the Company’s accounting practices. The application of recently issued accounting pronouncements do not apply to the Company’s current accounting policies.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Mar. 31, 2014
Stockholders' Equity	'
Stockholders' Equity	'
	Note 3 – Stockholders’ Equity
	Net loss per common share
	Net loss per share is calculated in accordance with FASB ASC Topic 260, Earnings Per Share. The weighted-average number of common shares outstanding during each period is used to compute basic loss per share. Diluted loss per share is computed using the weighted average number of shares and dilutive potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised.
	Basic net loss per common share is based on the weighted average number of shares of common stock outstanding during the periods presented. As of March 31, 2014 and 2013 and since inception, the Company had no dilutive potential common shares.

Income_Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2014
Income Taxes	'
Income Taxes	'
	Note 4 – Income Taxes
	We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Pursuant to FASB ASC Topic 740, when it is more likely than not that a tax asset cannot be realized through future income, the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry-forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry-forward period.
	The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences for the periods presented are as follows:
	Income tax provision at the federal statutory rate		34%
	Effect of operating losses		-34%
			0%
	Net deferred tax assets consist of the following:
		From
		Inception
	Net operating loss carry forward	$	79,107
	Valuation allowance		-79,107
	Net deferred tax asset	$	-
	The Company did not pay any income taxes during the years ended March 31, 2014 or 2013. These losses are available for future years and expire through 2033. Utilization of these losses may be severely or completely limited if the Company undergoes an ownership change pursuant to Internal Revenue Code Section 382.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2014
Related Party Transactions	'
Related Party Transactions	'
	Note 5 – Related Party Transactions
	The Company neither owns nor leases any real or personal property. An officer or resident agent of the corporation provides office services without charge. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein.
	Through March 31, 2014, the Company has received advances from shareholders in the amount of $56,864. These advances were used to pay for incorporation of Ultimate Products Corporation, the costs associated with the filing to register the Trademark, “Ultimate Building Board™” and professional fees incurred during the development stage resulting in a related party payable of $56,864 and $44,924 as of March 31, 2014 and 2013, respectively. These advances are non-interest bearing and due on demand and as such are reflected as current liabilities on the balance sheet. Interest has not been imputed due to the immaterial impact this would have on the financial statements as a whole.

Subsequent_Events

Subsequent Events	12 Months Ended
	Mar. 31, 2014
Subsequent Events	'
Subsequent Events	'
	Note 6 – Subsequent Events
	The Company has evaluated all subsequent events through the date of this filing and determined there are none to disclose.

Accounting_Policies_Policies

Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2014
Accounting Policies	'
Estimates	'
	Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash Policy	'
	Cash
	For the Statements of Cash Flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of March 31, 2014 or 2013.
Going concern	'
	Going concern
	The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company no material assets other than cash, nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The Company is currently attempting to raise capital in order to initiate its business plan which will, if successful, mitigate these factors which raise substantial doubt about the Company’s ability to continue as a going concern. The Company will be dependent upon the raising of this additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern.
Share Based Expenses	'
	Share Based Expenses
	The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 primarily focuses on accounting for transactions in which an entity obtains employee services in share-based payment transactions. This statement requires a public entity to expense the cost of employee services received in exchange for an award of equity instruments. This statement also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted FASB ASC Topic 718 upon formation of the company and expenses share based costs in the period incurred.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	We evaluate recent accounting pronouncements as they are issued for applicability to the Company’s accounting practices. The application of recently issued accounting pronouncements do not apply to the Company’s current accounting policies.

Components_Of_Income_Taxes_Tab

Components Of Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2014
Components Of Income Taxes Table Text Block:	'
Schedule of sources and tax effects of the differences for the periods presented are as follows	'
	The sources and tax effects of the differences for the periods presented are as follows:
	Income tax provision at the federal statutory rate		34%
	Effect of operating losses		-34%
			0%
Schedule of Net deferred tax assets consist of the following	'
	Net deferred tax assets consist of the following:
		From
		Inception
	Net operating loss carry forward	$	79,107
	Valuation allowance		-79,107
	Net deferred tax asset	$	-

Income_Taxes_Details_1

Income Taxes (Details 1)	12 Months Ended
	Mar. 31, 2014
Provision for income taxes:	'
Income tax provision at the federal statutory rate	34.00%
Effect of operating losses	34.00%
Total sources and tax effects	0.00%

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	Mar. 31, 2014
Deferred tax assets consist of the following	'
Net operating loss carry forward	$79,107
Valuation allowance	-79,107
Net deferred tax asset	$0

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Related Party Transactions As Follows:	'	'
Payable to shareholders	$56,864	'
Professional fees incurred during the development stage resulting in a related party payable	$56,864	$44,924