Ultimate Products (ULPC) 10-K 13 Jul 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2015	Jul. 11, 2015	Sep. 30, 2014
Document and Entity Information:
Entity Registrant Name	Ultimate Products CORP
Entity Trading Symbol	ULPC
Document Type	10-K
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Entity Central Index Key	1,438,095
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	2,015
Document Fiscal Period Focus	FY
Entity Public Float			$ 0

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Current assets
Cash	$ 0	$ 2
Prepaid expenses	0	400
Total current assets	0	402
Trademarks	723	723
Total assets	723	1,125
Current liabilities
Accounts payable and accrued liabilities	1,800	800
Related party payable	61,474	56,864
Total current liabilities	63,274	57,664
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	(85,119)	(79,107)
Total stockholders' deficit	(62,551)	(56,539)
Total liabilities and stockholders' deficit	$ 723	$ 1,125

Balance Sheets Parathenticals

Balance Sheets Parathenticals - $ / shares	Mar. 31, 2015	Mar. 31, 2014
Parentheticals
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	5,000,000	5,000,000
Common Stock, par value	$ 0.001	$ 0.001
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
	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Revenue	$ 0	$ 0
Expenses
Professional fees	6,010	8,055
Research and development	0	0
Other general & administrative	2	144
Total expenses	6,012	8,199
Net loss	$ (6,012)	$ (8,199)
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 Stockho

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
Balance at Mar. 31, 2013	0	0	5,245,535	5,245	17,323	(70,908)	(48,340)
Balance at Mar. 31, 2014	0	0	5,245,535	5,245	17,323	(79,107)	(56,539)
Net loss, year ended March 31, 2014		$ 0		$ 0	$ 0	$ (8,199)	$ (8,199)
Balance at Mar. 31, 2015	0	0	5,245,535	5,245	17,323	(85,119)	(62,551)
Net loss, year ended March 31, 2015		$ 0		$ 0	$ 0	$ (6,012)	$ (6,012)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net loss	$ (6,012)	$ (8,199)
Adjustments to reconcile net loss to net cash used in operating activities:
Common stock issued for services	0	0
Changes in operating liabilities:
Prepaid expenses	400	(400)
Accounts payable and accrued liabilities	1,000	(3,375)
Net cash used in operating activities	(4,612)	(11,974)
Cash flows from investing activities
Purchase of trademarks	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities
Repayment of bank overdraft	0	0
Proceeds from related party payable	4,610	11,940
Proceeds from sale of stock	0	0
Capital contributed by shareholders	0	0
Net cash provided by financing activities	4,610	11,940
Net increase (decrease) in cash	(2)	(34)
Cash at beginning of period	2	36
Cash at end of period	0	2
Supplemental Cash Flow Information:
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

Nature of Business

Nature of Business	12 Months Ended
	Mar. 31, 2015
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.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Mar. 31, 2015
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, 2015 or 2014. 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, 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, 2015
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 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, 2015 and 2014 and since inception, the Company had no dilutive potential common shares.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2015
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 $ 85,119 Valuation allowance (85,119) Net deferred tax asset $ - The Company did not pay any income taxes during the years ended March 31, 2015 or 2014. 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, 2015
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, 2015, the Company has received advances from shareholders in the amount of $61,474. 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 $61,474 and $56,864 as of March 31, 2015 and 2014, 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, 2015
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, 2015
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, 2015 or 2014.
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 Compensation	Share Based Expenses The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation,
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.

Schedule Of Income Tax Expense

Schedule Of Income Tax Expense Benefit (Tables)	12 Months Ended
	Mar. 31, 2015
Schedule Of Income Tax
Schedule of Effective Income Tax Rate	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%
Schedule of Deferred Tax Assets	Net deferred tax assets consist of the following: From Inception Net operating loss carry forward $ 85,119 Valuation allowance (85,119) Net deferred tax asset $ -

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Mar. 31, 2015
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)	Mar. 31, 2015USD ($)
Deferred tax assets consist of the following
Net operating loss carry forward	$ 85,119
Valuation allowance	(85,119)
Net deferred tax asset	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Related Party Transactions As Follows:
Payable to shareholders	$ 61,474
Professional fees incurred during the development stage resulting in a related party payable	$ 61,474	$ 56,864