Ultimate Products (ULPC) 10-K 21 Jul 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	Sep. 30, 2016	Mar. 31, 2017	Jul. 19, 2017
Details
Registrant Name		Ultimate Products CORP
Registrant CIK		1,438,095
SEC Form		10-K
Period End date		Mar. 31, 2017
Fiscal Year End		--03-31
Trading Symbol		ulpc
Number of common stock shares outstanding			5,245,535
Public Float	$ 0
Filer Category		Smaller Reporting Company
Current with reporting		Yes
Voluntary filer		No
Well-known Seasoned Issuer		No
Amendment Flag		false
Document Fiscal Year Focus		2,017
Document Fiscal Period Focus		FY
Entity Incorporation, State Country Name		Nevada
Entity Address, Address Line One		118 Del Oro Lagoon
Entity Address, City or Town		Novato
Entity Address, State or Province		CA
Entity Address, Postal Zip Code		94,949
City Area Code		(571)
Local Phone Number		533-1201
Entity Listing, Par Value Per Share	$ 0.001

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2017	Mar. 31, 2016
ASSETS
Total current assets	$ 0	$ 0
Trademarks	723	723
Total assets	723	723
Current liabilities
Accounts payable and accrued liabilities	4,900	5,640
Related party payable	74,914	66,764
Total current liabilities	79,814	72,404
Stockholders' deficit
Preferred stock,	0	0
Common stock,	5,245	5,245
Additional paid-in capital	17,323	17,323
Deficit accumulated during the development stage	(101,659)	(94,249)
Total stockholders' deficit	(79,091)	(71,681)
Total liabilities and stockholders' deficit	$ 723	$ 723

Balance Sheets - Parenthetical

Balance Sheets - Parenthetical - $ / shares	Mar. 31, 2017	Mar. 31, 2016
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 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

Statement of Operations

Statement of Operations	12 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Details
Revenue	$ 0
Expenses
Professional fees	9,130
Total expenses	9,130
Net loss	$ (9,130)
Basic and diluted net loss per common share | $ / shares	$ 0
Basic and diluted weighted-average common shares outstanding | shares	5,245,535

Statement of changes in Stockho

Statement of changes in Stockholders' Deficit - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2015	$ (62,551)		$ 5,245	$ 17,323	$ (85,119)
Shares, Outstanding, Beginning Balance at Mar. 31, 2015		0	5,245,535
Net loss	(9,130)	$ 0	$ 0	0	(9,130)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2016	(71,681)		$ 5,245	17,323	(94,249)
Shares, Outstanding, Ending Balance at Mar. 31, 2016		0	5,245,535
Net loss	(7,410)	$ 0	$ 0	0	(7,410)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2017	$ (79,091)		$ 5,245	$ 17,323	$ (101,659)
Shares, Outstanding, Ending Balance at Mar. 31, 2017		0	5,245,535

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net loss	$ (7,410)	$ (9,130)
Changes in operating liabilities:
Accounts payable and accrued liabilities	(740)	3,840
Net cash used in operating activities	(8,150)	(5,290)
Cash flows from investing activities	0	0
Cash flows from financing activities
Proceeds from related party payables	8,150	5,290
Net cash provided by financing activities	8,150	5,290
Net decrease in cash	0	0
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, 2017
Notes
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, 2017
Notes
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, 2017 or 2016. 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 these factors raise substantial doubt about the Company’s ability 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, Income taxes The Company accounts for income taxes under the provisions of FASB ASC Topic 740, Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The effect on deferred income tax assets and liabilities of a change in income tax rates is included in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. 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, 2017
Notes
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, 2017 and 2016 and since inception, the Company had no dilutive potential common shares.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2017
Notes
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 $ 101,659 Valuation allowance (101,659) Net deferred tax asset $ - The Company did not pay any income taxes during the years ended March 31, 2017 or 2016. 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. The years ended March 31, 2009 through March 31, 2017 are open to IRS examination.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2017
Notes
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, 2017, the Company has received advances from shareholders in the amount of $74,914. 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 operating costs incurred resulting in a related party payable of $74,914 and $66,764 as of March 31, 2017 and 2016, 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, 2017
Notes
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.

Significant Accounting Polici13

Significant Accounting Policies: Estimates (Policies)	12 Months Ended
	Mar. 31, 2017
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.

Significant Accounting Polici14

Significant Accounting Policies: Cash (Policies)	12 Months Ended
	Mar. 31, 2017
Policies
Cash	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, 2017 or 2016.

Significant Accounting Polici15

Significant Accounting Policies: Going Concern (Policies)	12 Months Ended
	Mar. 31, 2017
Policies
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 these factors raise substantial doubt about the Company’s ability 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.

Significant Accounting Polici16

Significant Accounting Policies: Share-based Expenses (Policies)	12 Months Ended
	Mar. 31, 2017
Policies
Share-based Expenses	Share Based Expenses The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation,

Significant Accounting Polici17

Significant Accounting Policies: Income Taxes (Policies)	12 Months Ended
	Mar. 31, 2017
Policies
Income Taxes	Income taxes The Company accounts for income taxes under the provisions of FASB ASC Topic 740, Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The effect on deferred income tax assets and liabilities of a change in income tax rates is included in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized.

Significant Accounting Polici18

Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	12 Months Ended
	Mar. 31, 2017
Policies
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.

Income Taxes_ Schedule of Effec

Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Mar. 31, 2017
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	Income tax provision at the federal statutory rate 34% Effect of operating losses (34%) 0%

Income Taxes_ Schedule of Defer

Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)	12 Months Ended
	Mar. 31, 2017
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	From Inception Net operating loss carry forward $ 101,659 Valuation allowance (101,659) Net deferred tax asset $ -

Nature of Business (Details)

Nature of Business (Details)	12 Months Ended
	Mar. 31, 2017
Details
Entity Incorporation, Date of Incorporation	Feb. 15, 2008
Entity Incorporation, State Country Name	Nevada

Significant Accounting Polici22

Significant Accounting Policies: Cash (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Details
Cash and Cash Equivalents, at Carrying Value	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details)	12 Months Ended
	Mar. 31, 2017shares
Details
Weighted Average Number of Shares Outstanding, Diluted	0

Income Taxes_ Schedule of Eff24

Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Mar. 31, 2017
Details
Income tax provision at the federal statutory rate	34.00%
Effect of operating losses	(34.00%)
Effective Income Tax Rate Reconciliation, Percent	0.00%

Income Taxes_ Schedule of Def25

Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details)	Mar. 31, 2017USD ($)
Details
Net operating loss carry forward	$ 101,659
Valuation allowance	(101,659)
Net deferred tax asset	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Details
Related party payable	$ 74,914	$ 66,764