Ultra there are 3 types,
New outright
Zero timed which is overhauled to new limits
Overhauled which overhauled to overhaul limits
There are other companies that do zero timed engines but cannot sell them as that so they sell them as to zero timed limits under some other name..
My occasion with the CAA was on an audit with an engine that had been factory overhauled twice, so the Lycoming cert in the front of the logbook said it had 4k hours on it, but the logbook entry started with zero, he couldn't get his head around it coming out of the factory with more hours than the overhaul hours limit, but with zero hours in the logbook, until I explained it to him