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REGISTERED NUMBER: 03300178 (England and Wales)









Financial Statements

for the Year Ended

30 September 2021

for

Upgrade Investments Limited

Upgrade Investments Limited (Registered number: 03300178)






Contents of the Financial Statements
for the Year Ended 30 September 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Upgrade Investments Limited

Company Information
for the Year Ended 30 September 2021







DIRECTORS: Mrs A Mehra
V Mehra





SECRETARY: Mrs A Mehra





REGISTERED OFFICE: C/o Parker Cavendish
28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 03300178 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Upgrade Investments Limited (Registered number: 03300178)

Statement of Financial Position
30 September 2021

2021 2020
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 - -
Investment property 5 5,982,468 5,800,000
5,982,468 5,800,000

CURRENT ASSETS
Debtors 6 549,181 753,865
Cash at bank 150,748 227,860
699,929 981,725
CREDITORS
Amounts falling due within one year 7 (97,043 ) (128,223 )
NET CURRENT ASSETS 602,886 853,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,585,354

6,653,502

CREDITORS
Amounts falling due after more than one
year

8

(2,744,500

)

(2,312,500

)

PROVISIONS FOR LIABILITIES (397,274 ) (511,274 )
NET ASSETS 3,443,580 3,829,728

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 10 3,442,580 3,828,728
SHAREHOLDERS' FUNDS 3,443,580 3,829,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Upgrade Investments Limited (Registered number: 03300178)

Statement of Financial Position - continued
30 September 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2022 and were signed on its behalf by:





V Mehra - Director


Upgrade Investments Limited (Registered number: 03300178)

Notes to the Financial Statements
for the Year Ended 30 September 2021

1. STATUTORY INFORMATION

Upgrade Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis.

In 2019, rent collected but banked after the year end had not been included in the accounts. This was rectified and an amount of £25,353 net of tax shown as a prior year adjustment in 2020.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 15% on cost

Investment property
Initial measurement
Investment properties are initially measured at cost.

Subsequent measurement
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

Upgrade Investments Limited (Registered number: 03300178)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021

4. PROPERTY, PLANT AND EQUIPMENT
Plant &
machinery
£   
COST
At 1 October 2020
and 30 September 2021 39,141
DEPRECIATION
At 1 October 2020
and 30 September 2021 39,141
NET BOOK VALUE
At 30 September 2021 -
At 30 September 2020 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2020 5,800,000
Additions 782,468
Revaluations (600,000 )
At 30 September 2021 5,982,468
NET BOOK VALUE
At 30 September 2021 5,982,468
At 30 September 2020 5,800,000

Fair value at 30 September 2021 is represented by:
£   
Valuation in 2005 140,019
Valuation in 2007 647,469
Valuation in 2008 600,000
Valuation in 2011 (4,598 )
Valuation in 2012 950,000
Valuation in 2014 (20,897 )
Valuation in 2016 350,000
Valuation in 2020 801,022
Valuation in 2021 (600,000 )
Cost 3,119,453
5,982,468

If the investment properties had not been revalued they would have been included at the following historical cost:

2021 2020
£    £   
Cost 3,119,453 2,336,985

The investment properties were valued on an open market basis on 30 September 2021 by the directors .

Upgrade Investments Limited (Registered number: 03300178)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 14,653 6,603
Other debtors 530,268 741,671
Prepayments & accrued income 4,260 5,591
549,181 753,865

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 646 1,690
Tax 25,436 63,501
Other creditors 26,024 45,223
Accruals & deferred income 44,937 17,809
97,043 128,223

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans over 5 years 2,744,500 2,312,500

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans over 5 years 2,744,500 2,312,500

The loan of £2,312,500 commenced on 1 June 2017 and under the terms, the lender has the option to call in the loan on the fifth anniversary from commencement.

A further loan commenced during the year.

9. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 2,744,500 2,312,500

The bank loan is secured on the investment properties.

10. RESERVES

The retained earnings of £3,442,580 (2020: £3,828,728) comprise of distributable reserves of £976,838 (2020: £876,986) and non-distributable reserves of £2,465,742 (2020: £2,951,742) which relate to property revaluations less related deferred tax provision.

11. CAPITAL COMMITMENTS
2021 2020
£    £   
Contracted but not provided for in the
financial statements - 463,168