2022-02-01 13367397 2023-01-31 13367397 2022-02-01 2023-01-31 13367397 2022-01-31 13367397 2021-04-29 2022-01-31 13367397 uk-core:WithinOneYear 2022-01-31 13367397 uk-core:WithinOneYear 2023-01-31 13367397 uk-core:ShareCapital 2023-01-31 13367397 uk-core:ShareCapital 2022-01-31 13367397 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 13367397 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 13367397 uk-core:OtherMiscellaneousReserve 2023-01-31 13367397 uk-bus:Director1 2022-02-01 2023-01-31 13367397 uk-core:ComputerEquipment 2022-02-01 2023-01-31 13367397 uk-core:OfficeEquipment 2022-02-01 2023-01-31 13367397 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-01 2023-01-31 13367397 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 13367397 uk-core:OfficeEquipment 2023-01-31 13367397 uk-core:ComputerEquipment 2023-01-31 iso4217:GBP xbrli:pure 13367397 uk-bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 13367397 uk-bus:FRS102 2022-02-01 2023-01-31 13367397 uk-bus:FullAccounts 2022-02-01 2023-01-31 13367397 uk-bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
Uprate Digital Ltd
Registered Number:13367397
For the year ended 31 January 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 January 2023
Uprate Digital Ltd
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
13367397
As at 31 January 2023
Uprate Digital Ltd
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Intangible assets
142,096
-
2
Property, plant and equipment
6,681
-
3
148,777
-
Current assets
Trade and other receivables
100
14,656
4
-
Cash and cash equivalents
56,246
70,902
100
Trade and other payables: amounts falling due within one
year
-
(221,211)
5
100
(150,309)
Net current liabilities
Total assets less current liabilities
(1,532)
100
(1,532)
Net assets/liabilities
100
Capital and reserves
Called up share capital
101
100
Retained earnings
(100,633)
-
Other reserves
99,000
-
(1,532)
100
Shareholders' funds
For the year ended 31 January 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr E D Hawkins Director
These financial statements were approved and authorised for issue by the Board on 05 October 2023 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 January 2023
Uprate Digital Ltd
Notes to the Financial Statements
Statutory Information
Uprate Digital Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number
13367397.
Registered address:
Green St Green Road
Dartford
Kent
DA2 8DP
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention.
The principal accounting policies adopted are as detailed below.
Revenue recognition
There has been no turnover recognised in these accounts as the online platform and app was still in the development phase. Once the platform has been launched, the company will generate income from a usage fee charged to users to access profile data.
Intangible assets
Intangible assets include capitalised development expenditure incurred during the course of the year for the development of an online platform, for use within construction industry recruitment. Development expenditure is only capitalised from the point at which all recognition criteria has been met. The online platform is an internally generated intangible asset and only costs that are directly attributed to the development of the platform have been capitalised. Costs include services used to generate the platform and employee costs. The intangible asset will be amortised over its useful economic life of 10 years. Amortisation will commence from the point at which the online platform is available for its intended use. As at 31 January 2023 no amortisation has been charged as the online platform was still in development. Expenditure incurred during the research phase has been written off to the profit and loss account as incurred.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
33% Straight line
Computer Equipment
25% Straight line
Office equipment
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
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5
For the year ended 31 January 2023
Uprate Digital Ltd
Notes to the Financial Statements Continued
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
Employee benefits
The company operates a medical insurance policy for the benefit of its employees and the director. The contributions
payable are charged to the profit and loss account in the period in which they are payable.
Going concern
As at 31 January 2023, the company had net current liabilities of £150,309 and net liabilities of £1,532 (2022 : net
assets of £100). The director has reviewed the working capital available at 31 January 2023 and together with the
continued support of the company's investors and a company in common control, he is satisfied that the company
will continue operating for at least the next 12 months from the signing of these accounts and pay its debts as they
fall due. The director has therefore concluded that the accounts should be prepared on a going concern basis.
2. Intangible fixed assets
Development
Costs
Cost or valuation
£
Additions
142,096
At 31 January 2023
142,096
No amortisation has been provided in the year as the online platform was not available for its intended use at the
year end.
3. Property, plant and equipment
Total
Computer
Equipment
Office
equipment
£
£
£
Cost or
valuation
7,745
6,574
1,171
Additions
At 31 January 2023
1,171
6,574
7,745
Provision for depreciation and impairment
Charge for year
1,064
1,040
24
At 31 January 2023
1,064
1,040
24
At 31 January 2023
Net book value
1,147
5,534
6,681
4. Trade and other receivables
2022
2023
£
£
Other debtors
14,656
100
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6
For the year ended 31 January 2023
Uprate Digital Ltd
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Trade creditors
2,304
-
Taxation and social security
8,707
-
Other creditors
210,200
-
221,211
-
6. Reserves
Other Reserves includes funds received in the year of £99,000 as part of an Advanced Subscription Agreement
(ASA) for a future issue of ordinary shares in the company. The ASA stipulates that no amount of the Advance
Subscription is repayable by the company and as such the funds have been recognised as an increase in equity to
the extent of the consideration received, in the period that the consideration was received.
7. Average number of persons employed
During the year the average number of employees was 4 (2022 : 1)
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