Company Registration No. 12543837 (England and Wales)
UPSIDEVALUE RENEWABLES GROUP LTD
Unaudited accounts
for the year ended 31 December 2022
UPSIDEVALUE RENEWABLES GROUP LTD
Unaudited accounts
Contents
UPSIDEVALUE RENEWABLES GROUP LTD
Company Information
for the year ended 31 December 2022
Director
Enrique Luis Sira Martinez
Company Number
12543837 (England and Wales)
Registered Office
MAZARS
30 OLD BAILEY
LONDON
EC4M 7AU
UNITED KINGDOM
Accountants
Pearl Accountants Limited
Profile West, 950 Great West Road
Suite 2, Floor 1
Brentford
Middlesex
TW8 9ES
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of UPSIDEVALUE RENEWABLES GROUP LTD for the year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
UPSIDEVALUE RENEWABLES GROUP LTD for the year ended
31 December 2022 as set out on pages
5 -
10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 7/16 as detailed at icaew.com/compilation.
Pearl Accountants Limited
Chartered Accountants
Profile West, 950 Great West Road
Suite 2, Floor 1
Brentford
Middlesex
TW8 9ES
12 October 2023
UPSIDEVALUE RENEWABLES GROUP LTD
Statement of financial position
as at 31 December 2022
Investment property
173,155
173,155
Cash at bank and in hand
1,419,281
7,208
Creditors: amounts falling due within one year
(265,786)
(239,311)
Net current assets/(liabilities)
1,433,967
(144,285)
Net assets
1,607,122
28,870
Called up share capital
10,000
10,000
Profit and loss account
1,597,122
18,870
Shareholders' funds
1,607,122
28,870
For the year ending 31 December 2022 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 October 2023 and were signed on its behalf by
Enrique Luis Sira Martinez
Director
Company Registration No. 12543837
UPSIDEVALUE RENEWABLES GROUP LTD
Notes to the Accounts
for the year ended 31 December 2022
UPSIDEVALUE RENEWABLES GROUP LTD is a private company, limited by shares, registered in England and Wales, registration number 12543837. The registered office is MAZARS, 30 OLD BAILEY, LONDON, EC4M 7AU, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.
The following principal accounting policies have been applied:
The accounts are presented in £ sterling.
The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the company’s ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these financial statements.
Exemption from preparing consolidated financial statements
The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006, and the parent and group are considered eligible for the exemption to prepare consolidated accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
UPSIDEVALUE RENEWABLES GROUP LTD
Notes to the Accounts
for the year ended 31 December 2022
Foreign currency translation
Functional and presentation currency
The company’s functional and presentation currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of lhe transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss
All other foreign exchange gains and losses are presented in profit or loss within ’administrative expenses’.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
. the amount of turnover can be measured reliably;
. it is probable that the company will receive the consideration due under the contract;
. the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and
. the costs to complete the contract can be measured reliably.
Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
. The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
. Any deferred tax balances are reversed if and when all conditions |or retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
UPSIDEVALUE RENEWABLES GROUP LTD
Notes to the Accounts
for the year ended 31 December 2022
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequeiJlly at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevanI risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
UPSIDEVALUE RENEWABLES GROUP LTD
Notes to the Accounts
for the year ended 31 December 2022
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discontinued at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The following were subsidiary undertakings of the company:
Upsidevalue Investimentos Ltda. Brazil Ordinary 65%
Westbound Commodities Ltd United Kingdom Ordinary 100%
UpsideUvalue Colombia SAS psidevalue USA * Colombia Ordinary 90%
Fair value at 1 January 2022
173,155
At 31 December 2022
173,155
UPSIDEVALUE RENEWABLES GROUP LTD
Notes to the Accounts
for the year ended 31 December 2022
Amounts falling due within one year
Amounts due from group undertakings etc.
255,759
63,105
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2022
2021
Amounts owed to group undertakings and other participating interests
-
22,826
Taxes and social security
9,162
-
Loans from directors
237,462
197,323
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000
10,000
8
Transactions with related parties
At the period's end, the company due an amount of £255,759 from the subsidiary undertakings'.This amount is included within the amount due from group undertaking.
At the period's end, the company owed an amount of £237,462 to the director of the company. This amount is interest-free and repayable on demand.
The immediate and ultimate controlling party is considered to be Enrique Luis Sira Martinez, due to his majority shareholding in the company.
10
Average number of employees
During the year the average number of employees was 1 (2021: 1).