Trade Up Limited 12915015 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is 45190 - Sale of other motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true 12915015 2022-03-01 2023-02-28 12915015 2023-02-28 12915015 core:RetainedEarningsAccumulatedLosses 2023-02-28 12915015 core:ShareCapital 2023-02-28 12915015 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12915015 core:OtherResidualIntangibleAssets 2023-02-28 12915015 core:OfficeEquipment 2023-02-28 12915015 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-28 12915015 core:OtherRelatedParties 2023-02-28 12915015 bus:SmallEntities 2022-03-01 2023-02-28 12915015 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 12915015 bus:FullAccounts 2022-03-01 2023-02-28 12915015 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 12915015 bus:RegisteredOffice 2022-03-01 2023-02-28 12915015 bus:Director1 2022-03-01 2023-02-28 12915015 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 12915015 core:OtherMiscellaneousIntangibleExplorationEvaluationAssets 2022-03-01 2023-02-28 12915015 core:OtherResidualIntangibleAssets 2022-03-01 2023-02-28 12915015 core:OfficeEquipment 2022-03-01 2023-02-28 12915015 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-01 2023-02-28 12915015 core:OtherRelatedParties 2022-03-01 2023-02-28 12915015 countries:EnglandWales 2022-03-01 2023-02-28 12915015 2022-02-28 12915015 core:OtherResidualIntangibleAssets 2022-02-28 12915015 core:OfficeEquipment 2022-02-28 12915015 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-02-28 12915015 core:OtherRelatedParties 2022-02-28 12915015 2020-09-30 2022-02-28 12915015 2022-02-28 12915015 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2022-02-28 12915015 core:ShareCapital 2022-02-28 12915015 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 12915015 core:OtherResidualIntangibleAssets 2022-02-28 12915015 core:OfficeEquipment 2022-02-28 12915015 core:OtherRelatedParties 2022-02-28 12915015 core:RestatedAmount 2022-02-28 12915015 core:OtherRelatedParties 2020-09-30 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 12915015

Trade Up Limited

trading as Moose Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Trade Up Limited

trading as Moose Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Trade Up Limited

trading as Moose Limited

(Registration number: 12915015)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

7,398

8,363

Tangible assets

5

12,247

9,506

 

19,645

17,869

Current assets

 

Stocks

6

226,457

77,908

Debtors

7

56,754

28,878

Cash at bank and in hand

 

52,109

35,152

 

335,320

141,938

Creditors: Amounts falling due within one year

8

(1,555,867)

(1,000,178)

Net current liabilities

 

(1,220,547)

(858,240)

Net liabilities

 

(1,200,902)

(840,371)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(1,201,002)

(840,471)

Total equity

 

(1,200,902)

(840,371)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

 

Trade Up Limited

trading as Moose Limited

(Registration number: 12915015)
Balance Sheet as at 28 February 2023

Mr S J McCarthy
Director

   
     
 

Trade Up Limited

trading as Moose Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3
Brassmill Lane Trading Estate
Bath
BA1 3JF
United Kingdom

These financial statements were authorised for issue by the Board on 17 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the accounting date the company balance sheet is in a negative position. The company is reliant on the continued support of the directors who agree to ensure the company meets its commitments as and when they fall. With this in mind the accounts have been completed on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Trade Up Limited

trading as Moose Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Trade Up Limited

trading as Moose Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 10 (2022 - 6).

 

Trade Up Limited

trading as Moose Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

9,653

9,653

At 28 February 2023

9,653

9,653

Amortisation

At 1 March 2022

1,290

1,290

Amortisation charge

965

965

At 28 February 2023

2,255

2,255

Carrying amount

At 28 February 2023

7,398

7,398

At 28 February 2022

8,363

8,363

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

10,250

10,250

Additions

9,236

9,236

At 28 February 2023

19,486

19,486

Depreciation

At 1 March 2022

744

744

Charge for the year

6,495

6,495

At 28 February 2023

7,239

7,239

Carrying amount

At 28 February 2023

12,247

12,247

At 28 February 2022

9,506

9,506

 

Trade Up Limited

trading as Moose Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Other inventories

226,457

77,908

7

Debtors

2023
£

2022
£

Trade debtors

39,848

18,010

Other debtors

-

10,868

Prepayments

16,906

-

56,754

28,878

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

144,661

77,009

Amounts due to related parties

9

1,346,001

756,666

Social security and other taxes

 

33,209

7,029

Other creditors

 

1,995

6,214

Accruals

 

30,001

153,260

 

1,555,867

1,000,178

 

Trade Up Limited

trading as Moose Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Related party transactions

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

-

756,666

756,666

Advanced

-

604,841

604,841

Repaid

-

(15,506)

(15,506)

Transfer

1,346,001

(1,346,001)

-

At end of period

1,346,001

-

1,346,001

2022

Other related parties
£

Total
£

Advanced

756,666

756,666

At end of period

756,666

756,666