Company registration number 11135275 (England and Wales)
UPS NOTTINGHAM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
UPS NOTTINGHAM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
UPS NOTTINGHAM LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
826,000
826,000
Current assets
Debtors
4
107,728
119,769
Creditors: amounts falling due within one year
5
(24,725)
(35,026)
Net current assets
83,003
84,743
Total assets less current liabilities
909,003
910,743
Creditors: amounts falling due after more than one year
6
(482,778)
(499,003)
Provisions for liabilities
(69,105)
(69,105)
Net assets
357,120
342,635
Capital and reserves
Called up share capital
1
1
Other reserves
301,882
301,882
Profit and loss reserves
55,237
40,752
Total equity
357,120
342,635

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

UPS NOTTINGHAM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 February 2024
S A Lipinski
Director
Company registration number 11135275 (England and Wales)
UPS NOTTINGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

UPS Nottingham Limited is a private company limited by shares incorporated in England and Wales. The registered office is 120 North Sherwood Street, Nottingham, NG1 4EF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income recognised on a receivable basis over the rental period.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

UPS NOTTINGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Equity instruments

Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
UPS NOTTINGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Investment property
2023
£
Fair value
At 1 February 2022 and 31 January 2023
826,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 16 January 2019 by GVA Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider the valuation of the investment property to remain reasonable.

 

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
68,226
-
0
Other debtors
39,502
119,769
107,728
119,769
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
17,777
19,328
Corporation tax
4,025
9,495
Other creditors
2,923
6,203
24,725
35,026

Bank loan falling due within one year totalling £17,777 (2022: £19,328) are secured by fixed charges on the assets concerned.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
482,778
499,003
UPS NOTTINGHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -

Bank loan falling due after one year totalling £482,778 (2022: £499,003) are secured by fixed charges on the assets concerned.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
411,672
421,692
7
Related party transactions

At 31 January 2023 UPS Nottingham Limited was due £39,501 (2022: £119,768) from Megaclose Limited which is included in other debtors.

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