Registered number
02080571
Upperguild Limited
Filleted Accounts
28 February 2023
Upperguild Limited
Registered number: 02080571
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 970,082 877,373
Current assets
Debtors 4 1,804,859 1,937,751
Investments held as current assets 5 24,300 24,531
Cash at bank and in hand 2,616 930
1,831,775 1,963,212
Creditors: amounts falling due within one year 6 (72,414) (58,025)
Net current assets 1,759,361 1,905,187
Total assets less current liabilities 2,729,443 2,782,560
Creditors: amounts falling due after more than one year 7 (217,420) (235,678)
Provisions for liabilities - (2,162)
Net assets 2,512,023 2,544,720
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,511,923 2,544,620
Shareholders' funds 2,512,023 2,544,720
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J I Sternlight
Director
Approved by the board on 3 April 2024
Upperguild Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Investment properties are leased to tenants under operating leases. The rental income receivable under these leases is recognised through profit or loss on a straight-line basis over the term of the lease. Since the risks and rewards of ownership have not been transferred to the lessee, the assets held under these leases continue to be recognised in the company's financial statements.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investment property is carried at fair value determined and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised through profit or loss.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed / directors of the company 4 4
3 Tangible fixed assets
Investment property Plant and machinery etc Total
£ £ £
Cost
At 1 March 2022 877,158 7,632 884,790
Additions 92,752 - 92,752
At 28 February 2023 969,910 7,632 977,542
Depreciation
At 1 March 2022 - 7,417 7,417
Charge for the year - 43 43
At 28 February 2023 - 7,460 7,460
Net book value
At 28 February 2023 969,910 172 970,082
At 28 February 2022 877,158 215 877,373
Investment property: 2023 2022
£ £
Historical cost 854,247 761,495
Cumulative depreciation based on historical cost - -
854,247 761,495
4 Debtors 2023 2022
£ £
Other debtors 1,804,859 1,937,751
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 24,300 24,531
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 18,258 18,258
Taxation and social security costs 97 160
Accruals and deferred income 37,004 34,403
Other creditors 17,055 5,204
72,414 58,025
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 217,420 235,678
8 Related party transactions
Debtors/(creditors) includes amounts owed by/(to) related undertakings as follows:
2023 2022
£ £
Dafaday Management Company Limited (3,100) 183,545
Alpha Developments Direct Limited 57,844 77,593
Castlewell Homes Limited 17,095 17,795
Dafaday Property Services Limited 551,446 597,574
SITS (Blackheath) Ltd 128,628 128,628
Spearglade Limited 962,917 879,147
The Rabbi Moshe & Leah Dermer Foundation 86,929 84,029
1,801,759 1,968,311
9 Reserves
The Profit and Loss Account includes non-distributable reserves of £115,663 (2022 £115,663)
9 Other information
Upperguild Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
HA7 1JS
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