Acorah Software Products - Accounts Production 14.5.601 false true true 31 May 2022 1 June 2021 false 1 June 2022 31 May 2023 31 May 2023 08548999 Mr Daniel Rajkumar White Label Crowdfunding Limited Mr Andrew Holgate Mr Bruce Davis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08548999 2022-05-31 08548999 2023-05-31 08548999 2022-06-01 2023-05-31 08548999 frs-core:Non-currentFinancialInstruments 2023-05-31 08548999 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-01 2023-05-31 08548999 frs-core:ShareCapital 2023-05-31 08548999 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 08548999 frs-bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 08548999 frs-bus:AbridgedAccounts 2022-06-01 2023-05-31 08548999 frs-bus:SmallEntities 2022-06-01 2023-05-31 08548999 frs-bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 08548999 frs-bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 08548999 frs-bus:Director1 2022-06-01 2023-05-31 08548999 frs-bus:Director2 2022-06-01 2023-05-31 08548999 frs-bus:Director3 2022-06-01 2023-05-31 08548999 frs-bus:Director4 2022-06-01 2023-05-31 08548999 frs-countries:EnglandWales 2022-06-01 2023-05-31 08548999 2021-05-31 08548999 2022-05-31 08548999 2021-06-01 2022-05-31 08548999 frs-core:Non-currentFinancialInstruments 2022-05-31 08548999 frs-core:ShareCapital 2022-05-31 08548999 frs-core:RetainedEarningsAccumulatedLosses 2022-05-31
Registered number: 08548999
Up Investments Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 May 2023
Partner Accountancy Limited
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: 08548999
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 348,496 387,218
348,496 387,218
CURRENT ASSETS
Debtors 6,223 61,029
Cash at bank and in hand 5,037 318
11,260 61,347
Creditors: Amounts Falling Due Within One Year (110,232 ) (61,435 )
NET CURRENT ASSETS (LIABILITIES) (98,972 ) (88 )
TOTAL ASSETS LESS CURRENT LIABILITIES 249,524 387,130
Creditors: Amounts Falling Due After More Than One Year (385,000 ) (385,000 )
NET (LIABILITIES)/ASSETS (135,476 ) 2,130
CAPITAL AND RESERVES
Called up share capital 5 1,038,571 1,038,571
Profit and Loss Account (1,174,047 ) (1,036,441 )
SHAREHOLDERS' FUNDS (135,476) 2,130
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For the year ending 31 May 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 May 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Daniel Rajkumar
Director
15 April 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Up Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08548999 . The registered office is 10-12 East Parade, Leeds, LS1 2BH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The accounts have been prepared on a going concern basis, despite the fact that gross liabilities of the company exceed its assets at the balance sheet date. In arriving at this conclusion the company is reliant upon the continued support of the company's bankers and directors.
While the company remains subject to the same economic uncertainties confronting all businesses, the directors continually take steps to identify, manage and mitigate business risk. The results for the current financial year are showing substantial improvement and as such the basis of preparation is considered to be satisfactory.
The company is currently restricted by a VREQ imposed by the FCA. The companies trading activity will be dependant on the VREQ being withdrawn. The Director's have been working to change the strategic direction of the company as well as strengthening the capital position through investments from ASMX (detailed in the post balance sheet events to these accounts) and building up the senior executive team and board of directors.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Continued Research and Development expenditure on the UP Investments Platform is capitalised as an intangible Asset. The asset is amortised over it's estimated useful life of 10 years.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
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4. Intangible Assets
Total
£
Cost
As at 1 June 2022 387,218
As at 31 May 2023 387,218
Amortisation
As at 1 June 2022 -
Provided during the period 38,722
As at 31 May 2023 38,722
Net Book Value
As at 31 May 2023 348,496
As at 1 June 2022 387,218
5. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,038,571 1,038,571
6. Related Party Transactions
UP Investment Holdings Limited
A company under the control of Mr Daniel Rajkumar.
During the year the company paid an amount in the sum of £NIL (2022: £150) to UP Investment Holdings Limited and recvieved payments of £50,051 (2022: £54). At the year end a total in the sum of £64,886 (2022: £14,835) was owed to UP Investment Holdings Limited.
White Label Crowdfunding Limited
A company under the control of Mr Daniel Rajkumar.
During the year the company received an amount in the sum of £43,536 (2022: £397,297) from White Label Crowdfunding Limited and made payments of £45,000 (2022: £500). At the year end a total in the sum of £404,643 (2022: £406,107) was owed to White Label Crowdfunding Limited.
Interest is charged at a rate of 10% per annum on monies owed to White Label Crowdfunding Limited.
Rebuildingsociety.com Ltd
A company under the control of Mr Daniel Rajkumar.
During the year the company received an amount in the sum of £250 (2022: £732) from Rebuildingsociety.com Ltd and made payments of £444 (2022: £14,048). At the year end a total in the sum of £881 (2022: £687) was owed to the company from Rebuildingsociety.com Ltd.
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