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Uprate Digital Ltd
Registered Number:13367397
For the year ended 31 January 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 January 2024
Uprate Digital Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
13367397
As at 31 January 2024
Uprate Digital Ltd
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Intangible assets
340,296
142,096
2
Property, plant and equipment
18,009
6,681
3
358,305
148,777
Current assets
Trade and other receivables
14,656
7,061
4
56,246
Cash and cash equivalents
20,813
27,874
70,902
Trade and other payables: amounts falling due within one
year
(221,211)
(320,772)
5
(150,309)
(292,898)
Net current liabilities
Total assets less current liabilities
65,407
(1,532)
65,407
Net assets/liabilities
(1,532)
Capital and reserves
Called up share capital
114
101
Share premium account
479,865
-
Retained earnings
(414,572)
(100,633)
Other reserves
-
99,000
65,407
(1,532)
Shareholders' funds
For the year ended 31 January 2024 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 of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr E D Hawkins Director
These financial statements were approved and authorised for issue by the Board on 17 April 2024 and were signed by:
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4
Registered Number :
13367397
For the year ended 31 January 2024
Uprate Digital Ltd
Statement of Financial Position Continued
The notes form part of these financial statements
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5
For the year ended 31 January 2024
Uprate Digital Ltd
Notes to the Financial Statements
Statutory Information
Uprate Digital Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number
13367397.
Registered address:
Green St Green Road
Dartford
Kent
DA2 8DP
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention.
The principal accounting policies adopted are as detailed below.
Revenue recognition
Turnover includes the consideration receivable for finders fees charged to contractors that use the company's platform to hire registered subcontractors for jobs within the construction industry, net of value added tax. This year, turnover also includes the consideration receivable for promotional services supplied to contractors to advertise on the company's platform, net of value added tax.
Intangible assets
Intangible assets include capitalised development expenditure incurred during the course of the year for the development of an online platform, for use within construction industry recruitment. Development expenditure is only capitalised from the point at which all recognition criteria has been met. The online platform is an internally generated intangible asset and only costs that are directly attributed to the development of the platform have been capitalised. Costs include services used to generate the platform and employee costs. The intangible asset will be amortised over its useful economic life of 10 years. Amortisation will commence from the point at which the online platform is available for its intended use, which was deemed to be in September 2023. Expenditure incurred during the research phase has been written off to the profit and loss account as incurred.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
33% Straight line
Computer Equipment
25% Reducing balance
Motor Vehicles
25% Straight line
Office equipment
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Foreign currencies
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 at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
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6
For the year ended 31 January 2024
Uprate Digital Ltd
Notes to the Financial Statements Continued
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
Employee benefits
The company operated a medical insurance policy for the benefit of its employees and the director for part of the
year. The contributions payable are charged to the profit and loss account in the period in which they are payable.
Going concern
As at 31 January 2024, the company had net current liabilities of £292,898 (2023: £150,309). The director has
reviewed the working capital available at 31 January 2024 and together with the continued support of the company's
investors and a company in common control, he is satisfied that the company will continue operating for at least the
next 12 months from the signing of these accounts and pay its debts as they fall due. The director has therefore
concluded that the accounts should be prepared on a going concern basis.
2. Intangible fixed assets
Development
Costs
Cost or valuation
£
At 01 February 2023
142,096
Additions
212,996
At 31 January 2024
355,092
Amortisation
14,796
Charge for year
At 31 January 2024
14,796
Net book value
At 31 January 2024
340,296
3. Property, plant and equipment
Total
Computer
Equipment
Office
equipment
Motor
Vehicles
£
£
£
£
Cost or
valuation
At 01 February 2023
7,745
6,574
1,171
-
17,906
5,818
793
11,295
Additions
At 31 January 2024
11,295
1,964
12,392
25,651
Provision for depreciation and impairment
At 01 February 2023
1,064
1,040
24
-
Charge for year
6,578
3,808
417
2,353
At 31 January 2024
7,642
4,848
441
2,353
At 31 January 2024
Net book value
8,942
1,523
7,544
18,009
At 31 January 2023
-
1,147
5,534
6,681
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7
For the year ended 31 January 2024
Uprate Digital Ltd
Notes to the Financial Statements Continued
4. Trade and other receivables
2023
2024
£
£
Other debtors
7,061
14,656
5. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Trade creditors
17,324
2,304
Taxation and social security
9,325
8,707
Other creditors
294,123
210,200
320,772
221,211
6. Related party transactions
During the year, a company under common control of the director, loaned £91,000 to the company. In addition
UpRate Digital Limited recharged £30 to the related party for expenditure paid on its behalf. The total loan
outstanding at 31 January 2024 stood at £291,591 (2023: £200,609). Interest was charged on the loan up until 12
May 2023 when the decision was made to waive any future interest charge. The interest charged in the period was
£3,656 and this is included in the company's profit and loss account. The loan is repayable on demand and is
included in Other Creditors in note 6.
7. Average number of persons employed
During the year the average number of employees (including directors but excluding the company secretary) was 5 (2023 : 4)
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