2022-11-012023-10-312023-10-31false08254043UPDRAFT 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UPDRAFT LIMITED

Registered Number
08254043
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

UPDRAFT LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

SMALE, Nicolas William

Registered Address

Pepperbox
Herriard
Basingstoke
RG25 2PQ

Registered Number

08254043 (England and Wales)
UPDRAFT LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets31,3611,361
1,3611,361
Current assets
Debtors438,648422,118
Cash at bank and on hand7,6532,726
446,301424,844
Creditors amounts falling due within one year4(697,921)(625,196)
Net current assets (liabilities)(251,620)(200,352)
Total assets less current liabilities(250,259)(198,991)
Creditors amounts falling due after one year5(34,028)(44,676)
Net assets(284,287)(243,667)
Capital and reserves
Profit and loss account(284,287)(243,667)
Shareholders' funds(284,287)(243,667)
The financial statements were approved and authorised for issue by the Director on 31 July 2024, and are signed on its behalf by:
SMALE, Nicolas William
Director
Registered Company No. 08254043
UPDRAFT LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery5
Office Equipment5
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 November 2220713,49313,700
At 31 October 2320713,49313,700
Depreciation and impairment
At 01 November 2220712,13212,339
At 31 October 2320712,13212,339
Net book value
At 31 October 23-1,3611,361
At 31 October 22-1,3611,361
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables178,470123,652
Bank borrowings and overdrafts9880
Taxation and social security27,6009,736
Redeemable preference shares, liability100100
Other creditors454,427453,513
Accrued liabilities and deferred income37,31537,315
Total697,921625,196
5.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts34,02844,676
Total34,02844,676
6.Related party transactions
1 Mr Nicolas W Smale the Director and owner of the Company has advanced monies to the Company which the Company has not yet repaid. Balance 31 October 2023: £49,464; 31 October 2022: £49,464. 2 Herriard Recoveries Ltd of which Mr Nicolas W Smale is Director and majority owner, has advanced monies to the Company which the Company has not yet repaid. During the period to October 2023,further advances of £914 were made. Balance 31 October 2023: £394,328; Balance 31 October 2022: £393,413. 3 The Company has advanced monies to Phoenicks Ltd of which Mr Nicolas Smale is Director and majority owner which Phoenicks Ltd has not yet repaid. During the period to October 2023, Phoenicks repaid £3470. Balance at 31 October 2023: £363,189.72; Balance at 31 October 2022: £366,659.76