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REGISTERED NUMBER: 07278578 (England and Wales)








Report of the Directors and

Audited Financial Statements

for the Year Ended

30 September 2023

for

Upward Care Limited

Upward Care Limited (Registered number: 07278578)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


Upward Care Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: N C Drury
S M Griffiths





REGISTERED OFFICE: Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT





REGISTERED NUMBER: 07278578 (England and Wales)





AUDITORS: Nicklin Audit Limited
Chartered Accountants
Statutory Auditors
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Upward Care Limited (Registered number: 07278578)

Report of the Directors
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

N C Drury
S M Griffiths

EMPLOYMENT POLICY
The company is committed to developing a diverse workforce and equal opportunities for all. Our policy is to provide employment training and development opportunities for disabled people wherever possible. We are committed to supporting employees who become disabled during employment and helping disabled employees make the best use of their skills and potential.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





N C Drury - Director


19 June 2024

Report of the Independent Auditors to the Members of
Upward Care Limited

Opinion
We have audited the financial statements of Upward Care Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Upward Care Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud and error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws and regulations we considered in this context included the Companies Act 2006.

Our audit procedures in relation to fraud included but were not limited to:

- reviewing balance sheet control accounts to ensure properly reconciled;
- addressing the risks of fraud through management override of controls by performing journal entry testing;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- enquiring with management concerning actual and potential litigation claims.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Upward Care Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Howell FCA (Senior Statutory Auditor)
for and on behalf of Nicklin Audit Limited
Chartered Accountants
Statutory Auditors
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

19 June 2024

Upward Care Limited (Registered number: 07278578)

Income Statement
for the Year Ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER 9,290,867 8,930,231

Cost of sales 6,285,029 5,750,881
GROSS PROFIT 3,005,838 3,179,350

Administrative expenses 1,050,981 952,266
1,954,857 2,227,084

Other operating income 32,698 141,788
OPERATING PROFIT 4 1,987,555 2,368,872


Interest payable and similar expenses 18,290 -
PROFIT BEFORE TAXATION 1,969,265 2,368,872

Tax on profit 5 409,741 448,760
PROFIT FOR THE FINANCIAL YEAR 1,559,524 1,920,112

Upward Care Limited (Registered number: 07278578)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 29,955 32,019

CURRENT ASSETS
Debtors 8 1,700,562 1,671,851
Cash at bank and in hand 282,086 438,061
1,982,648 2,109,912
CREDITORS
Amounts falling due within one year 9 940,347 1,100,599
NET CURRENT ASSETS 1,042,301 1,009,313
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,072,256

1,041,332

PROVISIONS FOR LIABILITIES 7,500 6,100
NET ASSETS 1,064,756 1,035,232

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 1,064,655 1,035,131
SHAREHOLDERS' FUNDS 1,064,756 1,035,232

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

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2024 and were signed on its behalf by:





N C Drury - Director


Upward Care Limited (Registered number: 07278578)

Statement of Changes in Equity
for the Year Ended 30 September 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 101 1,015,019 1,015,120

Changes in equity
Dividends - (1,900,000 ) (1,900,000 )
Total comprehensive income - 1,920,112 1,920,112
Balance at 30 September 2022 101 1,035,131 1,035,232

Changes in equity
Dividends - (1,530,000 ) (1,530,000 )
Total comprehensive income - 1,559,524 1,559,524
Balance at 30 September 2023 101 1,064,655 1,064,756

Upward Care Limited (Registered number: 07278578)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Upward Care Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.
Turnover from the provision of care is recognised according to the date the service is carried out.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Grants have been received as compensation for costs already incurred or for immediate financial support, with no future related performance measures. The grants have been recognised as income in the period in which they were received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 314 (2022 - 317 ) .

Upward Care Limited (Registered number: 07278578)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 6,218 6,488

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 410,000 450,000
Taxation earlier years (1,659 ) (1,590 )
Total current tax 408,341 448,410

Deferred tax 1,400 350
Tax on profit 409,741 448,760

6. DIVIDENDS
2023 2022
£    £   
A Ordinary Shares shares of 1p each
Interim 1,530,000 1,900,000

7. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 October 2022 37,308 44,331 81,639
Additions - 4,154 4,154
At 30 September 2023 37,308 48,485 85,793
DEPRECIATION
At 1 October 2022 18,480 31,140 49,620
Charge for year 1,882 4,336 6,218
At 30 September 2023 20,362 35,476 55,838
NET BOOK VALUE
At 30 September 2023 16,946 13,009 29,955
At 30 September 2022 18,828 13,191 32,019

Upward Care Limited (Registered number: 07278578)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,133,856 1,049,777
Amounts owed by group undertakings 527,018 579,745
Amounts owed by participating interests 23,134 22,705
Other debtors 16,554 19,624
1,700,562 1,671,851

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 29,786 15,569
Amounts owed to group undertakings - 16,382
Amounts owed to participating interests 544 329
Taxation and social security 551,668 566,524
Other creditors 358,349 501,795
940,347 1,100,599

10. OTHER FINANCIAL COMMITMENTS

At 30 September 2023 the company has operating lease commitments of £184,898 (2022 - £215,551).

Upward Care Limited (Registered number: 07278578)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

11. RELATED PARTY DISCLOSURES

Midland Properties (West Midlands) Limited
A company in which N Drury is a director

During the year the company has paid rent of £31,615 (2022: £31,615) is respect of its business premises to Midland Properties (West Midlands) Limited.

Upward (Property Estates) Limited
A company under common control

During the year rent and other costs of £54,726 (2022: £85,907) was paid to Upward (Property Estates) Limited.

The amount due from the related party at the balance sheet date was £32,273 (2022: £16,382 due to).

Upward Developments (West Midlands) Limited
A company under common control

During the year Upward Developments (West Midlands) has recharged expenses of £1,932 (2022: £2,721).

The amount due to the related party at the balance sheet date was £544 (2022: £329).

Sivic Investments Limited
A company in which S M Griffiths is a director

During the year consultancy fees of £30,000 (2022: £30,000) were paid to Sivic Investments Limited.

The amount due from the related party at the balance sheet date was £780 (2022: £780).

Upward Enterprises Limited
Parent company

During the year the company paid dividends of £1,530,000 (2022: £1,900,000) on its A ordinary shares to Upward Enterprises Limited.

The amount due from the related party at the balance sheet date was £494,745 (2022: £579,745).

Upward Housing CIC
A company under common control

During the year expenses were recharged of £91,670 (2022: £76,905) and purchases were made of £22,159 (2022: £24,391) to Upward Housing CIC.

The amount due from the related party at the balance sheet date was £22,354 (2022:£21,925).

12. ULTIMATE PARENT COMPANY

The ultimate parent company of Upward Care Limited is Upward Enterprises Limited, a company with a principal place of business at Bloxwich Hall, Elmore Court, Elmore Green Road, Walsall, West Midlands WS3 2QW.