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Registered number: 10214608
Upp B2B Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
MAP ACCOUNTANTS LTD
16 Blackfriars Street
Manchester
M3 5BQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10214608
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,148 12,500
14,148 12,500
CURRENT ASSETS
Debtors 5 173,752 278,240
Cash at bank and in hand 270,825 293,908
444,577 572,148
Creditors: Amounts Falling Due Within One Year 6 (209,694 ) (334,390 )
NET CURRENT ASSETS (LIABILITIES) 234,883 237,758
TOTAL ASSETS LESS CURRENT LIABILITIES 249,031 250,258
Creditors: Amounts Falling Due After More Than One Year 7 (59,300 ) (96,893 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (2,812 ) (2,375 )
NET ASSETS 186,919 150,990
CAPITAL AND RESERVES
Called up share capital 9 200 200
Profit and Loss Account 186,719 150,790
SHAREHOLDERS' FUNDS 186,919 150,990
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For the year ending 30 November 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.
On behalf of the board
Mrs Maxine Clark
Director
23rd August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Upp B2B Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10214608 . The registered office is 2, 4th Floor, White, Media City, Manchester, M50 2NT.
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. 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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% - reducing balance
Computer Equipment 25% - reducing balance
2.4. 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.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2022: 13)
13 13
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 December 2022 19,448
Additions 5,588
As at 30 November 2023 25,036
Depreciation
As at 1 December 2022 6,948
Provided during the period 3,940
As at 30 November 2023 10,888
Net Book Value
As at 30 November 2023 14,148
As at 1 December 2022 12,500
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 156,420 269,210
Prepayments and accrued income 13,979 8,139
Other debtors 409 152
VAT 1,098 -
171,906 277,501
Due after more than one year
Amounts owed by other participating interests 1,846 739
1,846 739
173,752 278,240
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 17,247 52,205
Bank loans and overdrafts 37,593 34,403
Corporation tax 36,108 16,101
Other taxes and social security 14,354 12,131
VAT - 20,144
Other creditors 16,791 8,755
Accruals and deferred income 87,601 183,744
Directors' loan accounts - 6,907
209,694 334,390
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 59,300 96,893
59,300 96,893
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 2,812 2,375
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 395 -
Later than one year and not later than five years 256 -
651 -
11. Ultimate Controlling Party
The company's ultimate controlling party is UPPB2B Group Limited by virtue of ownership of 100% of the issued share capital in the company.
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