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REGISTERED NUMBER: 04421621 (England and Wales)




















UPN (Safeguard) Limited

Financial Statements

for the Year Ended 31 March 2024






UPN (Safeguard) Limited (Registered number: 04421621)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


UPN (Safeguard) Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr D J Brown
Mr M B Chapman
Mr N Chappelow
Mr G S Allard
Mr S J Fuller
Mr A J Lowe
Mr R M Arnold





SECRETARY: Mr G S Allard





REGISTERED OFFICE: 8 High View Close
Vantage Business Park
Leicester
Leicestershire
LE4 9LJ





REGISTERED NUMBER: 04421621 (England and Wales)





AUDITORS: Clifford Roberts
Chartered Accountants &
Statutory Auditors
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

UPN (Safeguard) Limited (Registered number: 04421621)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 12,998,587 12,982,645
Cash at bank 1,032,874 1,447,222
14,031,461 14,429,867
CREDITORS
Amounts falling due within one year 5 14,031,455 14,429,861
NET CURRENT ASSETS 6 6
TOTAL ASSETS LESS CURRENT
LIABILITIES

6

6

CAPITAL AND RESERVES
Called up share capital 7 6 6
SHAREHOLDERS' FUNDS 6 6

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Mr M B Chapman - Director


UPN (Safeguard) Limited (Registered number: 04421621)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

UPN (Safeguard) 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 applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£) and cover the period to the 31st March each year.

In the eyes of the users of these financial statements they may appear dormant, however the company acts as a billing vehicle for United Pallet Network (UK) Limited and a collection vehicle for the UPN (Safeguard) Trust.

Going concern
The financial statements have been prepared on the going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, particularly in light of the performance of the network and its members.

Taxation
No liability to UK corporation tax arose on ordinary activities for the year ended 31st March 2024, nor for the year ended 31st March 2023.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 12,994,297 12,916,577
Other debtors 4,290 66,068
12,998,587 12,982,645

UPN (Safeguard) Limited (Registered number: 04421621)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 13,159,564 13,418,250
Taxation and social security 21,718 -
Other creditors 850,173 1,011,611
14,031,455 14,429,861

6. FINANCIAL RISK MANAGEMENT

The company has exposure to credit, liquidity and cash flow interest rate risks, These risks are limited by the company's financial management policies and practices described below.

Foreign currency risk
The company has no exposure to foreign currency risks as all of the company's sales and purchases are denominated in sterling.

Credit risk
The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. There are no significant non-derivative financial liability remaining at the reporting date.

The company holds no derivative financial instruments at the year end.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
6 Ordinary £1 6 6

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Billingham BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Clifford Roberts

UPN (Safeguard) Limited (Registered number: 04421621)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

9. RELATED PARTY DISCLOSURES

Other related parties

2024 2023
£ £
Amounts due from related parties 829,148 884,498
Amounts due to related parties 3,516,027 3,3707,593


UPN (Safeguard) Limited is the billing vehicle for United Pallet Network (UK) Limited and all other companies that are within the network. The amounts due to/from United Pallet Network (UK) Limited are included within the above.

UPN (Safeguard) Limited collected net of cost contributions of £517,532 (2023: £489,781) during the year on behalf of the UPN (Safeguard) Ltd Settlement 2021, a trust in which the directors of UPN (Safeguard) Limited, Mr M Chapman, Mr D Brown, Mr N Chappelow and Mr S Fuller, are also trustees. As at 31st March 2024, included within other creditors was a balance of £843,697 (2023: £1,005,532) due to the UPN (Safeguard) Trust and the UPN (Safeguard) Ltd Settlement 2021.