Registration number:
Up The Creek Property Limited
for the Year Ended 31 October 2023
Up The Creek Property Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Up The Creek Property Limited
Company Information
Director |
Mr Antony John McGirr |
Registered office |
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Accountants |
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Up The Creek Property Limited
(Registration number: 04396669)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
645,748 |
645,748 |
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Retained earnings |
165,560 |
113,087 |
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Shareholders' funds |
811,408 |
758,935 |
Up The Creek Property Limited
(Registration number: 04396669)
Balance Sheet as at 31 October 2023
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Up The Creek Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
302 Creek Road
Greenwich
London
SE10 9SW
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.
Up The Creek Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
the service is delivered. When the service delivered straddles the accounting period end, the income is apportioned on a pro-rata basis.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% reducing balance |
Land and buildings |
No depreciation on land. No depreciation is provided on buildings as the estimated residual value is not materially different from the carrying value, and it's estimated useful life is so long to result in depreciation being immaterial |
Other tangible fixed assets |
25% straight line |
Up The Creek Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill - Right to use domain name and website of Up The Creek Ltd |
Amortisation is not provided on goodwill as the estimated residual value is not materially different from the carrying value, and it's estimated useful life is so long to result in amortisation being immaterial |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Up The Creek Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Up The Creek Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
- |
( |
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 November 2022 |
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At 31 October 2023 |
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Amortisation |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Up The Creek Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Disposals |
- |
( |
- |
( |
At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
- |
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- |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
- |
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- |
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At 31 October 2022 |
- |
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- |
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Investment properties |
2023 |
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At 1 November |
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At 31 October |
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The director has confirmed that there has been no material change in the value of the property during the year. The historic cost of the property was £439,003 (2021: £439,003).
The mortgage has been secured against the property.
Debtors |
Current |
2023 |
2022 |
Trade and other debtors |
21,818 |
- |
Up The Creek Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Amounts due to related parties |
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Social security and other taxes |
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Other payables |
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Accruals |
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Due after one year |
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Loans and borrowings |
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Deferred tax and other provisions |
Deferred tax |
Total |
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At 1 November 2022 |
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At 31 October 2023 |
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Up The Creek Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Related party transactions |
Summary of transactions with other related parties
Andrew Tearle
(director and shareholder)
During the year there were no transactions with Andrew Tearle. At the balance sheet date the amount due to Andrew Tearle was £10,189 (2022: £10,189).
Anthony John McGirr
(director and shareholder)
During Anthony John McGirr paid £nil (2022: £nil) of company expenses personally. At the balance sheet date Anthony John McGirr owed the company £11,197 (2022: the company owed Anthony John McGirr £35,113).
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |