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Registration number: 04396669

Up The Creek Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Up The Creek Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Up The Creek Property Limited

Company Information

Director

Mr Antony John McGirr

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

Up The Creek Property Limited

(Registration number: 04396669)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

2,000

2,000

Tangible assets

6

8,170

33,257

Investment property

7

1,300,000

1,300,000

 

1,310,170

1,335,257

Current assets

 

Debtors

8

21,818

-

Cash at bank and in hand

 

5,698

22,930

 

27,516

22,930

Creditors: Amounts falling due within one year

9

(46,633)

(86,379)

Net current liabilities

 

(19,117)

(63,449)

Total assets less current liabilities

 

1,291,053

1,271,808

Creditors: Amounts falling due after more than one year

9

(264,396)

(297,624)

Provisions for liabilities

(215,249)

(215,249)

Net assets

 

811,408

758,935

Capital and reserves

 

Called up share capital

12

100

100

Revaluation reserve

645,748

645,748

Retained earnings

165,560

113,087

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 3 September 2024
 

.........................................
Mr Antony John McGirr
Director

 

Up The Creek Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9 Hare & Billet Road
Blackheath
SE3 0RB

The principal place of business is:
302 Creek Road
Greenwich
London
SE10 9SW

These financial statements were authorised for issue by the director on 3 September 2024.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Up The Creek Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Deferred taxation

Arising from origination and reversal of timing differences

-

(57,606)

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

2,000

2,000

At 31 October 2023

2,000

2,000

Amortisation

Carrying amount

At 31 October 2023

2,000

2,000

At 31 October 2022

2,000

2,000

 

Up The Creek Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

9,242

59,124

2,000

70,366

Disposals

-

(39,759)

-

(39,759)

At 31 October 2023

9,242

19,365

2,000

30,607

Depreciation

At 1 November 2022

9,242

25,867

2,000

37,109

Charge for the year

-

2,723

-

2,723

Eliminated on disposal

-

(17,395)

-

(17,395)

At 31 October 2023

9,242

11,195

2,000

22,437

Carrying amount

At 31 October 2023

-

8,170

-

8,170

At 31 October 2022

-

33,257

-

33,257

7

Investment properties

2023
£

At 1 November

1,300,000

At 31 October

1,300,000

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.

8

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

5,000

14,386

Amounts due to related parties

11

10,189

45,301

Social security and other taxes

 

14,505

8,716

Other payables

 

15,000

15,000

Accruals

 

1,939

2,976

 

46,633

86,379

Due after one year

 

Loans and borrowings

264,396

297,624

10

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 November 2022

215,249

215,249

At 31 October 2023

215,249

215,249

 

Up The Creek Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

11

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).
 

12

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100