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REGISTERED NUMBER: 04317373 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

UPWELL LTD

UPWELL LTD (REGISTERED NUMBER: 04317373)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


UPWELL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: A Zonszajn





REGISTERED OFFICE: 115 Craven Park Road
London
N15 6BL





REGISTERED NUMBER: 04317373 (England and Wales)





ACCOUNTANTS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

UPWELL LTD (REGISTERED NUMBER: 04317373)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 186 219
Investment property 5 900,000 900,000
900,186 900,219

CURRENT ASSETS
Cash at bank 1,193 2,549

CREDITORS
Amounts falling due within one year 6 (136,605 ) (134,932 )
NET CURRENT LIABILITIES (135,412 ) (132,383 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

764,774

767,836

CREDITORS
Amounts falling due after more than one
year

7

(188,007

)

(187,933

)

PROVISIONS FOR LIABILITIES (104,194 ) (104,194 )
NET ASSETS 472,573 475,709

CAPITAL AND RESERVES
Called up share capital 10 1 1
Revaluation reserve 11 444,198 444,198
Retained earnings 11 28,374 31,510
SHAREHOLDERS' FUNDS 472,573 475,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

UPWELL LTD (REGISTERED NUMBER: 04317373)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2023


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 director and authorised for issue on 16 September 2024 and were signed by:





A Zonszajn - Director


UPWELL LTD (REGISTERED NUMBER: 04317373)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Upwell Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net rent receivable, excluding value added tax.

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 - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

UPWELL LTD (REGISTERED NUMBER: 04317373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 December 2022
and 30 November 2023 3,458
DEPRECIATION
At 1 December 2022 3,239
Charge for year 33
At 30 November 2023 3,272
NET BOOK VALUE
At 30 November 2023 186
At 30 November 2022 219

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 900,000
NET BOOK VALUE
At 30 November 2023 900,000
At 30 November 2022 900,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2015 298,392
Valuation in 2020 250,000
Cost 351,608
900,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Tax 105 105
Other creditors 49,214 46,267
Loan creditors 83,660 83,660
Directors' current accounts 1,046 1,046
Accrued expenses 2,580 3,854
136,605 134,932

UPWELL LTD (REGISTERED NUMBER: 04317373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans (see note 8) 188,007 187,933

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loan 188,007 -

8. LOANS

An analysis of the maturity of loans is given below:

30.11.23 30.11.22
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years - 187,933

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loan 188,007 -

9. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 188,007 187,933

Long term bank loan is secured by first charge over the company's investment property and bear interest at variable rates.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
1 Ordinary £1 1 1

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 December 2022 31,510 444,198 475,708
Deficit for the year (3,136 ) (3,136 )
At 30 November 2023 28,374 444,198 472,572

UPWELL LTD (REGISTERED NUMBER: 04317373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

12. RELATED PARTY DISCLOSURES

Loan Creditors (Note 10) relates to amounts due to companies connected to the director and his family members. The loans are interest free and payable on demand.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs Deborah Frankel.