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Registration number: 12261525

Prepared for the registrar

UPP Technologies LTD

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

UPP Technologies LTD

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

UPP Technologies LTD

Company Information

Directors

B V White

D A P Smith

J D Gale

Registered office

85 Great Portland Street
First Floor
London
W1W 7LT

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

UPP Technologies LTD

(Registration number: 12261525)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

43,654

5,074

Current assets

 

Debtors

5

344,698

172,618

Creditors: Amounts falling due within one year

6

(4,823,428)

(3,076,780)

Net current liabilities

 

(4,478,730)

(2,904,162)

Net liabilities

 

(4,435,076)

(2,899,088)

Capital and reserves

 

Called up share capital

8

1

1

Profit and loss account

(4,435,077)

(2,899,089)

Shareholders' deficit

 

(4,435,076)

(2,899,088)

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 


B V White
Director

 

UPP Technologies LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

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

The address of its registered office is:
85 Great Portland Street
First Floor
London
W1W 7LT

The principal place of business is:
4 Crown Place
London
EC2A 4BT

 

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has taken advantage of the exemption in section 33.1A of FRS 102 to not disclose trasnactions with its parent of with members of the same group that are wholly owned..

Name of parent of group

These financial statements are consolidated in the financial statements of Upp Technologies Group Ltd.

The financial statements of Upp Technologies Group Ltd may be obtained from 85 Great Portland Street, London, W1W 7LT.

Going concern

The going concern is considered for the group as a whole and the Directors are pleased to report that the group continued its growth trajectory in 2023. In the second half of the year, the business further invested in the marketing team with the aim to securing a pipeline of enterprise customers, two of which were signed in the year.

Further product enhancements took place during the year to ensure the continuing scalability, features and functionality of the Upp platform.

Since year-end, the company has signed several more enterprise customers and has also seen additional bookings from existing customers. This provides significant working capital for the foreseeable future.

Good relations have been maintained with investors and written assurance has been received from them that they are committed to support the group in the immediate future whilst the planned growth is implemented.

Critical accounting 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 amounts 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 period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

 

UPP Technologies LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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, and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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 statement of financial position 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

Furniture, fittings and equipment

15% reducing balance

Other property, plant and equipment

33% on the straight line basis

 

UPP Technologies LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

Financial Instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
 

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
 

 

UPP Technologies LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets:
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets:
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 20).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost

At 1 January 2023

1,616

92,929

94,545

Additions

39,777

6,280

46,057

Disposals

(63)

(83,604)

(83,667)

At 31 December 2023

41,330

15,605

56,935

Depreciation

At 1 January 2023

509

88,962

89,471

Charge for the year

4,943

2,478

7,421

Eliminated on disposal

(7)

(83,604)

(83,611)

At 31 December 2023

5,445

7,836

13,281

Carrying amount

At 31 December 2023

35,885

7,769

43,654

At 31 December 2022

1,107

3,967

5,074

 

UPP Technologies LTD

Notes to the Financial Statements for the Year Ended 31 December 2023

 

5

Debtors

2023
 £

2022
 £

Trade debtors

184,491

136,037

Other debtors

15,465

3,676

Prepayments

144,742

32,905

 

344,698

172,618

 

6

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

72,116

129,992

Amounts due to parent company

4,611,389

2,646,512

Other creditors

-

838

Accrued expenses

139,923

299,438

4,823,428

3,076,780

 

7

Obligations under operating leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

143,239

326,991

Later than one year and not later than five years

1,022

39,346

144,261

366,337

The amount of non-cancellable operating lease payments recognised as an expense during the year was £302,393 (2022 - £26,915).

 

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

9

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 September 2024 was Felicity Sang, who signed for and on behalf of Hazlewoods LLP.