Company registration number 12898762 (England and Wales)
UP-GRADE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
UP-GRADE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
UP-GRADE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
732
Current assets
Cash at bank and in hand
4,065
Creditors: amounts falling due within one year
4
(6,132)
(5,201)
Net current liabilities
(6,132)
(1,136)
Net liabilities
(6,132)
(404)
Reserves
Income and expenditure account
(6,132)
(404)
Members' funds
(6,132)
(404)
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr B F Morgan-Jones
Director
Company registration number 12898762 (England and Wales)
UP-GRADE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Up-Grade Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is The Chase, Ruthin Road, Minera, Wrexham, LL11 3UT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% pa on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
2
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
2
UP-GRADE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
1,462
Disposals
(1,462)
At 31 March 2024
Depreciation and impairment
At 1 October 2022
730
Eliminated in respect of disposals
(730)
At 31 March 2024
Carrying amount
At 31 March 2024
At 30 September 2022
732
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
6,132
5,201
5
Members' liability
The company is limited by guarantee, not having share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.