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Reports Dated : 22/10/2024 Registered Number: 11233733
England and Wales

 

 

 

UPMIND AUTOMATION LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 6,062    7,577 
Tangible fixed assets 4 18,104    17,215 
24,166    24,792 
Current assets      
Debtors 17,426    182,045 
Cash at bank and in hand 336,829    60 
354,255    182,105 
Creditors: amount falling due within one year (3,122,990)   (2,196,411)
Net current assets (2,768,735)   (2,014,306)
 
Total assets less current liabilities (2,744,569)   (1,989,514)
Creditors: amount falling due after more than one year (29,913)   (37,971)
Provisions for liabilities (4,526)  
Net assets (2,779,008)   (2,027,485)
 

Capital and reserves
     
Called up share capital 5 1,200    1,200 
Profit and loss account (2,780,208)   (2,028,685)
Shareholders' funds (2,779,008)   (2,027,485)
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 22 October 2024 and were signed by:


-------------------------------
Sebastian De Lemos
Director
1
General Information
UPMIND AUTOMATION LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11233733, registration address 5 Sydney Street, Chelsea, London, United Kingdom, SW3 6PU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Amortisation is calculated on a straight line basis over the estimated expected useful economic life of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 30% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 6 (2023 : 4).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 April 2023 7,577    7,577 
Additions  
Disposals  
At 31 March 2024 7,577    7,577 
Amortisation
At 01 April 2023  
Charge for year 1,515    1,515 
On disposals  
At 31 March 2024 1,515    1,515 
Net book values
At 31 March 2024 6,062    6,062 
At 31 March 2023 7,577    7,577 


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 April 2023 17,215    17,215 
Additions 8,647    8,647 
Disposals  
At 31 March 2024 25,862    25,862 
Depreciation
At 01 April 2023  
Charge for year 7,758    7,758 
On disposals  
At 31 March 2024 7,758    7,758 
Net book values
Closing balance as at 31 March 2024 18,104    18,104 
Opening balance as at 01 April 2023 17,215    17,215 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1,200 Class A shares of £1.00 each 1,200    1,200 
1,200    1,200 

2