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REGISTERED NUMBER: 09010459 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

UPCOUNTRY LIMITED

UPCOUNTRY LIMITED (REGISTERED NUMBER: 09010459)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


UPCOUNTRY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: C J Kidger
N P Bending
H Shafi





REGISTERED OFFICE: 80 East Street
Brighton
East Sussex
BN1 1NF





REGISTERED NUMBER: 09010459 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

UPCOUNTRY LIMITED (REGISTERED NUMBER: 09010459)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 123,283 142,009
Tangible assets 5 2,030,770 1,807,546
2,154,053 1,949,555

CURRENT ASSETS
Stocks 759,067 753,504
Debtors 6 182,764 106,481
Cash at bank 30,253 18,707
972,084 878,692
CREDITORS
Amounts falling due within one year 7 (3,714,412 ) (3,240,956 )
NET CURRENT LIABILITIES (2,742,328 ) (2,362,264 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(588,275

)

(412,709

)

CREDITORS
Amounts falling due after more than one
year

8

(23,400

)

(35,063

)
NET LIABILITIES (611,675 ) (447,772 )

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 9 9
Retained earnings (611,784 ) (447,881 )
SHAREHOLDERS' FUNDS (611,675 ) (447,772 )

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





C J Kidger - Director


UPCOUNTRY LIMITED (REGISTERED NUMBER: 09010459)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Upcountry Limited 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

UPCOUNTRY LIMITED (REGISTERED NUMBER: 09010459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements have been prepared on a going concern basis as the directors and the company's parent company Friday Media Group Limited have indicated their willingness to continue to support the company for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2023 - 47 ) .

UPCOUNTRY LIMITED (REGISTERED NUMBER: 09010459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 187,264
AMORTISATION
At 1 February 2023 45,255
Charge for year 18,726
At 31 January 2024 63,981
NET BOOK VALUE
At 31 January 2024 123,283
At 31 January 2023 142,009

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2023 1,294,850 463,246 155,096
Additions - 303,338 -
Disposals - - (499 )
At 31 January 2024 1,294,850 766,584 154,597
DEPRECIATION
At 1 February 2023 - 111,931 76,192
Charge for year - 38,495 29,103
Eliminated on disposal - - (205 )
At 31 January 2024 - 150,426 105,090
NET BOOK VALUE
At 31 January 2024 1,294,850 616,158 49,507
At 31 January 2023 1,294,850 351,315 78,904

UPCOUNTRY LIMITED (REGISTERED NUMBER: 09010459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 112,835 65,330 15,865 2,107,222
Additions 25,127 - 1,980 330,445
Disposals - - - (499 )
At 31 January 2024 137,962 65,330 17,845 2,437,168
DEPRECIATION
At 1 February 2023 82,987 20,280 8,286 299,676
Charge for year 19,365 16,332 3,632 106,927
Eliminated on disposal - - - (205 )
At 31 January 2024 102,352 36,612 11,918 406,398
NET BOOK VALUE
At 31 January 2024 35,610 28,718 5,927 2,030,770
At 31 January 2023 29,848 45,050 7,579 1,807,546

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023
and 31 January 2024 65,330
DEPRECIATION
At 1 February 2023 20,280
Charge for year 16,332
At 31 January 2024 36,612
NET BOOK VALUE
At 31 January 2024 28,718
At 31 January 2023 45,050

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 12,160 12,854
Other debtors 165,430 91,100
177,590 103,954

UPCOUNTRY LIMITED (REGISTERED NUMBER: 09010459)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors 5,174 2,527

Aggregate amounts 182,764 106,481

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 11,858 8,175
Trade creditors 197,778 197,516
Amounts owed to group undertakings 3,445,125 2,910,908
Taxation and social security 44,567 40,888
Other creditors 15,084 83,469
3,714,412 3,240,956

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 23,400 35,063

9. DEFERRED TAX
£   
Balance at 1 February 2023 (72,795 )
Credit to Income Statement during year (52,994 )
Balance at 31 January 2024 (125,789 )

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C J Kidger, director of the company's parent company Friday Media Group Limited, a company registered in England & Wales.