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Registered number: 13988937


UPSTART PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
UPSTART PROPERTIES LIMITED
REGISTERED NUMBER: 13988937

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,715
3,326

Investment property
  
341,760
341,760

  
354,475
345,086

Current assets
  

Cash at bank and in hand
 6 
2,154
928

  
2,154
928

Creditors: amounts falling due within one year
 7 
(385,205)
(361,040)

Net current liabilities
  
 
 
(383,051)
 
 
(360,112)

Total assets less current liabilities
  
(28,576)
(15,026)

  

Net liabilities
  
(28,576)
(15,026)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(28,676)
(15,126)

  
(28,576)
(15,026)


Page 1

 
UPSTART PROPERTIES LIMITED
REGISTERED NUMBER: 13988937
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J Morris
Director

Date: 22 January 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
UPSTART PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Upstart Properties Limited is a private limited company limited by share capital, registered in England and Wales. 
The company's registered number is 13988937. 
The company's registered office is 1 Vincent Square, London, United Kingdom, SW1P 2PN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company recorded a loss of £13,549 (2023: £15,126) for the period ended 30 April 2024 and had net liabilities of £28,576 (2023: £15,026)  at the balance sheet date.
The company continues to meet its day to day working requirements from loans leveraged by the
directors and shareholders from associated business interests. The company is therefore dependent upon the support of these loan facilities in order to continue as a going concern.
The director is satisfied that they can continue to finance the operations of the business in this
manner and accordingly considers it appropriate to prepare these accounts on a going concern basis.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
UPSTART PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
1
1

Page 4

 
UPSTART PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 May 2023
3,853


Additions
11,165



At 30 April 2024

15,018



Depreciation


At 1 May 2023
527


Charge for the year on owned assets
1,775



At 30 April 2024

2,302



Net book value



At 30 April 2024
12,716



At 30 April 2023
3,326


5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
341,760



At 30 April 2024
341,760

The 2024 valuations were made by the Directors, on an open market value for existing use basis.







Page 5

 
UPSTART PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,154
928

2,154
928



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to other participating interests
385,165
361,000

Other creditors
40
40

385,205
361,040



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 (2023 - 50) Ordinary A Shares shares of £1.00 each
50
50
50 (2023 - 50) Ordinary B Shares shares of £1.00 each
50
50

100

100



9.


Related party transactions

At the balance sheet date, Upstart Properties Limited owed the following amounts to companies under common control. There is no provision for uncollectable balances and these loans are interest free and deemed repayable on demand.


2024
2023
£
£

Upstart Digital Media Ltd
160,000
160,000
Upstart International Limited
225,165
201,000
385,165
361,000

 
Page 6