UpSellit UK Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 12059690 (England and Wales)
UpSellit UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
Upsellit UK Limited
UpSellit UK Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
(As restated)
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,806
3,210
Current assets
Debtors
4
290,509
320,860
Cash at bank and in hand
374,397
268,628
664,906
589,488
Creditors: amounts falling due within one year
5
(167,060)
(141,313)
Net current assets
497,846
448,175
Total assets less current liabilities
499,652
451,385
Provisions for liabilities
(127)
(481)
Net assets
499,525
450,904
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
499,325
450,704
Total equity
499,525
450,904

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 23 March 2025 and are signed on its behalf by:
A Brunkhurst
Director
Company Registration No. 12059690
UpSellit UK Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

UpSellit UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Management have prepared forecasts covering a period of at least 12 months from approving these financial statements which show positive cash flows over this period and beyond. Without the need for external financing or significant growth in the company's activities, the directors believe the company remains a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
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
3 year straight line

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 profit or loss.

UpSellit UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

UpSellit UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
UpSellit UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
5,012
Depreciation and impairment
At 1 January 2023
1,802
Depreciation charged in the year
1,404
At 31 December 2023
3,206
Carrying amount
At 31 December 2023
1,806
At 31 December 2022
3,210
4
Debtors
2023
2022
(As restated)
Amounts falling due within one year:
£
£
Trade debtors
15,859
22,562
Prepayments and accrued income
274,650
298,298
290,509
320,860
5
Creditors: amounts falling due within one year
2023
2022
(As restated)
£
£
Trade creditors
10,272
1,963
Amounts owed to group undertakings
16,430
24,690
Corporation tax
52,115
53,282
Other taxation and social security
50,572
53,403
Other creditors
2,671
1,285
Accruals and deferred income
35,000
6,690
167,060
141,313
UpSellit UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
6
Deferred taxation

The following are the deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
452
803
Retirement benefit obligations
(325)
(322)
127
481
2023
Movements in the year:
£
Liability at 1 January 2023
481
Credit to profit or loss
(354)
Liability at 31 December 2023
127
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Thomas Moore
Statutory Auditor:
Moore Kingston Smith LLP
9
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group with which it is party to the transactions.

UpSellit UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
10
Parent company

The immediate and ultimate parent company is USI Technologies Inc., a company incorporated in the United States. The registered office of the parent company is 5655 Lindero Canyon Road, Suite 702, Westlake Village, California, 91362, USA.

 

There is no single controlling party.

UpSellit UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
11
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Current assets
Debtors due within one year
23,002
297,858
320,860
Creditors due within one year
Taxation
(94,160)
(12,525)
(106,685)
Net assets
165,571
285,333
450,904
Capital and reserves
Profit and loss reserves
165,371
285,333
450,704
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Turnover
1,182,402
58,378
1,240,780
Administrative expenses
(947,783)
7,543
(940,240)
Taxation
(41,238)
(12,525)
(53,763)
Profit for the financial period
193,439
53,396
246,835
Notes to reconciliation

The comparative figures for the period ended 31 December 2022 have been adjusted to correct an error in prior periods, whereby revenue had not been recognised on an accruals basis. The effect of correcting this error has resulted in an increase in revenue of £58,378, recognising a foreign exchange gain of £7,543, an increase in accrued income of £297,858, and an increase in the corporation tax charge and liability of £12,525. Overall, net assets increased by £285,333.

2023-12-312023-01-01falsefalsefalse24 March 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityB GudmundsonC WamplerA BrunkhurstA  BrunkhurstOpinion of auditors on entity120596902023-01-012023-12-31120596902023-12-31120596902022-12-3112059690core:OtherPropertyPlantEquipment2023-12-3112059690core:OtherPropertyPlantEquipment2022-12-3112059690core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3112059690core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112059690core:ShareCapital2023-12-3112059690core:ShareCapital2022-12-3112059690core:RetainedEarningsAccumulatedLosses2023-12-3112059690core:RetainedEarningsAccumulatedLosses2022-12-3112059690bus:CompanySecretaryDirector12023-01-012023-12-3112059690core:ComputerEquipment2023-01-012023-12-31120596902022-01-012022-12-3112059690core:OtherPropertyPlantEquipment2022-12-3112059690core:OtherPropertyPlantEquipment2023-01-012023-12-3112059690core:CurrentFinancialInstruments2023-12-3112059690core:CurrentFinancialInstruments2022-12-3112059690core:ContinuingOperations2022-01-012022-12-3112059690bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112059690bus:FRS1022023-01-012023-12-3112059690bus:Audited2023-01-012023-12-3112059690bus:Director12023-01-012023-12-3112059690bus:Director22023-01-012023-12-3112059690bus:Director32023-01-012023-12-3112059690bus:CompanySecretary12023-01-012023-12-3112059690bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112059690bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP