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Registered number: 10466611
Upgrade and Save Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Andrew Keates & Associates Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10466611
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 30,399 33,441
Investments 5 65,559 128,245
95,958 161,686
CURRENT ASSETS
Stocks 6 77,743 77,858
Debtors 7 827,189 722,155
Cash at bank and in hand 502,481 630,184
1,407,413 1,430,197
Creditors: Amounts Falling Due Within One Year 8 (378,723 ) (666,682 )
NET CURRENT ASSETS (LIABILITIES) 1,028,690 763,515
TOTAL ASSETS LESS CURRENT LIABILITIES 1,124,648 925,201
Creditors: Amounts Falling Due After More Than One Year 9 (29,341 ) (35,271 )
NET ASSETS 1,095,307 889,930
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 1,095,306 889,929
SHAREHOLDERS' FUNDS 1,095,307 889,930
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Georgia Cannon
Director
19/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Upgrade and Save Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10466611 . The registered office is Third Floor Prospect House, Columbus Quay, Liverpool, Merseyside, L3 4DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance Basis
Motor Vehicles 25% Reducing Balance Basis
Fixtures & Fittings 25% Reducing Balance Basis
Computer Equipment 25% Reducing Balance Basis
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 8)
7 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 8,627 54,818 6,423 6,487 76,355
Additions - - 5,989 773 6,762
As at 31 October 2024 8,627 54,818 12,412 7,260 83,117
Depreciation
As at 1 November 2023 5,638 30,647 3,315 3,314 42,914
Provided during the period 598 6,043 2,176 987 9,804
As at 31 October 2024 6,236 36,690 5,491 4,301 52,718
Net Book Value
As at 31 October 2024 2,391 18,128 6,921 2,959 30,399
As at 1 November 2023 2,989 24,171 3,108 3,173 33,441
5. Investments
Other
£
Cost
As at 1 November 2023 128,245
Additions 30,606
Disposals (93,292 )
As at 31 October 2024 65,559
Provision
As at 1 November 2023 -
As at 31 October 2024 -
Net Book Value
As at 31 October 2024 65,559
As at 1 November 2023 128,245
6. Stocks
2024 2023
£ £
Work in progress 77,743 77,858
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,823 30,770
Other debtors 217,141 676,200
Deferred tax current asset 2,758 2,078
Amounts owed by other participating interests 589,467 13,107
827,189 722,155
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 15,385
Bank loans and overdrafts 5,662 5,662
Corporation tax 78,808 69,401
Other taxes and social security 34,011 34,776
VAT 77,323 126,097
Other creditors 25,669 -
Deferred revenue - 277,348
Accruals and deferred income 157,250 130,349
Director's loan account - 7,664
378,723 666,682
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 29,341 35,271
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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