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COMPANY REGISTRATION NUMBER: 08242672
The Upright One Ltd
Filleted Unaudited Financial Statements
31 October 2024
The Upright One Ltd
Financial Statements
Year Ended 31st October 2024
Contents
Page
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
The Upright One Ltd
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of The Upright One Ltd
Year Ended 31st October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of The Upright One Ltd for the year ended 31st October 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of The Upright One Ltd in accordance with the terms of my engagement letter dated 1st August 2016. My work has been undertaken solely to prepare for your approval the financial statements of The Upright One Ltd and state those matters that I have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than The Upright One Ltd and its director for my work or for this report.
It is your duty to ensure that The Upright One Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Upright One Ltd. You consider that The Upright One Ltd is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of The Upright One Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
MJ GREEN ACCOUNTANCY SERVICES LTD Chartered Certified Accountants
Unit 10 Silver End Business Park Brettell Lane Brierley Hill West Midlands DY5 3LG
2 April 2025
The Upright One Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed Assets
Tangible assets
5
2,083
590
Current Assets
Debtors
6
2,289
2,021
Cash at bank and in hand
3,488
9,051
-------
--------
5,777
11,072
Creditors: amounts falling due within one year
7
4,760
6,384
-------
--------
Net Current Assets
1,017
4,688
-------
-------
Total Assets Less Current Liabilities
3,100
5,278
Creditors: amounts falling due after more than one year
8
2,679
4,712
Provisions
Deferred tax
396
112
-------
-------
Net Assets
25
454
-------
-------
Capital and Reserves
Called up share capital
5
5
Profit and loss account
20
449
----
----
Shareholders Funds
25
454
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31st October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Upright One Ltd
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 2 April 2025 , and are signed on behalf of the board by:
R Taibi
Director
Company registration number: 08242672
The Upright One Ltd
Notes to the Financial Statements
Year Ended 31st October 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Silver End Business Park, Brettell Lane, Brierley Hill, West MIdlands, DY5 3LG.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% reducing balance
Office Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible Assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1st November 2023
515
4,354
4,869
Additions
2,631
2,631
----
-------
-------
At 31st October 2024
515
6,985
7,500
----
-------
-------
Depreciation
At 1st November 2023
194
4,085
4,279
Charge for the year
48
1,090
1,138
----
-------
-------
At 31st October 2024
242
5,175
5,417
----
-------
-------
Carrying amount
At 31st October 2024
273
1,810
2,083
----
-------
-------
At 31st October 2023
321
269
590
----
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
251
865
Other debtors
2,038
1,156
-------
-------
2,289
2,021
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,995
1,960
Trade creditors
107
1,448
Corporation tax
1,308
1,626
Other creditors
1,350
1,350
-------
-------
4,760
6,384
-------
-------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,679
4,712
-------
-------
9. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
396
112
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
396
112
----
----
10. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
R Taibi
1,156
( 9,785)
10,667
2,038
-------
-------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
R Taibi
( 440)
( 18,909)
20,505
1,156
----
--------
--------
-------
The advances to the director were made on an interest free basis and are repayable on demand.