Silverfin false false 31/01/2025 01/02/2024 31/01/2025 Dr D C Bristol 30/01/2023 Ms D L Mclaughlin 30/01/2023 09 May 2025 The principal activities of the company during the financial year were the export of electric/hybrid vehicles; and provision of remote diagnostic support, technical information and parts procurement services. 14624740 2025-01-31 14624740 bus:Director1 2025-01-31 14624740 bus:Director2 2025-01-31 14624740 core:CurrentFinancialInstruments 2025-01-31 14624740 core:CurrentFinancialInstruments 2024-01-31 14624740 2024-01-31 14624740 core:ShareCapital 2025-01-31 14624740 core:ShareCapital 2024-01-31 14624740 core:RetainedEarningsAccumulatedLosses 2025-01-31 14624740 core:RetainedEarningsAccumulatedLosses 2024-01-31 14624740 2024-02-01 2025-01-31 14624740 bus:FilletedAccounts 2024-02-01 2025-01-31 14624740 bus:SmallEntities 2024-02-01 2025-01-31 14624740 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 14624740 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 14624740 bus:Director1 2024-02-01 2025-01-31 14624740 bus:Director2 2024-02-01 2025-01-31 14624740 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 14624740 (England and Wales)

GEARING UP UK LTD

Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

GEARING UP UK LTD

Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

GEARING UP UK LTD

BALANCE SHEET

As at 31 January 2025
GEARING UP UK LTD

BALANCE SHEET (continued)

As at 31 January 2025
Note 2025 2024
£ £
Current assets
Debtors 3 34,163 2,205
Cash at bank and in hand 8,082 17,598
42,245 19,803
Creditors: amounts falling due within one year 4 ( 9,282) ( 8,016)
Net current assets 32,963 11,787
Total assets less current liabilities 32,963 11,787
Accruals and deferred income ( 1,679) ( 1,612)
Net assets 31,284 10,175
Capital and reserves
Called-up share capital 100 100
Profit and loss account 31,184 10,075
Total shareholders' funds 31,284 10,175

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gearing Up UK Ltd (registered number: 14624740) were approved and authorised for issue by the Board of Directors on 09 May 2025. They were signed on its behalf by:

Dr D C Bristol
Director
GEARING UP UK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
GEARING UP UK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gearing Up UK Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House East Wing Ground, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

The company is run and administered by the directors for whom no contract of services are in place.

3. Debtors

2025 2024
£ £
Trade debtors 495 850
Other debtors 33,668 1,355
34,163 2,205

4. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 308 0
Taxation and social security 5,668 2,462
Other creditors 3,306 5,554
9,282 8,016

5. Related party transactions

Transactions with the entity's directors

Advances

During the year the directors maintained a loan account which is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

During the year to 31 January 2025, the account was overdrawn by £16 and £16 was repaid in the year. The balance owed by the Directors as at 31 January 2025 was £nil.

During the year to 31 January 2024, the account was overdrawn by £725 and £709 was repaid in the year. The balance owed by the Directors as at 31 January 2024 was £16.