IRIS Accounts Production v25.1.3.33 07741272 Board of Directors 1.10.23 30.9.24 30.9.24 30.5.25 false true false false true false Auditors Opinion Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh077412722023-09-30077412722024-09-30077412722023-10-012024-09-30077412722022-09-30077412722022-10-012023-09-30077412722023-09-3007741272ns15:EnglandWales2023-10-012024-09-3007741272ns14:PoundSterling2023-10-012024-09-3007741272ns10:Director12023-10-012024-09-3007741272ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3007741272ns10:SmallEntities2023-10-012024-09-3007741272ns10:Audited2023-10-012024-09-3007741272ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3007741272ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3007741272ns10:FullAccounts2023-10-012024-09-3007741272ns10:Director22023-10-012024-09-3007741272ns10:RegisteredOffice2023-10-012024-09-3007741272ns5:CurrentFinancialInstruments2024-09-3007741272ns5:CurrentFinancialInstruments2023-09-3007741272ns5:Non-currentFinancialInstruments2024-09-3007741272ns5:Non-currentFinancialInstruments2023-09-3007741272ns5:ShareCapital2024-09-3007741272ns5:ShareCapital2023-09-3007741272ns5:FurtherSpecificReserve3ComponentTotalEquity2024-09-3007741272ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-3007741272ns5:RetainedEarningsAccumulatedLosses2024-09-3007741272ns5:RetainedEarningsAccumulatedLosses2023-09-3007741272ns5:CostValuation2023-09-3007741272ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3007741272ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3007741272ns5:Secured2024-09-3007741272ns5:Secured2023-09-3007741272ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-30
REGISTERED NUMBER: 07741272 (England and Wales)








Audited Financial Statements

for the Year Ended

30 September 2024

for

Upward (Property Estates) Limited

Upward (Property Estates) Limited (Registered number: 07741272)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Upward (Property Estates) Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: S M Griffiths
N C Drury





REGISTERED OFFICE: Bloxwich Hall
Elmore Court
Elmore Green Road
Bloxwich
West Midlands
WS3 2QW





REGISTERED NUMBER: 07741272 (England and Wales)





AUDITORS: Nicklin Audit Limited
Chartered Accountants
Statutory Auditors
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Upward (Property Estates) Limited (Registered number: 07741272)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investments 4 1 1
Investment property 5 26,268,153 24,590,949
26,268,154 24,590,950

CURRENT ASSETS
Debtors 6 202,083 201,549
Cash at bank 137,902 148,588
339,985 350,137
CREDITORS
Amounts falling due within one year 7 561,531 491,657
NET CURRENT LIABILITIES (221,546 ) (141,520 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,046,608

24,449,430

CREDITORS
Amounts falling due after more than one year 8 (18,651,404 ) (18,363,630 )

PROVISIONS FOR LIABILITIES (1,420,900 ) (1,101,800 )
NET ASSETS 5,974,304 4,984,000

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 4,846,813 3,895,312
Retained earnings 1,127,391 1,088,588
SHAREHOLDERS' FUNDS 5,974,304 4,984,000

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:





S M Griffiths - Director


Upward (Property Estates) Limited (Registered number: 07741272)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Upward (Property Estates) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Upward (Property Estates) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Upward Enterprises Limited, Bloxwich Hall, Elmore Court, Elmore Green Road, Bloxwich, WS3 2QW.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised when the risks and rewards of ownership have been transferred to tenants. This is taken to be rents invoiced in respect of the dates of occupation of each property under the terms of the lease.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Upward (Property Estates) Limited (Registered number: 07741272)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 1
NET BOOK VALUE
At 30 September 2024 1
At 30 September 2023 1

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 24,590,949
Additions 406,703
Revaluations 1,270,501
At 30 September 2024 26,268,153
NET BOOK VALUE
At 30 September 2024 26,268,153
At 30 September 2023 24,590,949

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2022 4,351,216
Valuation in 2023 641,095
Valuation in 2024 1,270,501
Cost 20,005,341
26,268,153

The investment properties have been valued on an open market basis by the directors in respect of the smaller properties and by professional valuers in respect of the larger care home developments during 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,563 2,431
Amounts owed by group undertakings 138,878 146,385
Amounts owed by participating interests 25,812 8,130
Other debtors 35,830 44,603
202,083 201,549

Upward (Property Estates) Limited (Registered number: 07741272)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 260,676 254,740
Trade creditors 52,384 41,588
Amounts owed to group undertakings 91,523 57,574
Amounts owed to participating interests - 5,409
Taxation and social security 102,941 75,830
Other creditors 54,007 56,516
561,531 491,657

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 8,528,878 8,796,104
Amounts owed to group undertakings 10,122,526 9,567,526
18,651,404 18,363,630

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 2,671,407 2,827,560

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 8,789,554 9,050,844

The company has a fixed and floating charge over its assets in favour of Lloyds Bank plc.

10. RESERVES
Fair
value
reserve
£   
At 1 October 2023 3,895,312
Transfer 1,270,501
Deferred tax (319,000 )

At 30 September 2024 4,846,813

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Howell FCA (Senior Statutory Auditor)
for and on behalf of Nicklin Audit Limited

Upward (Property Estates) Limited (Registered number: 07741272)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

12. RELATED PARTY DISCLOSURES

Sivic Investments Limited
A company in which S M Griffiths is a director

During the year consultancy fees of £13,200 (2023: £9,200) were paid to Sivic Investments Limited.

The amount due by the related party at the balance sheet date was £8,000 (2023 - £8,000).

Upward Developments (West Midlands) Limited
A company under common control

During the year the company was recharged for building development work amounting to £139,764 (2023: £396,233) by Upward Developments (West Midlands) Limited.

The amount due to the related party at the balance sheet date was £138,877 (2023: £146,385).

Upward Housing C.I.C.
A company under common control

During the year the company received rent of £1,734,525 (2023: £1,423,002) from Upward Housing C.I.C. The company also paid property management fees of £164,047 (2023 - £172,082) to Upward Housing C.I.C.

The amount due from the related party at the balance sheet date was £17,682 (2023 due to: £5,409).

13. ULTIMATE PARENT COMPANY

The company is a subsidiary of Upward Enterprises Limited, a company with a principal place of business at Bloxwich Hall, Elmore Court, Elmore Green Road, Bloxwich, WS3 2QW.