| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended |
| 30 September 2024 |
| for |
| Upward (Property Estates) Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| Additions |
| Revaluations | 1,270,501 |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| Amounts owed by group undertakings |
| Amounts owed by participating interests | 25,812 | 8,130 |
| Other debtors |
| 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 |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to participating interests | - | 5,409 |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Amounts owed to group undertakings |
| 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 |
| 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 |
| Transfer | 1,270,501 |
| Deferred tax | (319,000 | ) |
| At 30 September 2024 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 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. |