1 October 2023 v2025.36.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBPSC5185232023-10-012024-09-30SC5185232024-09-30SC5185232023-09-30SC518523core:WithinOneYear2024-09-30SC518523core:WithinOneYear2023-09-30SC518523core:ShareCapital2024-09-30SC518523core:ShareCapital2023-09-30SC518523core:RetainedEarningsAccumulatedLosses2024-09-30SC518523core:RetainedEarningsAccumulatedLosses2023-09-30SC518523bus:Director12023-10-012024-09-30SC518523bus:RegisteredOffice2023-10-012024-09-30SC518523core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-10-012024-09-30SC518523core:IntangibleAssetsOtherThanGoodwill2024-09-30SC518523core:IntangibleAssetsOtherThanGoodwill2023-10-01SC518523core:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-30SC518523core:IntangibleAssetsOtherThanGoodwill2023-09-30SC51852312023-10-012024-09-30SC5185232022-10-012023-09-30SC518523countries:Scotland2023-10-012024-09-30SC518523bus:AuditExemptWithAccountantsReport2023-10-012024-09-30SC518523bus:PrivateLimitedCompanyLtd2023-10-012024-09-30SC518523bus:SmallEntities2023-10-012024-09-30SC518523bus:FullAccounts2023-10-012024-09-30
Company registration number:
SC518523
Usepaq Ltd
Unaudited Filleted Financial Statements for the year ended
30 September 2024
R Iain Gardner & Co
Chartered Accountants
2 Bishops Park, Thorntonhall, Glasgow, G74 5AF, United Kingdom
Usepaq Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Usepaq Ltd
Year ended
30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Usepaq Ltd
for the year ended
30 September 2024
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/​accountspreparationguidance.
This report is made solely to the Board of Directors of
Usepaq Ltd
, as a body, in accordance with the terms of our engagement letter dated 9 January 2023. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Usepaq Ltd
and state those matters that we have agreed to state to the Board of Directors of
Usepaq Ltd
, as a body, in this report in accordance with the requirements of the ICAS as detailed at http://www.icas.com/​accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Usepaq Ltd
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Usepaq 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
Usepaq Ltd
. You consider that
Usepaq Ltd
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Usepaq Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
R Iain Gardner & Co
Chartered Accountants
2 Bishops Park
Thorntonhall
Glasgow
G74 5AF
United Kingdom
Date:
14 June 2025
Usepaq Ltd
Statement of Financial Position
30 September 2024
20242023
Note££
Fixed assets    
Intangible assets 5
13,160
 
16,450
 
Current assets    
Debtors 6
30,027
 
30,027
 
Cash at bank and in hand
18,154
 
1,289
 
48,181
 
31,316
 
Creditors: amounts falling due within one year 7
(7,238
)
(12,642
)
Net current assets
40,943
 
18,674
 
Total assets less current liabilities 54,103   35,124  
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
53,103
 
34,124
 
Shareholders funds
54,103
 
35,124
 
For the year ending
30 September 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
14 June 2025
, and are signed on behalf of the board by:
Dr Nick Bradley
Director
Company registration number:
SC518523
Usepaq Ltd
Notes to the Financial Statements
Year ended
30 September 2024

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
Glencloy
,
Montrose Terrace
,
Bridge Of Weir
,
PA11 3DD
, Scotland.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Current tax

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.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Development costs
10% straight line

Impairment

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 October 2023
and
30 September 2024
32,899
 
Amortisation  
At
1 October 2023
16,449
 
Charge
3,290
 
At
30 September 2024
19,739
 
Carrying amount  
At
30 September 2024
13,160
 
At 30 September 2023
16,450
 

6 Debtors

20242023
££
Other debtors
30,027
 
30,027
 

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
5,223
 
5,251
 
Other creditors
2,015
 
7,391
 
7,238
 
12,642
 

8 Director's advances, credit and guarantees

Included within other creditors is a loan from Dr Nick Bradley of £635 (2023: £6,611). This loan is interest free and has no fixed repayment date.

10 Controlling party

The company was under the control of Dr Nick Bradley during this year and the preceeding year by virtue of his 100% shareholding.