Upwithy Properties Limited 08777995 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is property rental business Digita Accounts Production Advanced 6.30.9574.0 true 08777995 2023-12-01 2024-11-30 08777995 2024-11-30 08777995 bus:OrdinaryShareClass1 2024-11-30 08777995 bus:OrdinaryShareClass2 2024-11-30 08777995 bus:OrdinaryShareClass3 2024-11-30 08777995 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-11-30 08777995 core:CurrentFinancialInstruments 2024-11-30 08777995 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 08777995 core:FurnitureFittingsToolsEquipment 2024-11-30 08777995 bus:SmallEntities 2023-12-01 2024-11-30 08777995 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 08777995 bus:FilletedAccounts 2023-12-01 2024-11-30 08777995 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 08777995 bus:RegisteredOffice 2023-12-01 2024-11-30 08777995 bus:Director1 2023-12-01 2024-11-30 08777995 bus:Director2 2023-12-01 2024-11-30 08777995 bus:Director3 2023-12-01 2024-11-30 08777995 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 08777995 bus:OrdinaryShareClass2 2023-12-01 2024-11-30 08777995 bus:OrdinaryShareClass3 2023-12-01 2024-11-30 08777995 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 08777995 bus:Agent1 2023-12-01 2024-11-30 08777995 core:FurnitureFittings 2023-12-01 2024-11-30 08777995 core:FurnitureFittingsToolsEquipment 2023-12-01 2024-11-30 08777995 core:LandBuildings 2023-12-01 2024-11-30 08777995 countries:EnglandWales 2023-12-01 2024-11-30 08777995 2023-11-30 08777995 core:FurnitureFittingsToolsEquipment 2023-11-30 08777995 2022-12-01 2023-11-30 08777995 2023-11-30 08777995 bus:OrdinaryShareClass1 2023-11-30 08777995 bus:OrdinaryShareClass2 2023-11-30 08777995 bus:OrdinaryShareClass3 2023-11-30 08777995 core:CurrentFinancialInstruments 2023-11-30 08777995 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 08777995 core:FurnitureFittingsToolsEquipment 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08777995

Upwithy Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Upwithy Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Upwithy Properties Limited

Company Information

Directors

Mr C D Pidgeon

Mrs E A Pidgeon

Miss A Pidgeon

Registered office

Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

Accountants

Redwoods
Chartered Certified Accountants2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Upwithy Properties Limited

(Registration number: 08777995)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,741

4,400

Investment property

5

1,362,957

1,362,957

Other financial assets

6

4

4

 

1,366,702

1,367,361

Current assets

 

Debtors

7

1,218

1,395

Cash at bank and in hand

 

11,743

35,604

 

12,961

36,999

Creditors: Amounts falling due within one year

8

(720,210)

(776,079)

Net current liabilities

 

(707,249)

(739,080)

Total assets less current liabilities

 

659,453

628,281

Provisions for liabilities

(19,744)

(19,744)

Net assets

 

639,709

608,537

Capital and reserves

 

Called up share capital

9

100

100

Other reserves

59,231

59,231

Retained earnings

580,378

549,206

Shareholders' funds

 

639,709

608,537

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 July 2025 and signed on its behalf by:
 

.........................................
Mr C D Pidgeon
Director

 

Upwithy Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

The principal place of business is:
Follett Orchard
Follett Road
Topsham
Exeter
EX3 0JP

These financial statements were authorised for issue by the Board on 25 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling and rounded to the nearest £1.

Judgements

In the application of the company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities, which is the renting of property.

 

Upwithy Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment property

Nil

Furniture, fittings and equipment

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Upwithy Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Upwithy Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

9,511

9,511

At 30 November 2024

9,511

9,511

Depreciation

At 1 December 2023

5,111

5,111

Charge for the year

659

659

At 30 November 2024

5,770

5,770

Carrying amount

At 30 November 2024

3,741

3,741

At 30 November 2023

4,400

4,400

5

Investment properties

2024
£

At 1 December

1,362,957

At 30 November

1,362,957

The fair value of the properties at 30th November 2024 has been arrived at on the basis of a valuation carried out by Mr C D Pidgeon, director of the company, who is not a professionally qualified valuer. The basis of the valuation was market value.

The class of asset has a current value of £1,362,957 (2023 - £1,362,957) and a carrying amount at historical cost of £1,283,982 (2023 - £1,283,982). The aggregate depreciation on this historical cost is £nil (2023 - £nill)

There has been no valuation of investment property by an independent valuer.

 

Upwithy Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2023

4

4

At 30 November 2024

4

4

Impairment

Carrying amount

At 30 November 2024

4

4

7

Debtors

Current

2024
£

2023
£

Prepayments

1,218

1,395

 

1,218

1,395

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,491

-

Taxation and social security

7,371

8,360

Accruals and deferred income

2,343

7,714

Other creditors

708,005

760,005

720,210

776,079

 

Upwithy Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.01 each

8,000

80

8,000

80

A Ordinary of £0.01 each

1,000

10

1,000

10

B Ordinary of £0.01 each

1,000

10

1,000

10

10,000

100

10,000

100

10

Reserves

Deferred tax has been provided on the investment property revaluation. These have been charged in the statement of comprehensive income and debited to the fair value reserve.