Upwey Estates Limited - Filleted accounts

UPWEY ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023

Company Registration Number: 04683098

UPWEY ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

UPWEY ESTATES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
DIRECTORS
J R P Rowe
J E Taylor
SECRETARY
J E Taylor
REGISTERED OFFICE
Upwey
Radley Road
Abingdon
Oxfordshire
OX14 3PP
COMPANY REGISTRATION NUMBER
04683098 England and Wales

UPWEY ESTATES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
			Notes		2023				2022
					£				£
FIXED ASSETS
Investments			5				2,612,350				2,612,350
CURRENT ASSETS
Debtors			6		90,000				-
Cash at bank and in hand					33,407				85,868
					123,407				85,868
CREDITORS: Amounts falling due within one year			7		86,229				74,041
NET CURRENT ASSETS							37,178				11,827
TOTAL ASSETS LESS CURRENT LIABILITIES							2,649,528				2,624,177
CREDITORS: Amounts falling due after more than one year			8				567,901				633,775
Provisions for liabilities and charges							288,628				288,628
NET ASSETS							1,792,999				1,701,774
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							927,017				835,792
Non distributable profit and loss account							865,882				865,882
SHAREHOLDERS' FUNDS							1,792,999				1,701,774

UPWEY ESTATES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
J R P Rowe						J E Taylor
Director						Director
Date approved by the board: 13 December 2023

UPWEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1	GENERAL INFORMATION
	Upwey Estates Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Upwey
	Radley Road
	Abingdon
	Oxfordshire
	OX14 3PP
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Going concern

	The accounts have been drawn up on the going concern basis. The company owes its bank £628,198 which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank. The directors do not consider the support of the bank likely to be withdrawn.
	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of rental income received during the year.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Investment properties

	Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
	Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.

UPWEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost 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 balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Debtors

	Short term debtors are measured at transaction price, less any impairment.
	Loans receivable are measured initially at fair value, net of transaction costs, and subsequently at amortised cost, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.

UPWEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using 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.
	Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.

	Current and deferred tax assets and liabilities are not discounted.
	Borrowing costs
	All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	The directors have made key assumptions in determination of the fair value of its investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of these assets.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2023		2022
	Average number of employees								2		2

UPWEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
5	FIXED ASSET INVESTMENTS
											Investment properties
											£
	Cost
	At 1 April 2022										2,612,350
	At 31 March 2023										2,612,350
	Net book value
	At 1 April 2022										2,612,350
	At 31 March 2023										2,612,350
	In the opinion of the directors, all investment properties have been stated at fair value.
6	DEBTORS
									2023		2022
									£		£
	Other debtors								90,000		-
7	CREDITORS: Amounts falling due within one year
									2023		2022
									£		£
	Bank loans and overdrafts								60,297		52,939
	Taxation and social security								21,366		17,344
	Accruals and deferred income								2,460		2,160
	Other creditors								2,106		1,598
									86,229		74,041
8	CREDITORS: Amounts falling due after more than one year
									2023		2022
									£		£
	Bank loans and overdrafts								567,901		633,775
	Included in the amounts falling due after more than one year are the following amounts which are due in more
	than five years:
									2023		2022
									£		£
	Bank loans and overdrafts								307,274		404,544

UPWEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
9	SECURED DEBTS
	The company's bankers hold fixed and floating charges over the company's investment properties.
10	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
	The following director's advances, credits and guarantees took place during the year was:
			Balance at 1 April 2022		Amounts advanced		Amounts repaid		Amounts written off or waived		Balance at 31 March 2023
			£		£		£		£		£
	J E Taylor		-		90,000		-		-		90,000

	Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.

11	RELATED PARTY TRANSACTIONS
	During the year, the following transactions with related parties took place:
	J R P Rowe
	Director and shareholder								2023		2022
									£		£
	Advances to company		The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount:						1,229		1,191