Upside Holdings Ltd
Upside Holdings Ltd
Registered number: 09796886
Unaudited Financial Statements
For The Year Ended 30 June 2018
Ten Forward Finance Ltd
Certified Practising Accountants
Balfour House
741 High Road
London
N12 0BP
Upside Holdings Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2018
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
Upside Holdings Ltd
Statement of Financial Position
For The Year Ended 30 June 2018
Statement of Financial Position
Registered number:
09796886
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2018 | 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 3 |
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| CURRENT ASSETS | |||||
| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 167 | 200 | |||
Page 1
Upside Holdings Ltd
Statement of Financial Position (continued)
For The Year Ended 30 June 2018
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Upside Holdings Ltd
Notes to the Financial Statements
For The Year Ended 30 June 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.Consolidation
Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
1.2.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
1.3.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2018 | 2017 | ||
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| Sales, marketing and distribution |
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Page 3
Upside Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2018
3.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at |
102 |
| As at |
102 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
102 |
| As at |
102 |
4.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
|---|---|---|---|
| £ | £ | ||
| Other creditors |
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| Amounts owed to group undertakings |
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6.
Directors Advances, Credits and Guarantees
Dividends paid to directors
| 2018 | 2017 | |
|---|---|---|
| £ | £ | |
| Mr Tom Himpe | 299,839 | 142,260 |
| Mr Niku Banaie | 587,008 | 342,360 |
Page 4
Upside Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2018
7.
Related Party Transactions
Upside Ventures Ltd
The company controls Upside Ventures Ltd.
The company owed Upside Ventures Ltd £1. This is an interest free loan repayable on demand
Upside Studio Ltd
The company controls Upside Studio Ltd.
During the year, the company owed money to Upside Studio Ltd. At the year end, the company owed £25,752 to Upside Studio Ltd. This is an interest free loan. Upside Studio Ltd has agreed not to seek repayment of this amount until the company has sufficient funds to do so.
8.
Ultimate Controlling Party
The company's ultimate controlling party are Mr Niku Banaie and Mr Tom Himpe by virtue of their ownership of 100% of the issued share capital in the company.
9.
General Information
Upside Holdings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09796886 . The registered office is Balfour House, 741 High Road, London, N12 0BP.
Page 5