Upside Studio Ltd
Upside Studio Ltd
Registered number: 09799152
Unaudited Financial Statements
For The Year Ended 30 June 2019
Ten Forward Finance Ltd
Chartered Certified Accountants
Balfour House
741 High Road
London
N12 0BP
Upside Studio Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3—6 |
Upside Studio Ltd
Balance Sheet
As at
30 June 2019
Balance Sheet
Registered number:
09799152
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 as restated |
||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Debtors | 4 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 5 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
|
|
||
| Profit and Loss Account |
|
|
|||
| SHAREHOLDERS' FUNDS | 2,254,899 | 1,053,317 | |||
Directors' responsibilities:
-
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 Profit and Loss Account.
On behalf of the board
|
|
|
|
Page 1
Upside Studio Ltd
Balance Sheet (continued)
As at
30 June 2019
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Upside Studio Ltd
Notes to the Financial Statements
For The Year Ended 30 June 2019
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.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
| Computer Equipment |
|
1.4.
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.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 3
Upside Studio Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2019 | 2018 | ||
|---|---|---|---|
| Sales, marketing and distribution |
|
|
|
|
|
|
||
3.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at |
|
|
|
| Additions |
|
|
|
| As at |
|
|
|
| Depreciation | |||
| As at |
|
|
|
| Provided during the period |
|
|
|
| As at |
|
|
|
| Net Book Value | |||
| As at |
|
|
|
| As at |
|
|
|
4.
Debtors
| 2019 | 2018 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Amounts owed by group undertakings |
|
|
|
|
|
|
||
Page 4
Upside Studio Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
5.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| VAT |
|
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
|
|
|
|
|
||
7.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
|---|---|---|
| 2019 | 2018 | |
| £ | £ | |
| Within 1 year | 51,833 | 155,496 |
| Between 1 and 5 years | - | 51,833 |
| 51,833 | 207,329 | |
8.
Directors Advances, Credits and Guarantees
Included within creditors are the following loans from the directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Tom Himpe |
( |
|
|
- |
( |
| Mr Niku Banaie |
( |
|
|
- |
( |
The above loan is unsecured, interest free and repayable on demand.
Page 5
Upside Studio Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2019
9.
Related Party Transactions
Upside Ventures Ltd
Upside Ventures Ltd is also controlled by Upside Holdings Ltd.
At year end , the company was owed £1 from Upside Ventures Ltd. This loan is interest free and the company has agreed not to ask for repayment until Upside Ventures Ltd has sufficient funds to do so.
Upside Holdings Ltd
Upside Holdings Ltd controls the company.
At the year end, the company was owed £39,801 by Upside Holdings Ltd. This is an interest free loan. The company has agreed not to seek repayment of this amount until Upside Holdings Ltd has sufficient funds to do so.
10.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Upside Holdings Ltd . Upside Holdings Ltd was incorporated in the United Kingdom. The ultimate controlling parties are Mr Niku Banaie and Mr Tom Himpe who control 100% of the shares of Upside Holdings Ltd.
11.
General Information
Upside Studio Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09799152 . The registered office is Balfour House, 741 High Road, London, N12 0BP.
Page 6