Upside Studio Ltd - Period Ending 2020-06-30

Upside Studio Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Upside Studio Ltd

Company Information

Director

Mr Niku Tyrone Banaie

Registered office

71-75 Shelton Street Covent Garden London WC2H 9JQ

Upside Studio Ltd

(Registration number: 09799152)
Balance Sheet as at 30 June 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	15,856	17,557
Current assets
Debtors	5	1,224,400	1,385,496
Cash at bank and in hand		2,057,212	1,231,314
		3,281,612	2,616,810
Creditors: Amounts falling due within one year	6	(847,124)	(379,467)
Net current assets		2,434,488	2,237,343
Net assets		2,450,344	2,254,900
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		2,450,343	2,254,899
Shareholders' funds		2,450,344	2,254,900

 

For the financial year ending 30 June 2020 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Upside Studio Ltd

(Registration number: 09799152)
Balance Sheet as at 30 June 2020

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 17 November 2020
 

.........................................

Mr Niku Tyrone Banaie
Director

Upside Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

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:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the director on 17 November 2020.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

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.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, usually at the point that the customer has signed for delivery of the goods.

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 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.

Upside Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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 profit and loss account because of items of income or expense that are taxable or deductible in other years 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 that reporting period.

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
Fixtures, Fittings and Equipment	Straight Line 25%

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.

Upside Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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.

Financial instruments

Classification
A financial asset or a financial liability is only recognised 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 arrrangement constitutes a financing transaction, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
 
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2019 - 10).

Upside Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 July 2019	28,381	28,381
Additions	4,912	4,912
At 30 June 2020	33,293	33,293
Depreciation
At 1 July 2019	10,824	10,824
Charge for the year	6,613	6,613
At 30 June 2020	17,437	17,437
Carrying amount
At 30 June 2020	15,856	15,856
At 30 June 2019	17,557	17,557

5

Debtors

	Note	2020 £	2019 £
Trade debtors		1,015,474	159,044
Amounts owed by group undertakings	9	71,015	39,802
Prepayments		28,721	30,883
Other debtors		109,190	1,155,767
		1,224,400	1,385,496

Upside Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	43,159	35,910
Taxation and social security	220,567	242,932
Accruals and deferred income	2,260	13,319
Other creditors	581,138	87,306
	847,124	379,467

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

8

Dividends

		2020		2019
		£		£
Interim dividend of £1,363,250 (2019 - £144,000) per ordinary share		1,363,250		144,000

Upside Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

9	Related party transactions

Transactions with directors

2020	At 1 July 2019 £	Advances to directors £	At 30 June 2020 £
Mr Niku Tyrone Banaie
Low interest loan repayable on demand	-	22,087	22,087

Summary of transactions with parent

Upside Holdings Ltd controls the company.
 At year end the company was owed £63,463 by Upside Holdings Ltd. The loan is interest free and the company has agreed not to ask for repayment until Upside Holdings has sufficient funds to do so.
 

Summary of transactions with entities with joint control or significant interest

Upside Ventures Ltd is also controlled by Upside Holdings Ltd.
 At year end the company was owed £1 by Upside Ventures Ltd. The loan is interest free and the company has agreed not to ask for repayment until Upside Ventures has sufficient funds to do so.
 

10	Parent and ultimate parent undertaking

The company's immediate parent is Upside Holdings Ltd, incorporated in England and Wales.

 The ultimate parent is Upside X Ltd, incorporated in England and Wales.

 The ultimate controlling party is Niku Banaie.