Upside Studio Ltd - Period Ending 2021-06-30
Upside Studio Ltd - Period Ending 2021-06-30
Registration number:
Upside Studio Ltd
for the Year Ended 30 June 2021
Upside Studio Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Upside Studio Ltd
Company Information
Director |
Mr Niku Tyrone Banaie |
Registered office |
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Upside Studio Ltd
(Registration number: 09799152)
Balance Sheet as at 30 June 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Profit and loss account |
1,741,015 |
2,450,343 |
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Shareholders' funds |
1,741,016 |
2,450,344 |
For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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 2021
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
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Upside Studio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
There has been no adverse impact on the company from Brexit. The company has been able to operate as usual.
The Covid-19 pandemic has had no adverse impact on the company. The company has been able to operate as usual.
Exemption from preparing group accounts
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.
Upside Studio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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.
Foreign currency transactions and balances
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% |
Upside Studio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intangible Assets |
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.
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.
Upside Studio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Upside Studio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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Additions internally developed |
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At 30 June 2021 |
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Amortisation |
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Amortisation charge |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2020 |
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- |
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Additions |
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Disposals |
( |
- |
( |
At 30 June 2021 |
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Depreciation |
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At 1 July 2020 |
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- |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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- |
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Upside Studio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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Upside Studio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Dividends |
2021 |
2020 |
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£ |
£ |
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Interim dividend of £ |
2,552,000 |
1,363,250 |
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Upside Studio Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Related party transactions |
Transactions with the director |
2021 |
At 1 July 2020 |
Repayments by director |
At 30 June 2021 |
Mr Niku Tyrone Banaie |
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Low interest loan repayable on demand |
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( |
- |
2020 |
At 1 July 2019 |
Advances to directors |
At 30 June 2020 |
Mr Niku Tyrone Banaie |
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Low interest loan repayable on demand |
- |
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Summary of transactions with parent
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is