UPSTREAMLY LTD

2020-04-012021-03-312021-03-31false09580262UPSTREAMLY 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UPSTREAMLY LTD

Registered Number
09580262
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 March 2021

UPSTREAMLY LTD

Company Information
for the year from 1 April 2020 to 31 March 2021


Directors	Amir Absoud


Registered Address	7 Albert Buildings
	49 Queen Victoria Street
	London
	EC4N 4SA


Registered Number	09580262 (England and Wales)

UPSTREAMLY LTD

Balance Sheet as at
31 March 2021

	Notes	2021		2020
		£	£	£	£
Fixed assets
Tangible assets	7		4,442		5,419
			4,442		5,419
Current assets
Debtors		34,890		32,668
Cash at bank and on hand		120,300		24,391
		155,190		57,059
Creditors amounts falling due within one year		(60,667)		(45,304)
Net current assets (liabilities)			94,523		11,755
Total assets less current liabilities			98,965		17,174
Creditors amounts falling due after one year			(43,333)		-
Net assets			55,632		17,174
Capital and reserves
Called up share capital			100		100
Profit and loss account			55,532		17,074
Shareholders' funds			55,632		17,174

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
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 in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Director on 28 November 2021, and are signed on its behalf by:

Amir Absoud
Director
Registered Company No. 09580262

UPSTREAMLY LTD

Notes to the Financial Statements
for the year ended 31 March 2021

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	FIRST TIME ADOPTION AND OTHER FACTORS RELEVANT TO TRANSITION
	The company transitioned to FRS 102 on 1 April 2020 and thus these are the first set of accounts under that standard. The prior year accounts were prepared under FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime. The comparatives were not restated as there is no material difference between FRS 102 and FRS 105 as applied to these accounts.

4.	PRINCIPAL ACTIVITIES
	The principal activities of the company is the provision of professional services to clients.

5.	ACCOUNTING POLICIES

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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 rendering of services to clients.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Government grants and other government assistance policy
	Government grants are recognised as due to the company when there is reasonable assurance that the grants will be received.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Going concern
	The COVID-19 pandemic has developed rapidly in 2020 and continued into 2021. The resulting impact of the virus on the operations and measures taken by the UK Government to contain the virus have been considered in the company’s budgeting and forecasting process. Whilst the pandemic has resulted in changes in working practices for example with staff working primarily from home, the company has rapidly adapted to the new environment with minimal consequences and disruption to its operations. The health and safety and well-being of our people has been a priority whilst remaining focused to deliver to our clients despite the pandemic. The measures put in place have ensured that we have remained resilient throughout 2021. The company has also taken advantage of the government’s various Covid-19 financial assistance schemes including the VAT deferral scheme where it was able to defer £10,291 of VAT payable from the quarter ended 31 March 2020 to pay in monthly instalments starting from March 2021. As part of the ongoing review, consideration is given to annual budgets, strategic plan and monthly re-forecast. In assessing Going Concern, the director has considered different scenarios as to how COVID-19 outbreak may affect the financials performance or cash flow by evaluating the sensitivity to business as usual and potential risks the company may face in a potential period of uncertainty. Sensitivity analysis includes a variation of scenarios regarding revenue generation, ratios, liquidity analysis and debtor days. The financial statements have been prepared on the going concern basis, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. In considering the going concern assumption, the director has considered the cash flow requirements of the company. The director is confident that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Going concern

The COVID-19 pandemic has developed rapidly in 2020 and continued into 2021. The resulting impact of the virus on the operations and measures taken by the UK Government to contain the virus have been considered in the company’s budgeting and forecasting process. Whilst the pandemic has resulted in changes in working practices for example with staff working primarily from home, the company has rapidly adapted to the new environment with minimal consequences and disruption to its operations. The health and safety and well-being of our people has been a priority whilst remaining focused to deliver to our clients despite the pandemic. The measures put in place have ensured that we have remained resilient throughout 2021. The company has also taken advantage of the government’s various Covid-19 financial assistance schemes including the VAT deferral scheme where it was able to defer £10,291 of VAT payable from the quarter ended 31 March 2020 to pay in monthly instalments starting from March 2021.
As part of the ongoing review, consideration is given to annual budgets, strategic plan and monthly re-forecast. In assessing Going Concern, the director has considered different scenarios as to how COVID-19 outbreak may affect the financials performance or cash flow by evaluating the sensitivity to business as usual and potential risks the company may face in a potential period of uncertainty. Sensitivity analysis includes a variation of scenarios regarding revenue generation, ratios, liquidity analysis and debtor days. The financial statements have been prepared on the going concern basis, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. In considering the going concern assumption, the director has considered the cash flow requirements of the company. The director is confident that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

6.	EMPLOYEE INFORMATION

		2021		2020
	Average number of employees during the year	4		3

7.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 April 20	8,258
	Additions	1,533
	At 31 March 21	9,791
	Depreciation and impairment
	At 01 April 20	2,839
	Charge for year	2,510
	At 31 March 21	5,349
	Net book value
	At 31 March 21	4,442
	At 31 March 20	5,419