Upstreamly Ltd
Upstreamly Ltd
Registered number: 09580262
Financial Statements
For The Year Ended
31 March 2023
Upstreamly Ltd
Financial Statements
For The Year Ended
31 March 2023
Financial Statements
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Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Upstreamly Ltd
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
09580262
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 4 |
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Tangible Assets | 5 |
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CURRENT ASSETS | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 36,718 | 43,178 | |||
Upstreamly Ltd
Balance Sheet (continued)
As At
31 March 2023
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
Upstreamly Ltd
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
General Information
Upstreamly Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
09580262
. The registered office is 7 Albert Buildings, 49 Queen Victoria Street, London, EC4N 4SA.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Turnover represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Turnover is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Turnover that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets represent cryptoassets which are paid to the Company by some of its customers in return for services rendered. They are initially measured at cost and reviewed for impairment on an annual basis. The director estimates that the residual value of the cryptoassets is at least equal to the market value at the balance sheet date. This estimate is made on the basis that there is a general upwards trend in value of the assets, and that an active market exists for these assets. Therefore there is a Nil amortisation rate over the life of the asset. This estimate will be reviewed in each period of account.
2.5.
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 |
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Computer Equipment |
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2.6.
Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2.7.
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.
Upstreamly Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
2.8.
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 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 the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9.
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.
2.10.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
4.
Intangible Assets
Other | |||
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Cost | |||
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Additions |
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Net Book Value | |||
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As at
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Upstreamly Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
5.
Tangible Assets
Fixtures & Fittings | Computer Equipment | Total | |
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Cost | |||
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Additions |
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Depreciation | |||
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Provided during the period |
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Net Book Value | |||
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6.
Debtors
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Due within one year | |||
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Prepayments and accrued income |
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Due after more than one year | |||
Other debtors |
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7.
Creditors: Amounts Falling Due Within One Year
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Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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Other taxes and social security |
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VAT |
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Other creditors |
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Accruals and deferred income |
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Director's loan account |
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Upstreamly Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
8.
Creditors: Amounts Falling Due After More Than One Year
2023 | 2022 | ||
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£ | £ | ||
Bank loans |
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10.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
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Not later than one year |
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Later than one year and not later than five years |
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The lease relates to the Company's office premesis.