Upside Energy Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09115827 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

UPSIDE ENERGY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Oakes

M D Potts

C Joly

REGISTERED OFFICE:

64

The Crescent

Northwich

Cheshire

CW9 8AD

REGISTERED NUMBER:

09115827 (England and Wales)

FIXED ASSETS

Intangible assets

4

218,304

19,431

Tangible assets

5

2,170

3,593

220,474

23,024

CURRENT ASSETS

Debtors

6

218,667

116,935

Cash at bank

463,099

262,706

681,766

379,641

CREDITORS

Amounts falling due within one year

7

119,183

139,216

NET CURRENT ASSETS

562,583

240,425

TOTAL ASSETS LESS CURRENT LIABILITIES

783,057

263,449

CAPITAL AND RESERVES

Called up share capital

9

464

362

Share premium

1,094,836

309,938

Retained earnings

(312,243

)

(46,851

)

SHAREHOLDERS' FUNDS

783,057

263,449

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 October 2017 and were signed on its behalf by:

G Oakes - Director

C Joly - Director

1.	STATUTORY INFORMATION

Upside Energy Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis as the directors confirm that revenues

since May 2017 are scaling up and that the next funding round to secure the ongoing activities of the

company will close by October 2017.

These financial statements have been prepared in accordance with the provisions of Section 1A ''Small

Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK

and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared

under the historical cost convention.

These are the first financial statements the Company has prepared in accordance with Financial

Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of

Ireland'' (FRS 102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The

financial statements for the year ended 31 March 2016 were prepared in accordance with Financial

Reporting Standard for Smaller Entities (effective January 2015) (FRSSE).

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and

accounting policy choices differ from the FRSSE. Consequently the directors have amended certain

accounting policies to comply with FRS 102. The directors have also taken advantage of certain

exemptions from the requirements of FRS 102 permitted by FRS 102 Chapter 35 ''Transition to FRS''.

There are no changes in the prior period on transition to FRS 102 as the directors consider them to be

immaterial to financial statements.

Patents

The patent fee is being amortised evenly over its estimated useful life of 5 years.

Development costs

The development costs are being amortised evenly over the estimated useful life of 3 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

50% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2016 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2016

24,289

Additions

303,820

At 31 March 2017

328,109

AMORTISATION

At 1 April 2016

4,858

Charge for year

104,947

At 31 March 2017

109,805

NET BOOK VALUE

At 31 March 2017

218,304

At 31 March 2016

19,431

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2016

7,186

Additions

4,340

At 31 March 2017

11,526

DEPRECIATION

At 1 April 2016

3,593

Charge for year

5,763

At 31 March 2017

9,356

NET BOOK VALUE

At 31 March 2017

2,170

At 31 March 2016

3,593

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade debtors

2,400

35,871

Other debtors

76,500

75,000

Notional RDEC tax

13,167

-

Tax

98,043

-

VAT

13,743

4,391

Prepayments

14,814

1,673

218,667

116,935

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade creditors

42,048

5,727

Social security and other taxes

15,048

11,548

Other creditors

12,954

31,000

Directors' current accounts

47,309

87,844

Accruals and deferred income

1,824

3,097

119,183

139,216

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/3/17

31/3/16

£

£

Within one year

6,191

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number

Class

Nominal value

31/3/2017

£

1,500

Ordinary Oakes

10p

150

1,500

Ordinary Tripod

10p

150

1,640

Ordinary Investor

10p

164

464

Number

Class

Nominal Value

31/3/2016

£

150

Ordinary Oakes

£1

150

150

Ordinary Tripod

£1

150

62

Ordinary Investor

£1

62

362

The following were allotted during the year at a premium as shown below:

47 Ordinary Investor shares of £1 each at £5,000 per share.

During the year the £1 shares were sub-divided into 10p shares.

A further 550 Ordinary Investor shares of 10p each were allotted at £1,000 per share.

10.	ULTIMATE CONTROLLING PARTY

There is no controlling party due to the virtue of the shareholdings.

11.	SHARE-BASED PAYMENT TRANSACTIONS

During the year to 31st March 2017, an Executive Management Incentive Scheme was in place

whereby, subject to certain conditions, 3 employees were able to exercise options to acquire shares in

Upside Energy Ltd.

Options were granted on 25th September 2015 and 12th November 2015. The shares will only vest in

the option holder on the sale of the company. There are no cash settlement alternatives. No expense

has been recognised for share based payments in respect of employee services received during the

period to 31st March 2017. The following table illustrates the number of, and movements in, share

options during the year.

31.3.2017

31.3.2016

No.

No.

Outstanding as at 30 April

36

-

Granted during the year

-

36

Exercised during the year

-

-

Outstanding as at 30 April

36

36

Exercisable as at 30 April

36

36