Upside Studio Ltd
Upside Studio Ltd
Registered number: 09799152
Unaudited Financial Statements
For The Year Ended 30 June 2017
Ten Forward Finance Ltd
Certified Practising Accountants
Balfour House
741 High Road
London
N12 0BP
Upside Studio Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—6 |
Upside Studio Ltd
Statement of Financial Position
For The Year Ended 30 June 2017
Statement of Financial Position
Registered number:
09799152
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 30 June 2017 | Period to 30 June 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 546,119 | 269,846 | |||
Page 1
Upside Studio Ltd
Statement of Financial Position (continued)
For The Year Ended 30 June 2017
Directors' responsibilities:
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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 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 Income Statement.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Upside Studio Ltd
Notes to the Unaudited Accounts
For The Year Ended 30 June 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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 performed 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.
1.3.
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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1.4.
Financial Instruments
A financial asset or a financial liability is recognised only 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 arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
Page 3
Upside Studio Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 30 June 2017 | Period to 30 June 2016 | ||
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| Sales, marketing and distribution |
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3.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| Cost | |||
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| Additions |
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| Disposals |
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| Depreciation | |||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||
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Page 4
Upside Studio Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
4.
Debtors
| 30 June 2017 | Period to 30 June 2016 | ||
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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| Amounts owed by group undertakings |
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5.
Creditors: Amounts Falling Due Within One Year
| 30 June 2017 | Period to 30 June 2016 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to group undertakings |
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Page 5
Upside Studio Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
7.
Transactions With and Loans to Directors
Included within Creditors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | As at |
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| £ | £ | £ | £ | |
| Mr Niku Banaie |
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| Mr Tom Himpe |
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The above loan is unsecured, interest free and repayable on demand.
8.
Related Party Transactions
Upside Innovations Ltd
Upside Innovations Ltd is also controlled by Upside Holdings Ltd
The company was charged a management fee by Upside Innovations Ltd in the sum of £300,000 during the year. During the year, the company owed money to Upside Innovations Ltd. At the year end, the company owed £79,765 to Upside Innovations Ltd. This is an interest free loan. Upside Innovations Ltd has agreed not to seek repayment of this amount until the comapny has sufficient funds to do so.
Upside Holdings Ltd
Upside Holdings Ltd controls the company.
During the year, the company was owed money by Upside Holdings Ltd. At the year end, the company was owed £17,748 by Upside Holdings Ltd. This is an interest free loan. The company has agreed not to seek repayment of this amount until Upside Holdings Ltd has sufficient funds to do so.
9.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Upside Holdings Ltd . Upside Holdings Ltd was incorporated in United Kingdom. The ultimate controlling party is Mr Niku Banaie and Mr Tom Himpe who control 100% of the shares of Upside Holdings Ltd .
10.
Transition to FRS 102
There have been no reclassifications or remeasurements on transition to FRS 102.
11.
General Information
Upside Studio Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09799152 . The registered office is Balfour House, 741 High Road, London, N12 0BP.
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