Company No:
Contents
DIRECTORS | M K Kotecha |
A Ruparelia | |
SECRETARY | M K Kotecha |
REGISTERED OFFICE | Suite 24 |
W&N Building | |
Whitefriars Avenue | |
Harrow | |
HA3 5RN | |
United Kingdom | |
COMPANY NUMBER | 10543118(England and Wales) |
ACCOUNTANT | Deloitte LLP |
1 New Street Square | |
London | |
EC4A 3HQ | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Upside Capital Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Upside Capital Ltd. You consider that Upside Capital Ltd is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Upside Capital Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Accountant
London
EC4A 3HQ
United Kingdom
2019 | 2018 | |||
Note | £ | £ | ||
restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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20,489 | 22,192 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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219,065 | 723,370 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 57,621 | 520,646 | ||
Total assets less current liabilities | 78,110 | 542,838 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors’ responsibilities:
The financial statements of Upside Capital Ltd (registered number:
A Ruparelia
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Upside Capital Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 24, W&N Building, Whitefriars Avenue, Harrow, HA3 5RN, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council. These are the Company’s first set of financial statements prepared in accordance with FRS 102 1A. The directors have concluded that no transition adjustments are required as a result of changes to accounting policies consequential to the adoption of FRS 102 1A. The date of transition to FRS 102 1A was 1 January 2018.
The functional currency of Upside Capital Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Since the period under review, the potential rapid spreading of COVID-19 has become a significant emerging risk to the global economy. The directors continue to monitor the impact of the virus on the business as more information about the epidemic emerges. Whilst the lock-down measures significantly impacted revenue post year end, the Company implemented cost reduction measures and furloughed staff. As lock-down has eased revenue has started to be generated and this alongside reduced costs means the Company has sufficient cash reserves to meet their liabilities as they fall due for a minimum of 12 months from the date of the signing of the financial statements. At the time of signing the directors do not consider COVID-19 to impact the Company’s ability to continue as a going concern. The directors note this is a non-adjusting post balance sheet event.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. In assessing the latest position, given the level of cash held due to post year end trading, nothing has come to the attention of the directors that would suggest the Company is not a going concern. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Consolidated financial statements have not been prepared, on the basis that the group qualifies as small per the provisions outlined in s400 Companies Act 2006.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The costs capitalised relate to the registering of a website domain. The intangible asset is amortised over the period during which the Company is expected to benefit. This period is five years. Provision is made for any impairment.
Office equipment - 4 years.
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in subsidiaries are measured at cost less impairment.
The Balance Sheet for the year ended 31 December 2018 as previously stated was £623,338. The restatement has resulted in an increase in current liabilities of £82,500 and a reduction in share premium of £82,500, therefore the restated Balance Sheet total is £542,838. The prior year adjustment has had no impact on losses for the year ended 31 December 2018.
2019 | 2018 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | |
£ | £ | |
Cost | ||
At 01 January 2019 |
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At 31 December 2019 |
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Accumulated amortisation | ||
At 01 January 2019 |
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Charge for the financial year |
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At 31 December 2019 |
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Net book value | ||
At 31 December 2019 |
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At 31 December 2018 |
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Office equipment | Total | |
£ | £ | |
Cost/Valuation | ||
At 01 January 2019 |
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Additions |
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At 31 December 2019 |
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Accumulated depreciation | ||
At 01 January 2019 |
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Charge for the financial year |
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At 31 December 2019 |
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Net book value | ||
At 31 December 2019 |
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At 31 December 2018 |
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Investments in subsidiaries
2019 | |
£ | |
Cost | |
At 01 January 2019 |
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Additions |
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At 31 December 2019 |
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Carrying value at 31 December 2019 |
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Carrying value at 31 December 2018 |
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Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
% of ownership
31.12.19 |
% of ownership
31.12.18 |
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Suite 24, W&N Building, 2 Whitefriars Avenue, Harrow, United Kingdom, HA3 5RN | Activities of mortgage finance companies |
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2019 | 2018 | |
£ | £ | |
Trade debtors |
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Other debtors |
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2019 | 2018 | |
£ | £ | |
Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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Remuneration was paid to the directors of £23,500 (2018: £24,000). The directors are the only key management personnel of the Company.
In accordance with FRS 102 Section 33, the Company has not disclosed any related party transactions between this Company and its wholly-owned subsidiary.
Included within other debtors is a loan of £602 (2018: £nil) owed by a director of the Company. The loan is unsecured, interest free and repayable on demand.