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UPSIDEDOWNDESIGN LIMITED

Registered Number
08218273
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

UPSIDEDOWNDESIGN LIMITED
Company Information
for the year from 1 October 2022 to 30 September 2023

Director

WHITBY, Carole Louise

Registered Address

27 Bootham
York
Y030 7BW

Registered Number

08218273 (England and Wales)
UPSIDEDOWNDESIGN LIMITED
Balance Sheet as at
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets448,48061,640
48,48061,640
Current assets
Stocks5570,000335,173
Debtors39,019110,159
Cash at bank and on hand5,66948,211
614,688493,543
Creditors amounts falling due within one year6(687,994)(597,681)
Net current assets (liabilities)(73,306)(104,138)
Total assets less current liabilities(24,826)(42,498)
Creditors amounts falling due after one year7(18,271)(27,920)
Net assets(43,097)(70,418)
Capital and reserves
Profit and loss account(43,097)(70,418)
Shareholders' funds(43,097)(70,418)
The financial statements were approved and authorised for issue by the Director on 5 March 2024, and are signed on its behalf by:
WHITBY, Carole Louise
Director
Registered Company No. 08218273
UPSIDEDOWNDESIGN LIMITED
Notes to the Financial Statements
for the year ended 30 September 2023

1.Accounting policies
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.
Statement of compliance
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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The accounts have been prepared on the going concern basis despite the balance sheet showing net liabilities, on the understanding that the directors and shareholders will continue to financially support 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 sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings-10
Vehicles25-
Office Equipment15-
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year66
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Vehicles

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 October 2290,55414,81624,251129,621
At 30 September 2390,55414,81624,251129,621
Depreciation and impairment
At 01 October 2247,5337,03813,41067,981
Charge for year10,7567781,62613,160
At 30 September 2358,2897,81615,03681,141
Net book value
At 30 September 2332,2657,0009,21548,480
At 30 September 2243,0217,77810,84161,640
5.Stocks
Stocks are valued at the lower of cost and net realisable value and presented in the functional currency of the company.

2023

2022

££
Work in progress390,000160,000
Finished goods180,000175,173
Total570,000335,173
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables69,21767,757
Bank borrowings and overdrafts10,15010,150
Amounts owed to related parties598,248480,752
Taxation and social security3,1817,488
Other creditors6,2045,541
Accrued liabilities and deferred income99425,993
Total687,994597,681
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts18,27127,920
Total18,27127,920
8.Provisions for liabilities