Company registration number 07044175 (England and Wales)
UPSTREAM ENTERTAINMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
UPSTREAM ENTERTAINMENT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
UPSTREAM ENTERTAINMENT LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
729
1,959
Current assets
Debtors
4
182,345
167,802
Cash at bank and in hand
12,470
2,467
194,815
170,269
Creditors: amounts falling due within one year
5
(129,352)
(138,335)
Net current assets
65,463
31,934
Total assets less current liabilities
66,192
33,893
Creditors: amounts falling due after more than one year
6
(63,389)
(42,645)
Net assets/(liabilities)
2,803
(8,752)
Capital and reserves
Called up share capital
500
500
Profit and loss reserves
2,303
(9,252)
Total equity
2,803
(8,752)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
Mr R Salmon
Director
Company registration number 07044175 (England and Wales)
UPSTREAM ENTERTAINMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Upstream Entertainment Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 180 Great Portland Street, London, W1W 5QZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for artist management and consultancy fees net of VAT.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Straight line depreciation
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.7
Financial instruments
The company only has basic 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.
UPSTREAM ENTERTAINMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
31,228
Depreciation
At 1 January 2023
29,270
Depreciation charged in the year
1,229
At 31 December 2023
30,499
Carrying amount
At 31 December 2023
729
At 31 December 2022
1,959
UPSTREAM ENTERTAINMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,709
1,420
Corporation tax recoverable
36,764
36,918
Other debtors
126,872
129,464
182,345
167,802
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,904
5,957
Trade creditors
16,857
18,534
Corporation tax
86,882
94,825
Other taxation and social security
8,733
7,601
Other creditors
9,976
11,418
129,352
138,335
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
63,389
42,645
7
Directors' transactions
Loans have been granted by the company to its directors' as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan to director
2.25
64,297
827
1,342
(6,405)
60,061
Loan to director
2.25
64,297
827
1,342
(6,405)
60,061
128,594
1,654
2,684
(12,810)
120,122