| StemX Ltd |
| Notes to the Accounts |
| for the year ended 30 September 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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. |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Foreign currency translation |
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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. |
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| 2 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
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Corporation tax |
(33,069) |
|
- |
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Other taxes and social security costs |
(10,020) |
|
- |
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Other creditors |
285,170 |
|
160,570 |
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|
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|
242,081 |
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160,570 |
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| 3 |
Related party transactions |
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During the year ended 30 September 2018, loans were made to the company by Highwood Bic Limited, a company in which Mr. S G Chapman is a director and shareholder. At 30 September 2018, an amount of £193,472 (2017: £94,500) is owed to Highwood Bic Limited.
During the year ended 30 September 2018, loans were made to the company by Mutual Solutions Limited, a company in which Mr. G H Miller is a director and shareholder. At 30 September 2018, an amount of £90,948 (2017: £49,500) is owed to Mutual Solutions Limited. |
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| 4 |
Going concern |
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The Company has net liabilities and is therefore dependendent upon the continuing support of its creditors and directors. On the basis that this support is expected to continue, the accounts have been drawn up on the going concern basis. |
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| 5 |
Other information |
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StemX Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Henstaff Court, Llantrisant Road |
|
Groesfan |
|
Pontyclun |
|
Rhondda Cynon Taf |
|
CF72 8NG |
