| StemX Ltd |
| Registered number: |
10335355 |
| Balance Sheet |
| as at 30 September 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Current assets |
| Cash at bank and in hand |
|
|
- |
|
|
6,434 |
|
| Creditors: amounts falling due within one year |
2 |
|
26,447 |
|
|
42,339 |
|
| Net current assets |
|
|
|
26,447 |
|
|
48,773 |
|
| Total assets less current liabilities |
|
|
|
26,447 |
|
|
48,773 |
|
| Creditors: amounts falling due after more than one year |
3 |
|
|
(292,220) |
|
|
(284,420) |
|
|
|
| Net liabilities |
|
|
|
(265,773) |
|
|
(235,647) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
| Profit and loss account |
|
|
|
(266,773) |
|
|
(236,647) |
|
| Shareholders' funds |
|
|
|
(265,773) |
|
|
(235,647) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr. S G Chapman |
| Director |
| Approved by the board on 16 July 2020 |
|
| StemX Ltd |
| Notes to the Accounts |
| for the year ended 30 September 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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. |
|
|
Turnover |
|
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. |
|
|
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. |
|
|
Taxation |
|
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. |
|
|
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. |
|
|
| 2 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans and overdrafts |
799 |
|
- |
|
Corporation tax |
(18,580) |
|
(33,069) |
|
Other taxes and social security costs |
3,348 |
|
(10,020) |
|
Other creditors |
(12,014) |
|
750 |
|
|
|
|
|
|
(26,447) |
|
(42,339) |
|
|
|
|
|
|
|
|
|
|
| 3 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Other creditors |
292,220 |
|
284,420 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Related party transactions |
|
|
During the year ended 30 September 2019, 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 2019, an amount of £186,472 (2018: £181,472) is owed to Highwood Bic Limited.
During the year ended 30 September 2019, 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 2019, an amount of £103,748 (2018: £102,948) is owed to Mutual Solutions Limited. |
|
|
| 5 |
Going concern |
|
|
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. |
|
|
| 6 |
Other information |
|
|
StemX Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
2 Hinksey Court |
|
West Way |
|
Botley |
|
Oxfordshire |
|
OX2 9SX |
