Xafrex Ltd - Accounts to registrar (filleted) - small 18.2
Xafrex Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2020 |
for |
Xafrex Ltd |
Xafrex Ltd (Registered number: 09509049) |
Contents of the Financial Statements |
for the Year Ended 31st March 2020 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Xafrex Ltd (Registered number: 09509049) |
Balance Sheet |
31st March 2020 |
31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Xafrex Ltd (Registered number: 09509049) |
Balance Sheet - continued |
31st March 2020 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Xafrex Ltd (Registered number: 09509049) |
Notes to the Financial Statements |
for the Year Ended 31st March 2020 |
1. | COMPANY INFORMATION |
Xafrex Ltd is a |
Registered number: | 09509049 |
Registered office: | First Floor |
49 Peter Street |
Manchester |
M2 3NG |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make |
judgements, estimates and assumptions about the carrying amount of assets and liabilities that are |
not readily apparent from other sources. The estimates and associated assumptions are based on |
historical experience and other factors that are considered to be relevant. Actual results may differ |
from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised where the |
revision affects only that period, or in the period of the revision and future periods where the |
revision affects both current and future periods. |
There have been no critical judgements, estimates or assumptions made in the preparation of |
these financial statements. |
Turnover |
Revenue from the provision of professional services is recognised on delivery of the service. |
Xafrex Ltd (Registered number: 09509049) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2020 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible Fixed assets are initially measured at cost and subsequently measured at cost or |
valuation, net of depreciation and any impairment loss. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual |
values over their useful lives on the following basis: |
Computer equipment - 20% on cost |
The gain or loss arising on the disposal of an asset is determined as the difference between the |
sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Xafrex Ltd (Registered number: 09509049) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2020 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1st April 2019 |
and 31st March 2020 |
DEPRECIATION |
At 1st April 2019 |
and 31st March 2020 |
NET BOOK VALUE |
At 31st March 2020 |
At 31st March 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 3,606 | - |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Tax |
Social security and other taxes | ( |
) |
Other creditors |
Directors' current accounts | - | 260 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Other creditors |
8. | LEASING AGREEMENTS |
During the year, the company entered into an operating lease agreement for the company car. The agreement is for 2 years and the company makes monthly lease payments of £383.57. |
Xafrex Ltd (Registered number: 09509049) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2020 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
A Ordinary Shares | 1 | 60 | 60 |
B Ordinary Shares | 1 | 40 | 40 |
100 | 100 |
The Ordinary A shares rank equally in terms of voting rights, rights to participate in all dividend distributions and rights to participate in any capital distribution on winding up. |
The Ordinary B shares do not hold any voting rights and dividend rights are at the discretion of the Ordinary A shareholders. |
The A and B shares rank pari passu in respect of capital distribution rights. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st March 2020 and 31st March 2019: |
31.3.20 | 31.3.19 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
The loan is repayable on demand and no interest was charged during the year. |
11. | CONTROL |
The ultimate controlling party is Dr M Toerien by virtue of his majority share of the voting share |
capital. |