10X Consulting Limited Company Accounts

10X CONSULTING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08725655

10X CONSULTING LIMITED

Filleted Unaudited Financial Statements

31 October 2017

10X CONSULTING LIMITED

Financial Statements

Year Ended 31 October 2017

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Statement of changes in equity	4

Notes to the financial statements	5 to 8

10X CONSULTING LIMITED

Officers and Professional Advisers

The board of directors	Mr A J Bonsall
	Mr S L Ashworth

Registered office	Regus House
	Herons Way
	Chester
	Chester
	Cheshire
	CH4 9QR

Accountants	M B L
	Chartered Accountants
	MBL House
	16 Edward Court
	Altrincham Bus. Park
	Altrincham
	Cheshire
	WA14 5GL

10X CONSULTING LIMITED

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		2,174	1,606

Current assets

Debtors	6	410,247	455,311
Cash at bank and in hand		670,043	210,890
		------------	---------
		1,080,290	666,201

Creditors: amounts falling due within one year	7	494,316		405,618
		------------		---------
Net current assets			585,974	260,583
			---------	---------
Total assets less current liabilities			588,148	262,189

Provisions

Taxation including deferred tax	413	305
	---------	---------
Net assets	587,735	261,884
	---------	---------

Capital and reserves

Called up share capital	200	200
Profit and loss account	587,535	261,684
	---------	---------
Shareholders funds	587,735	261,884
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

10X CONSULTING LIMITED

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 2 May 2018 , and are signed on behalf of the board by:

Mr S L Ashworth

Director

Company registration number: 08725655

10X CONSULTING LIMITED

Statement of Changes in Equity

Year Ended 31 October 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 November 2015	100	75,850	75,950

Profit for the year		855,834	855,834
	----	---------	---------
Total comprehensive income for the year	–	855,834	855,834

Issue of shares	100	–	100
Dividends paid and payable	–	( 670,000)	( 670,000)
	----	---------	---------
Total investments by and distributions to owners	100	( 670,000)	( 669,900)

At 31 October 2016	200	261,684	261,884

Profit for the year		735,851	735,851
	----	---------	---------
Total comprehensive income for the year	–	735,851	735,851

Dividends paid and payable	–	( 410,000)	( 410,000)
	----	---------	---------
Total investments by and distributions to owners	–	( 410,000)	( 410,000)

	----	---------	---------
At 31 October 2017	200	587,535	587,735
	----	---------	---------

10X CONSULTING LIMITED

Notes to the Financial Statements

Year Ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Regus House, Herons Way, Chester, Chester, Cheshire, CH4 9QR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of information technology consultancy services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: Nil).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 November 2016	1,676	1,676
Additions	1,215	1,215
	-------	-------
At 31 October 2017	2,891	2,891
	-------	-------
Depreciation
At 1 November 2016	70	70
Charge for the year	647	647
	-------	-------
At 31 October 2017	717	717
	-------	-------
Carrying amount
At 31 October 2017	2,174	2,174
	-------	-------
At 31 October 2016	1,606	1,606
	-------	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	406,981	449,924
Other debtors	3,266	5,387
	---------	---------
	410,247	455,311
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	232,982	121,057
Corporation tax	177,640	213,966
Social security and other taxes	67,197	57,075
Other creditors	16,497	13,520
	---------	---------
	494,316	405,618
	---------	---------

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

No transitional adjustments were required in equity or profit or loss for the year.