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Registration number: 04297570

Exonetric Consulting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Exonetric Consulting Limited

Contents

Company Information

1

Profit and Loss Account and Statement of Retained Earnings

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Exonetric Consulting Limited

Company Information

Director

Dr Mark Blackman

Company secretary

Mr Peter Saxton

Registered office

362 Church Road
London
Greater London
SW19 2QF

Accountants

Peter Saxton & Co.
Accountants
362 Church Road
London
Greater London
SW19 2QF

 

Exonetric Consulting Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2022

Note

2022
£

2021
£

Turnover

 

51,550

53,599

Cost of sales

 

(41,884)

(38,174)

Gross profit

 

9,666

15,425

Administrative expenses

 

(11,819)

(8,213)

Operating (loss)/profit

 

(2,153)

7,212

Other interest receivable and similar income

 

-

1

 

-

1

(Loss)/profit before tax

(2,153)

7,213

(Loss)/profit for the financial year

 

(2,153)

7,213

Retained earnings brought forward

 

(21,023)

(28,236)

Retained earnings carried forward

 

(23,176)

(21,023)

 

Exonetric Consulting Limited

(Registration number: 04297570)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Current assets

 

Debtors

4

25,310

24,862

Cash at bank and in hand

 

18,590

15,941

 

43,900

40,803

Creditors: Amounts falling due within one year

5

(67,053)

(61,803)

Net liabilities

 

(23,153)

(21,000)

Capital and reserves

 

Called up share capital

6

23

23

Retained earnings

(23,176)

(21,023)

Shareholders' deficit

 

(23,153)

(21,000)

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 August 2022
 

.........................................
Dr Mark Blackman
Director

 

Exonetric Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
362 Church Road
London
Greater London
SW19 2QF
England

The principal place of business is:
41 Stocton Road
Guildford
Surrey
GU1 1HH
United Kingdom

These financial statements were authorised for issue by the director on 26 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Exonetric Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

flat rate 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Exonetric Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

4

Debtors

Current

2022
£

2021
£

Trade debtors

11,750

11,640

Other debtors

13,560

13,222

 

25,310

24,862

 

Exonetric Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

7

15,144

15,144

Trade creditors

 

20,930

16,587

Taxation and social security

 

7,304

7,297

Other creditors

 

23,675

22,775

 

67,053

61,803

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary share capital of £1 each

23

23

23

23

         

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Other borrowings

15,144

15,144