Registered number
10048220
Xpress Technologies Limited
Filleted Accounts
31 December 2021
Xpress Technologies Limited
Registered number: 10048220
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Current assets
Stocks 281,249 119,771
Debtors 3 406,948 495,375
Cash at bank and in hand 149,583 61,155
837,780 676,301
Creditors: amounts falling due within one year 4 (364,253) (126,960)
Net current assets 473,527 549,341
Total assets less current liabilities 473,527 549,341
Creditors: amounts falling due after more than one year 5 - (45,563)
Net assets 473,527 503,778
Capital and reserves
Called up share capital 10,000 10,000
Share premium 389,961 389,961
Profit and loss account 73,566 103,817
Shareholders' funds 473,527 503,778
The director is 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 director acknowledges his 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 Mohamedmehdi Gulamabbas Gulamhussein
Director
Approved by the board on 12 August 2022
Xpress Technologies Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2021 2020
£ £
Trade debtors 79,316 109,810
Other debtors 327,632 384,141
Net VAT due - 1,424
406,948 495,375
4 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts - 4,437
Trade creditors 333,270 68,059
Taxation and social security costs 448 33,637
Other creditors 30,535 20,827
364,253 126,960
5 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans - 45,563
6 Related party transactions
In the year the company paid consultancy fees of £17,929 (2020: £8,047) to Smaaz Limited a related company by virtue of common directorship and in which the director holds a material interest.
7 Other information
Xpress Technologies Limited is a private company limited by shares and incorporated in England. Its registered office is:
Laxmi House
2-b Draycott Avenue
Kenton Harrow
Middlesex
HA3 0BU
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