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ABEX INFOWAY (EUROPE) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






ABEX INFOWAY (EUROPE) LIMITED (REGISTERED NUMBER: 04066461)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABEX INFOWAY (EUROPE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr K B Patel



REGISTERED OFFICE: Unit 1
Sherbourne House
South Harrow
Middlesex
HA2 0LH



REGISTERED NUMBER: 04066461 (England and Wales)



ACCOUNTANTS: Akshar & Company
Chartered Accountants
221 Kenton Lane
Harrow
Middlesex
HA3 8RP



BANKERS: Barclays Bank Plc
Alperton Branch
220 Ealing Road
Wembley
Middlesex
HA0 4QH

ABEX INFOWAY (EUROPE) LIMITED (REGISTERED NUMBER: 04066461)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,419 802
Investment property 5 1,165,000 1,189,000
1,166,419 1,189,802

CURRENT ASSETS
Stocks 27,193 10,693
Debtors 6 374,935 226,894
Cash at bank 1,234,622 1,343,554
1,636,750 1,581,141
CREDITORS
Amounts falling due within one year 7 32,751 138,490
NET CURRENT ASSETS 1,603,999 1,442,651
TOTAL ASSETS LESS CURRENT LIABILITIES 2,770,418 2,632,453

PROVISIONS FOR LIABILITIES 20,997 25,747
NET ASSETS 2,749,421 2,606,706

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 192,689 216,689
Retained earnings 2,556,632 2,389,917
SHAREHOLDERS' FUNDS 2,749,421 2,606,706

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

ABEX INFOWAY (EUROPE) LIMITED (REGISTERED NUMBER: 04066461)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 October 2023 and were signed by:





Mr K B Patel - Director


ABEX INFOWAY (EUROPE) LIMITED (REGISTERED NUMBER: 04066461)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Abex Infoway (Europe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ABEX INFOWAY (EUROPE) LIMITED (REGISTERED NUMBER: 04066461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2022 9,382
Additions 1,090
At 31 March 2023 10,472
DEPRECIATION
At 1 April 2022 8,580
Charge for year 473
At 31 March 2023 9,053
NET BOOK VALUE
At 31 March 2023 1,419
At 31 March 2022 802

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,189,000
Revaluations (24,000 )
At 31 March 2023 1,165,000
NET BOOK VALUE
At 31 March 2023 1,165,000
At 31 March 2022 1,189,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2016 1,095,912
Valuation in 2017 96,546
Valuation in 2018 (3,458 )
Valuation in 2019 1,000
Valuation in 2020 24,000
Valuation in 2021 (20,000 )
Valuation in 2022 (5,000 )
Valuation in 2023 (24,000 )
1,165,000

ABEX INFOWAY (EUROPE) LIMITED (REGISTERED NUMBER: 04066461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. INVESTMENT PROPERTY - continued

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 972,311 972,311

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 335,051 179,568
Other debtors 39,884 47,326
374,935 226,894

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors (166,350 ) (14,839 )
Taxation and social security 46,384 9,478
Other creditors 152,717 143,851
32,751 138,490

8. RESERVES
Fair
value
reserve
£   
At 1 April 2022 216,689
Investment revaluation reserve (24,000 )

At 31 March 2023 192,689