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Registration number: 01896260

Exavia Limited

Filleted Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Exavia Limited
(Registration number: 01896260)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Exavia Limited
(Registration number: 01896260)

Company Information

Directors

Mr J D L Richardson

Mrs D M Richardson

Company secretary

Mrs D M Richardson

Registered office

3 Manor Farm Mews
Marsh Green
Exeter
Devon
EX5 2EX

Bankers

National Westminster Bank Plc

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Exavia Limited
(Registration number: 01896260)

Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

16,586

14,974

Current assets

 

Stocks

5

136,420

133,613

Debtors

6

10,427

18,515

Cash at bank and in hand

 

105,288

71,576

 

252,135

223,704

Creditors: Amounts falling due within one year

7

(333,033)

(319,500)

Net current liabilities

 

(80,898)

(95,796)

Total assets less current liabilities

 

(64,312)

(80,822)

Provisions for liabilities

(3,151)

(2,845)

Net liabilities

 

(67,463)

(83,667)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(67,563)

(83,767)

Total equity

 

(67,463)

(83,667)

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
Mr J D L Richardson
Director

 

Exavia Limited
(Registration number: 01896260)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
3 Manor Farm Mews
Marsh Green
Exeter
Devon
EX5 2EX

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.

Going concern

The company has net liabilities and is reliant upon the continuing support of its directors. The directors believe the company will be able to meet its liabilities as they fall due and as such consider the company to be a going concern.

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.

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.

 

Exavia Limited
(Registration number: 01896260)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Short Leasehold Property

4% Straight Line Basis

Fixtures, Fittings and Equipment

25% Straight Line Basis

Plant and Machinery

25% Straight Line Basis

Motor Vehicles

25% Straight Line Basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

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.

 

Exavia Limited
(Registration number: 01896260)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Short leasehold property
£

Fixtures, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 March 2022

48,294

50,599

17,891

116,784

Additions

4,333

-

-

4,333

At 28 February 2023

52,627

50,599

17,891

121,117

Depreciation

At 1 March 2022

34,776

49,242

17,792

101,810

Charge for the year

2,062

560

99

2,721

At 28 February 2023

36,838

49,802

17,891

104,531

Carrying amount

At 28 February 2023

15,789

797

-

16,586

At 28 February 2022

13,518

1,357

99

14,974

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £15,789 (2022 - £13,518) in respect of short leasehold land and buildings.

 

Exavia Limited
(Registration number: 01896260)

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Other stocks

136,420

133,613

6

Debtors

2023
£

2022
£

Trade debtors

7,759

17,366

Other debtors

-

217

Prepayments and accrued income

2,668

932

Total current trade and other debtors

10,427

18,515

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

-

400

Taxation and social security

5,400

-

Other creditors

325,933

317,400

Accrued expenses

1,700

1,700

333,033

319,500