XORIANT UK LIMITED |
Notes to the Accounts |
for the year ended 31 May 2023 |
|
|
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 rendering of services. 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. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Computer equipments |
25% reducing balance |
|
|
Work in Progress (Amount recoverable on contracts) |
|
Provision has been made for unbilled work as "work in progress" using the provision of FRS 102 for partially completed service contracts. |
|
|
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. |
|
|
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. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
Going Concern |
|
The accounts are prepared on a going concern basis notwithstanding the fact that the company balance sheet has a negative equity. The company has loans due to group undertakings which are interest free loans and will not be recalled and the company will continue to receive financial assistance until such time the company can financially sustain itself. |
|
2 |
Audit information |
|
|
The audit report is unqualified. |
|
|
Senior statutory auditor: |
Mr Opinder Singh Sawhney |
|
Firm: |
Sawhney Consulting Limited |
|
Date of audit report: |
21 February 2024 |
|
|
3 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
5 |
|
5 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Computer equipments |
£ |
|
Cost |
|
At 1 June 2022 |
1,282 |
|
Additions |
1,715 |
|
At 31 May 2023 |
2,997 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2022 |
1,282 |
|
Charge for the year |
38 |
|
At 31 May 2023 |
1,320 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2023 |
1,677 |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
62,711 |
|
420,858 |
|
Amounts recoverable under contract |
|
- |
|
67,897 |
|
Other debtors |
77,140 |
|
34,738 |
|
|
|
|
|
|
139,851 |
|
523,493 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
11,154 |
|
2,577 |
|
Amounts owed to group undertakings |
|
650,649 |
|
736,215 |
|
Taxation and social security costs |
1,468 |
|
1,456 |
|
Other creditors |
102,349 |
|
80,367 |
|
|
|
|
|
|
765,620 |
|
820,615 |
|
|
|
|
|
|
|
|
|
|
7 |
Controlling party |
|
The ultimate controlling company is Xoriant Corporation a company registered in United States Of America with registered office address 1248 Reamwood Ave, Sunnyvale, CA 94089, USA |
|
8 |
Other information |
|
|
XORIANT UK LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Harrow Business Centre, |
|
429-433 Pinner Road, North Harrow, |
|
Middlesex |
|
United Kingdom |
|
HA1 4HN |