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Company registration number: 7198931
Strax Capital Limited
Unaudited filleted financial statements
31 August 2023
Strax Capital Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Strax Capital Limited
Directors and other information
Director Mr S Patel
Secretary Mr S Patel
Company number 7198931
Registered office 797 Harrow Road
Wembley
Middlesex
HA0 2LP
Accountants Accountancy Solutions
797 Harrow Road
Sudbury Town
Wembley
HA0 2LP
Bankers Metro Bank
One Southampton Row
London
WC1B 5HA
Strax Capital Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 37,501 37,501
_______ _______
37,501 37,501
Current assets
Debtors 6 61,216 -
Cash at bank and in hand 6,785 5,705
_______ _______
68,001 5,705
Creditors: amounts falling due
within one year 7 ( 60,324) ( 119,608)
_______ _______
Net current assets/(liabilities) 7,677 ( 113,903)
_______ _______
Total assets less current liabilities 45,178 ( 76,402)
Creditors: amounts falling due
after more than one year 8 ( 35,000) ( 62,500)
_______ _______
Net assets/(liabilities) 10,178 ( 138,902)
_______ _______
Capital and reserves
Called up share capital 25,000 25,000
Profit and loss account ( 14,822) ( 163,902)
_______ _______
Shareholder funds/(deficit) 10,178 ( 138,902)
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 April 2024 , and are signed on behalf of the board by:
Mr S Patel
Director
Company registration number: 7198931
Strax Capital Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 797 Harrow Road, Wembley, Middlesex, HA0 2LP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Software - Over 10 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Software Total
£ £
Cost
At 1 September 2022 and 31 August 2023 500,000 500,000
_______ _______
Depreciation
At 1 September 2022 and 31 August 2023 500,000 500,000
_______ _______
Carrying amount
At 31 August 2023 - -
_______ _______
At 31 August 2022 - -
_______ _______
5. Investments
Shares in group undertakings Total
£ £
Cost
At 1 September 2022 and 31 August 2023 37,501 37,501
_______ _______
Impairment
At 1 September 2022 and 31 August 2023 - -
_______ _______
Carrying amount
At 31 August 2023 37,501 37,501
_______ _______
At 31 August 2022 37,501 37,501
_______ _______
6. Debtors
2023 2022
£ £
Amounts owed by group undertakings 61,216 -
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings 57,314 116,598
Other creditors 3,010 3,010
_______ _______
60,324 119,608
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 35,000 62,500
_______ _______
The other creditors represents long term directors loan. Terms of repayment or interest is not agreed on this loan.
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Strax Capital Legal Ltd 120,500 ( 5,584) 61,216 ( 59,284)
Strax Capital Partners Ltd - - ( 48,395) (48,395)
Strax Capital Risk solutions Ltd - - ( 8,919) 8,919
_______ _______ _______ _______
Terms of repayment or interest is not agreed on the above intercompany loans.
10. Controlling party
Mr S Patel controls entire issued share capital of the company.