The Exchange Leeds Limited
Unaudited Financial Statements
For the period ended 31 May 2023
Pages for Filing with Registrar
Company Registration No. 14088538 (England and Wales)
The Exchange Leeds Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
The Exchange Leeds Limited
Balance Sheet
As at 31 May 2023
Page 1
2023
Notes
£
£
Current assets
Stock
3
11,392,278
Debtors
4
56,214
Cash at bank and in hand
689,563
12,138,055
Creditors: amounts falling due within one year
5
(4,716,644)
Net current assets
7,421,411
Creditors: amounts falling due after more than one year
6
(7,426,592)
Net liabilities
(5,181)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(5,281)
Total equity
(5,181)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 29 April 2024 and are signed on its behalf by:
Mr J S Rixson
Director
Company Registration No. 14088538
The Exchange Leeds Limited
Notes to the Financial Statements
For the period ended 31 May 2023
Page 2
1
Accounting policies
Company information

The Exchange Leeds Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.

1.1
Reporting period

The financial statements cover the 12 month and 27 day period from incorporation to the first statutory year end of 31 May 2023. A May year end has been chosen as a sensible cut off date for operations.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the period end the company had net liabilities of £true5,181, net current assets of £7,421,411 and made losses in the period of £5,281. The directors of the company have considered the company's losses in the period, the net liabilities position, future projected profits and the availability of cash within the group when preparing the financial statements on a going concern basis.

 

Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The Exchange Leeds Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2023
1
Accounting policies
(Continued)
Page 3
1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The Exchange Leeds Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2023
1
Accounting policies
(Continued)
Page 4
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
-
0
3
Stock
2023
£
Stock
11,392,278
The Exchange Leeds Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2023
Page 5
4
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
36,376
Other debtors
19,838
56,214
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
8,759
Amounts owed to group undertakings
4,702,147
Accruals and deferred income
5,738
4,716,644
6
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
7,426,592
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100

On incorporation, the company issued 100 Ordinary Shares of £1 at par

8
Related party transactions

The Exchange Leeds Limited has taken the exemption to disclose related party transactions under the same 100% control in accordance with FRS102 - Section 33 "Related Party Disclosures" paragraph 33.1A.

 

During the year the company incurred costs of £34,966 from Studious Investment Management Limited, a related company by virtue of common directorship.

The Exchange Leeds Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2023
Page 6
9
Parent company

The immediate and ultimate parent company is Celeres Investments Limited, a company incorporated in Hong Kong.

 

There is no ultimate controlling party.

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