The Exchange Building Leeds Limited
Unaudited Financial Statements
For the period ended 31 May 2023
Pages for Filing with Registrar
Company Registration No. 14113432 (England and Wales)
The Exchange Building Leeds Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
The Exchange Building Leeds Limited
Balance Sheet
As at 31 May 2023
Page 1
2023
Notes
£
£
Current assets
Debtors
3
320,653
Cash at bank and in hand
13,931
334,584
Creditors: amounts falling due within one year
4
(310,139)
Net current assets
24,445
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
24,345
Total equity
24,445

The director of the company has 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 director acknowledges his 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 and signed by the director and authorised for issue on 29 April 2024
Mr J S Rixson
Director
Company Registration No. 14113432
The Exchange Building Leeds Limited
Notes to the Financial Statements
For the period ended 31 May 2023
Page 2
1
Accounting policies
Company information

The Exchange Building 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 15 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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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.

1.5
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 their value.

1.6
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.

1.7
Taxation

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

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

2
Employees

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

 

2023
Number
Total
-
0
3
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
304,115
Other debtors
16,538
320,653
4
Creditors: amounts falling due within one year
2023
£
Trade creditors
220,751
Corporation tax
4,674
Accruals and deferred income
84,714
310,139
The Exchange Building Leeds Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2023
Page 4
5
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.

6
Related party transactions

The Exchange Building Leeds Limited has taken 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 £174,830 from Studious Investment Management Limited, a related company by virtue of common directorship. At the year end, a balance of £41,960 was owed to Studious Investment Management Limited.

7
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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