Registered number
11955142
Xrenewable Ltd
Consolidated Unaudited Filleted Accounts
For the Year Ended
30 April 2023
Xrenewable Ltd
Registered number: 11955142
Consolidated Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 824,060 723,112
Tangible assets 4 1,278 572
825,338 723,684
Current assets
Debtors 5 183,839 203,637
Investments held as current assets 6 121,068 127,319
Cash at bank and in hand 54,732 131,963
359,639 462,919
Creditors: amounts falling due within one year 7 (749,747) (851,424)
Net current liabilities (390,108) (388,505)
Total assets less current liabilities 435,230 335,179
Creditors: amounts falling due after more than one year 8 (176,514) (184,781)
Net assets 258,716 150,398
Capital and reserves
Called up share capital 12 12
Share premium 590,346 549,327
Profit and loss account (331,642) (398,941)
Shareholders' funds 258,716 150,398
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Ning Zhang
Director
Approved by the board on 1 May 2024
Xrenewable Ltd
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Preparation of consolidated financial statements
The financial statements contain consolidated information about Xrenewable Ltd as the parent company and Shanghai Taichen Technology Ltd as its wholly owned subsidiary. Although the parent company can take the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements, the parent company is preparing the consolidated accounts under the Acquisition Method.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Intangible fixed assets
Intangible fixed assets are measured at cost less cumulative amortisation and any cumulative impairment losses.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Reseach and development
Expenditure on research and development is written off in the year in which it is incurred.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 29 29
3 Intangible fixed assets £
Software Development Cost:
Cost
At 1 May 2022 1,118,256
Additions 399,331
At 30 April 2023 1,517,587
Amortisation
At 1 May 2022 395,144
Provided during the year 298,383
At 30 April 2023 693,527
Net book value
At 30 April 2023 824,060
At 30 April 2022 723,112
The intangible fixed assets are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 1,018
Additions 1,140
At 30 April 2023 2,158
Depreciation
At 1 May 2022 446
Charge for the year 434
At 30 April 2023 880
Net book value
At 30 April 2023 1,278
At 30 April 2022 572
5 Debtors 2023 2022
£ £
Trade debtors 21,331 24,611
Other debtors 162,508 179,026
183,839 203,637
6 Investments held as current assets 2023 2022
£ £
Fair value
Investment in subsidiary undertaking 121,068 127,319
The company holds more than 75% of the share capital of the following company:
Subsidiary undertakings Country of registration or Incorporation Class of shares Shares held %
Shanghai Taichen Technology Ltd China Ordinary 100
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,236 17,200
Other taxes and social security costs 6,823 4,684
Other creditors 740,688 829,540
749,747 851,424
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 31,514 50,000
Other creditors 145,000 134,781
176,514 184,781
9 Contingent liabilities
The company is under the control of the directors who are also shareholders of the company.
10 Other information
Xrenewable Ltd is a private company limited by shares and incorporated in England. Its registered office is:
20-22 Wenlock Road
London
N1 7GU
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