REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
EXELENS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
EXELENS LTD |
EXELENS LTD (REGISTERED NUMBER: 04552914) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
EXELENS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
EXELENS LTD |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Exelens Ltd for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Exelens Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Exelens Ltd and state those matters that we have agreed to state to the director of Exelens Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Exelens Ltd and its director for our work or for this report. |
It is your duty to ensure that Exelens Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Exelens Ltd. You consider that Exelens Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Exelens Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
EXELENS LTD (REGISTERED NUMBER: 04552914) |
BALANCE SHEET |
31 OCTOBER 2023 |
31/10/23 | 31/10/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
EXELENS LTD (REGISTERED NUMBER: 04552914) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Exelens Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1 A "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 as modified by the revaluation of certain assets. |
Turnover |
Turnover represents rents receivable. Turnover is recognised on a rent receivable basis to the balance sheet date. |
Investment property |
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. |
Subsequent to initial recognition: |
i investment properties whose fair value can be measured reliably without undue cost or effort are held at |
fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the |
period that they arise. |
Deferred tax |
Deferred tax is recognised in respect of temporary timing differences which are differences between taxable |
profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Revaluations | (8,000 | ) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
EXELENS LTD (REGISTERED NUMBER: 04552914) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2015 | 20,000 |
Valuation in 2016 | 36,612 |
Valuation in 2017 | 28,000 |
Valuation in 2018 | (5,000 | ) |
Valuation in 2019 | (29,500 | ) |
Valuation in 2020 | 43,344 |
Valuation in 2021 | 40,156 |
Valuation in 2022 | 2,000 |
Valuation in 2023 | (8,000 | ) |
Cost | 103,388 |
231,000 |
The valuation for year ending 31 October 2023 was updated by the directors to the balance sheet date based their knowledge of the local property and rental markets. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/23 | 31/10/22 |
£ | £ |
Tax |
Directors' current accounts | 3,743 | 1,134 |
Accruals & Deferred Income |
6. | RESERVES |
Fair value |
reserve |
£ |
At 1 November 2022 |
Fair value movement | ( |
) |
At 31 October 2023 |
7. | ULTIMATE CONTROLLING PARTY |
The Director is the ultimate controller of the company, as he is the beneficial owner of the entire issued share capital of the company |