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Registered Number: 11454223
England and Wales

 

 

 

XCHANGE FINANCE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2022

End date: 31 December 2023
Directors Angel Gregorio Gallego Zugasti
Evija Meimane
Registered Number 11454223
Registered Office 65 COMPTON STREET
LONDON, ENGLAND
EC1V 0BN
1
 
 
Notes
 
2023
£
  2022
£
Current assets      
Debtors 3 564    9,458 
Cash at bank and in hand 406,254    382,965 
406,818    392,423 
Creditors: amount falling due within one year 4 (19,161)   (282,337)
Net current assets 387,657    110,086 
 
Total assets less current liabilities 387,657    110,086 
Creditors: amount falling due after more than one year 5 (253,733)   (814)
Net assets 133,924    109,272 
 

Capital and reserves
     
Called up share capital 6 640,000    350,000 
Profit and loss account (506,076)   (240,728)
Shareholders' funds 133,924    109,272 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 July 2024 and were signed on its behalf by:


-------------------------------
Angel Gregorio Gallego Zugasti
Director
2
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 August 2021 350,000  (34,337) 315,663 
Profit for the period (206,391) (206,391)
Total comprehensive income for the period (206,391) (206,391)
Total investments by and distributions to owners
At 31 July 2022 350,000  (240,728) 109,272 
At 01 August 2022 350,000  (240,728) 109,272 
Profit for the period (265,348) (265,348)
Total comprehensive income for the period (265,348) (265,348)
Shares issued 290,000  290,000 
Total investments by and distributions to owners 290,000  290,000 
At 31 December 2023 640,000  (506,076) 133,924 
3
General Information
XCHANGE FINANCE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11454223, registration address 65 COMPTON STREET, LONDON, ENGLAND, EC1V 0BN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
2.

Average number of employees, including directors

Average number of employees during the period was 2 (2022 : 2).
3.

Debtors: amounts falling due within one year

2023
£
  2022
£
Prepayments & Accrued Income 564    164 
Other Debtors   7,672 
564    7,836 

3.

Debtors: amounts falling due after one year

2023
£
  2022
£
Other Debtors   1,622 
  1,622 

4.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 10,503   
PAYE & Social Security 869    118 
Accrued Expenses 4,596    2,938 
Other Creditors 1    1 
Wages & Salaries Control Account 2,150    1,684 
Shareholders' Current accounts 1,042    277,596 
19,161    282,337 

5.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Other Creditors 814    814 
Shareholders' Loan Accounts 252,919   
253,733    814 

6.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
640,000 Class A shares of £1.00 each 640,000    350,000 
640,000    350,000 

7.

The following share capital changes took place

On the 20 April 2023, the company issued additional 290 000 ordinary shares of £ 1 each.
4