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Registration number: 12429640

Photon Trading Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Photon Trading Ltd

(Registration number: 12429640)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,152

3,276

Current assets

 

Debtors

5

680

-

Cash at bank and in hand

 

625,828

353,223

 

626,508

353,223

Creditors: Amounts falling due within one year

6

(287,472)

(144,865)

Net current assets

 

339,036

208,358

Total assets less current liabilities

 

346,188

211,634

Provisions for liabilities

(1,788)

(622)

Net assets

 

344,400

211,012

Capital and reserves

 

Called up share capital

1

1

Retained earnings

344,399

211,011

Shareholders' funds

 

344,400

211,012

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 June 2024
 

 

Photon Trading Ltd

(Registration number: 12429640)
Balance Sheet as at 31 January 2024

.........................................
Mr M J Donlevey
Director

 

Photon Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
128 City Road
London
EC1V 2NX

These financial statements were authorised for issue by the director on 7 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Photon Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% RB

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

 

Photon Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Photon Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

4,236

4,236

Additions

4,994

4,994

At 31 January 2024

9,230

9,230

Depreciation

At 1 February 2023

960

960

Charge for the year

1,118

1,118

At 31 January 2024

2,078

2,078

Carrying amount

At 31 January 2024

7,152

7,152

At 31 January 2023

3,276

3,276

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

504

-

Prepayments

 

175

-

Other debtors

 

1

-

   

680

-

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

284,525

141,502

Accruals and deferred income

2,847

1,675

Other creditors

100

1,688

287,472

144,865

 

Photon Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £710,440.00 (2023 - £354,000.00) per each Ordinary

710,440

354,000

 

 

9

Related party transactions

At the balance sheet date the company owed £100 to the Director (2023: £1,688). The loan is provided interest free and is repayable upon demand.

 

Photon Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Summary of transactions with parent

At the year end date the company was owed £252 (2023 - £nil) by its parent company XCO Investments Limited. The loan is repayable on demand and is provided interest free.
 

Summary of transactions with entities with joint control or significant interest

At the year end the company was owed £252 (2023 - £nil) by Dumont Capital Limited (a company under common control). The loan is repayable on demand and is provided interest free.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is XCO Investments Ltd, incorporated in England & Wales.