Company Registration No. 11065757 (England and Wales)
EXCHANGE FINANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EXCHANGE FINANCE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
EXCHANGE FINANCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 NOVEMBER 2023
29 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,033
1,962
Current assets
Debtors
5
225,046
106,288
Cash at bank and in hand
120,200
316,341
345,246
422,629
Creditors: amounts falling due within one year
6
(318,191)
(352,010)
Net current assets
27,055
70,619
Total assets less current liabilities
28,088
72,581
Creditors: amounts falling due after more than one year
(22,453)
(26,224)
Net assets
5,635
46,357
Capital and reserves
Called up share capital
111
111
Profit and loss reserves
5,524
46,246
Total equity
5,635
46,357
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 29 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year 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.
EXCHANGE FINANCE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
29 NOVEMBER 2023
29 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
Mr O Dyer
Ms R Dyer
Director
Director
Company registration number 11065757 (England and Wales)
EXCHANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Exchange Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 43, The Cobalt Building, 1600 Eureka Park, Lower Pemberton, Ashford, Kent, TN25 4BF.
1.1
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
EXCHANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
EXCHANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 30 November 2022 and 29 November 2023
3,436
Depreciation and impairment
At 30 November 2022
1,474
Depreciation charged in the year
929
At 29 November 2023
2,403
Carrying amount
At 29 November 2023
1,033
At 29 November 2022
1,962
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
500
5,796
Other debtors
224,546
100,492
225,046
106,288
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,771
3,678
Trade creditors
668
Corporation tax
94,468
56,056
Other taxation and social security
18,398
37,270
Other creditors
200,886
255,006
318,191
352,010
EXCHANGE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2023
- 6 -
7
Directors' transactions
Dividends totalling £102,000 (2022 - £146,000) were paid in the year in respect of shares held by the company's directors.
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr O Dyer & Ms R Dyer
(3,234)
302,484
(184,516)
114,734
(3,234)
302,484
(184,516)
114,734