NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Xelam Limited is a private company limited by shares, incorporated in England and Wales, registration number 13098928. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, United Kingdom, SS4 1DB. The company was incorporated 24 December 2020.
The company did not trade in the period.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements have been prepared on a going concern basis. In making this assessment the directors have considered the company's financial position, future plans, and continued support of one of the directors. Taking into account a period exceeding twelve months from the date of approval of these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are satisfied that no material uncertainties to going concern exist at the date of approval of these financial statements.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
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The average monthly number of employees, including directors, during the year was 2 (2022 -2).
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