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Registration number: 12306818

Blinx Technology Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Blinx Technology Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Blinx Technology Ltd

Company Information

Directors

Mr Darren Nahshon Abbabil

Mr Richard David Buckley

Registered office

Blinx Technology Ltd
5th Floor
2 Portman Street
London
W1H 6DU

 

Blinx Technology Ltd

(Registration number: 12306818)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

191,633

114,934

Current assets

 

Debtors

5

1,526,018

1,256,938

Cash at bank and in hand

 

383,458

47,397

 

1,909,476

1,304,335

Creditors: Amounts falling due within one year

6

(1,097,856)

(771,728)

Net current assets

 

811,620

532,607

Total assets less current liabilities

 

1,003,253

647,541

Creditors: Amounts falling due after more than one year

6

(2,500,000)

(2,500,000)

Net liabilities

 

(1,496,747)

(1,852,459)

Capital and reserves

 

Retained earnings

(1,496,747)

(1,852,459)

Shareholders' deficit

 

(1,496,747)

(1,852,459)

For the financial year ending 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:

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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr Darren Nahshon Abbabil
Director

 

Blinx Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Blinx Technology Ltd
5th Floor
2 Portman Street
London
W1H 6DU

These financial statements were authorised for issue by the Board on 23 September 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

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 value added tax.

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.

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.

 

Blinx Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2022 - 19).

 

Blinx Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

141,747

141,747

Additions

143,676

143,676

At 31 December 2023

285,423

285,423

Depreciation

At 1 January 2023

26,813

26,813

Charge for the year

66,977

66,977

At 31 December 2023

93,790

93,790

Carrying amount

At 31 December 2023

191,633

191,633

At 31 December 2022

114,934

114,934

5

Debtors

2023
£

2022
£

Trade debtors

1,017,303

1,023,593

Prepayments

227,369

136,111

Other debtors

281,346

97,234

1,526,018

1,256,938

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,300

-

Taxation and social security

70,228

58,075

Accruals and deferred income

413,662

292,420

Other creditors

609,666

421,233

1,097,856

771,728

Creditors: amounts falling due after more than one year

 

Blinx Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

2,500,000

2,500,000

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ord Shares of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

2,500,000

2,500,000

9

Parent and ultimate parent undertaking

The company's immediate parent is Dattwil Holding S.A., incorporated in Liberia.

 The ultimate parent is Bex International Limited, incorporated in Liberia.