REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
REXELLE LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
REXELLE LTD |
REXELLE LTD (REGISTERED NUMBER: 13937622) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
REXELLE LTD |
COMPANY INFORMATION |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 London Mews |
Paddington |
LONDON |
W2 1HY |
REXELLE LTD (REGISTERED NUMBER: 13937622) |
BALANCE SHEET |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
REXELLE LTD (REGISTERED NUMBER: 13937622) |
BALANCE SHEET - continued |
29 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
REXELLE LTD (REGISTERED NUMBER: 13937622) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Rexelle Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
At the balance sheet date the company has a net deficit and is reliant on the continued support of its creditors. The director considers the going concern basis to be appropriate and therefore the financial statements do not include any adjustments that might result from the withdrawal of support from its creditors |
Operating income |
Operating income is measured as the fair value of the consideration received or receivable, excluding discounts and rebates. Operating income is in respect of rental income and is recognised on a straight line basis over the terms of the leases. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost or valuation less accumulated depreciation. Depreciation is provided at rates calculated to write the cost or valuation less residual value of each asset over its expected life as follows:- |
- Fixtures, Fittings and Equipment - 25% reducing balance |
- Improvements to property - 2% on cost |
Investment property |
Investment property is held at its fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
REXELLE LTD (REGISTERED NUMBER: 13937622) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 29 February 2024 |
DEPRECIATION |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Revaluations | 90,591 |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The investment property is valued at an open market basis on 29th February 2024 by the directors of the company. The valuation is based on an independent valuation by Kempton Carr Croft, 29 Broadway, Maidenhead, Berkshire SL6 1LY on 28th February 2024. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Other debtors |
REXELLE LTD (REGISTERED NUMBER: 13937622) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 February 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
Lloyds Bank Plc has a Fixed and Floating charge on all the assets of the company against the facility and, in addition, the director and 100% shareholders of the company, has provided a personal guarantee limited to £100,000 plus interest and other costs as detailed in the guarantee. |
9. | FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties. |
The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
11. | RELATED PARTY DISCLOSURES |
During the year, the company received interest free loans from a company that is jointly owned by the directors. As at the balance sheet date the company owes £406,899 (2023 -£307,873). |
These loans are repayable on demand. |
Directors |
As at the balance sheet date the company owed the directors £513,678 (2023 -£424,505). |
No interest is charged on the loan which is repayable on demand. |