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REGISTERED NUMBER: 13937622 (England and Wales)















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: Dr R Dehghan
Dr M B Fahami





REGISTERED OFFICE: 10 London Mews
Paddington
London
W2 1HY





REGISTERED NUMBER: 13937622 (England and Wales)





ACCOUNTANTS: Stein Richards
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 4 224,340 -
Investment property 5 1,185,000 1,094,409
1,409,340 1,094,409

CURRENT ASSETS
Debtors 6 28,436 100,142
Cash at bank 12,693 4,646
41,129 104,788
CREDITORS
Amounts falling due within one year 7 1,526,542 1,235,079
NET CURRENT LIABILITIES (1,485,413 ) (1,130,291 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(76,073

)

(35,882

)

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (76,173 ) (35,982 )
SHAREHOLDERS' FUNDS (76,073 ) (35,882 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:




Dr R Dehghan - Director



Dr M B Fahami - Director


REXELLE LTD (REGISTERED NUMBER: 13937622)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Rexelle Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 243,191
At 29 February 2024 243,191
DEPRECIATION
Charge for year 18,851
At 29 February 2024 18,851
NET BOOK VALUE
At 29 February 2024 224,340

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 1,094,409
Revaluations 90,591
At 29 February 2024 1,185,000
NET BOOK VALUE
At 29 February 2024 1,185,000
At 28 February 2023 1,094,409

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 28,436 100,142

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 600,000 500,000
Trade creditors 1 1
Other creditors 926,541 735,078
1,526,542 1,235,079

8. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 600,000 500,000

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: £    £   
100 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.