XChain Technologies Ltd
Registered number: 14606005
Statement of Financial Position
as at 31 January 2024
Notes 2024
$
Current assets
Debtors 3 52,646
Cash at bank and in hand 273
52,919
Creditors: amounts falling due within one year 4 (223,252)
Net current liabilities (170,333)
Net liabilities (170,333)
Capital and reserves
Called up share capital 2,475
Profit and loss account (172,808)
Shareholders' funds (170,333)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Surajit Chanda
Director
Approved by the board on 17 January 2025
XChain Technologies Ltd
Notes to the Accounts
for the period from 20 January 2023 to 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The director considers the company to be a going concern, notwithstanding that there are losses of $172,808. They have reviewed the potential future of the company and consider that it will be able to trade profitably for the foreseeable future.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees and directors 2024
Number
Average number of directors and persons employed by the company 2
3 Debtors 2024
$
Amounts owed by group undertakings and undertakings in which the company has a participating interest 39,589
Other debtors 13,057
52,646
4 Creditors: amounts falling due within one year 2024
$
Accruals 1,375
Other creditors 221,877
223,252
5 Other information
XChain Technologies Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
XChain Technologies Ltd 14606005 false 2023-01-20 2024-01-31 2024-01-31 VT Final Accounts July 2024 Surajit Chanda No description of principal activity 14606005 2023-01-20 2024-01-31 14606005 bus:PrivateLimitedCompanyLtd 2023-01-20 2024-01-31 14606005 bus:AuditExemptWithAccountantsReport 2023-01-20 2024-01-31 14606005 bus:Director40 2023-01-20 2024-01-31 14606005 1 2023-01-20 2024-01-31 14606005 2 2023-01-20 2024-01-31 14606005 countries:England 2023-01-20 2024-01-31 14606005 bus:FRS102 2023-01-20 2024-01-31 14606005 bus:FilletedAccounts 2023-01-20 2024-01-31 14606005 2024-01-31 14606005 core:WithinOneYear 2024-01-31 14606005 core:ShareCapital 2024-01-31 14606005 core:RetainedEarningsAccumulatedLosses 2024-01-31 14606005 2023-01-19 xbrli:pure iso4217:USD