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SUBXL LIMITED

Registered Number
08910872
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

SUBXL LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

Arif Abdul Jivraj

Registered Address

Suite 201 Moda Business Centre
Stirling Way
Borehamwood
WD6 2BW

Registered Number

08910872 (England and Wales)
SUBXL LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets329,15633,222
29,15633,222
Current assets
Stocks43,4813,351
Debtors552,67256,363
Cash at bank and on hand68,79978,607
124,952138,321
Creditors amounts falling due within one year6(81,473)(86,690)
Net current assets (liabilities)43,47951,631
Total assets less current liabilities72,63584,853
Creditors amounts falling due after one year7(14,298)(24,186)
Provisions for liabilities8(7,289)(6,313)
Net assets51,04854,354
Capital and reserves
Called up share capital1,2501,250
Profit and loss account49,79853,104
Shareholders' funds51,04854,354
The financial statements were approved and authorised for issue by the Director on 12 August 2024, and are signed on its behalf by:
Arif Abdul Jivraj
Director
Registered Company No. 08910872
SUBXL LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover included revenue earned from the sale of goods and from the rendering of services and is recognised at point of sale
Operating leases
Rentals payable under operating lease, including any lease incentive received, are charged to income ona straight line basis over the term of the relevant lease except where another more systematic basis ismore representative time pattern in which economic benefits from the lease asset are consumed.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are initially recorded at cost and subsequently at cost less accumulated depreciation. Depreciation is provided on all tangible fixed assets as follows

Reducing balance (%)
Land and buildings25
Plant and machinery10
Fixtures and fittings25
Finance leases and hire purchase contracts
Rentals payable under operating lease, including any lease incentive received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative time pattern in which economic benefits from the lease asset are consumed.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets: Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities: Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year77
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 May 2343,76568,81219,746132,323
At 30 April 2443,76568,81219,746132,323
Depreciation and impairment
At 01 May 2340,44140,39618,26499,101
Charge for year8313702,8654,066
At 30 April 2441,27240,76621,129103,167
Net book value
At 30 April 242,49328,046(1,383)29,156
At 30 April 233,32428,4161,48233,222
4.Stocks

2024

2023

££
Raw materials and consumables3,4813,351
Total3,4813,351
5.Debtors: amounts due within one year

2024

2023

££
Other debtors52,67252,613
Prepayments and accrued income-3,750
Total52,67256,363
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables4,3405,703
Bank borrowings and overdrafts10,64810,648
Taxation and social security9,28811,325
Other creditors55,44657,263
Accrued liabilities and deferred income1,7511,751
Total81,47386,690
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts14,29824,186
Total14,29824,186
Included within other creditors falling due within one year and creditors falling due after more than one year is £24,947 (2023: £34,835) in respect of a bank loan which is guaranteed by the government under Coronavirus Business Interruption Loan Scheme. The loan is repayable by July 2026 and interest is charged at 3.99% above base rate per annum on this loan.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)7,2896,313
Total7,2896,313
9.Other commitments
LEASING AGREEMENTS: Minimum lease payments under non-cancellable operating leases fall due as follows: Due within one year: £22,500 (2023: £22,500)
10.Related party transactions
Included in other debtors due within 12 months are the balances owed by ZAF Holdings Ltd £51,784 (2023: £51,784), a company connected to the director. Included in creditors due within 12 months are the balances payable to ZAF Ambitions Ltd £42,703 (2023: £42,703), a company connected to the director. Included in other creditors due within 12 months are the balances due to the director amounting to £8,565(2023: £14,696).