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Drexim Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 01336588
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,293 12,848
27,293 12,848
CURRENT ASSETS
Debtors 5 13,474 3,136
Cash at bank and in hand 120,754 122,419
134,228 125,555
Creditors: Amounts Falling Due Within One Year 6 (165,370 ) (226,131 )
NET CURRENT ASSETS (LIABILITIES) (31,142 ) (100,576 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,849 ) (87,728 )
NET LIABILITIES (3,849 ) (87,728 )
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Profit and Loss Account (4,849 ) (88,728 )
SHAREHOLDERS' FUNDS (3,849) (87,728)
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
P D Rustom
Director
6 March 2025
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Drexim Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01336588 . The registered office is C/O BWBCA Limited Office 44, A30 Business Centre, Okehampton, Devon, EX20 1BG.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the balance sheet date, the company had net liabilities, but traded profitably during the year. The directors have confirmed that they will continue to financially support the company for the foreseeable future, and will not withdraw their loan to the detriment of the company or its other creditors. The company, with the directors support, is currently able to meet its liabilities as and when they fall due. For these reasons, the accounts are prepared on a going concern basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue is recognised when services are performed, when the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on cost
Computer Equipment 33% on cost
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 material 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.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees during the year was: NIL (2023: NIL)
- -
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4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 November 2023 21,755 4,470 26,225
Additions 22,833 841 23,674
As at 31 October 2024 44,588 5,311 49,899
Depreciation
As at 1 November 2023 10,878 2,499 13,377
Provided during the period 7,817 1,412 9,229
As at 31 October 2024 18,695 3,911 22,606
Net Book Value
As at 31 October 2024 25,893 1,400 27,293
As at 1 November 2023 10,877 1,971 12,848
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,040 3,136
Other debtors 11,434 -
13,474 3,136
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,483 1,241
Other creditors 140,785 219,552
Taxation and social security 13,102 5,338
165,370 226,131
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
8. Related Party Transactions
At the balance sheet date, the company owed the directors £132,274 (2023: £217,980). This amount is interest free and repayable upon demand, although the directors have confirmed they will not withdraw their financial support to the detriment of the company or its other creditors.
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