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Registered number: 06937891
UAE Exchange UK Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06937891
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 130,795 162,313
130,795 162,313
CURRENT ASSETS
Debtors 5 4,182,028 4,951,509
Cash at bank and in hand 111,151 1,867,296
4,293,179 6,818,805
Creditors: Amounts Falling Due Within One Year 6 (1 ) (651,879 )
NET CURRENT ASSETS (LIABILITIES) 4,293,178 6,166,926
TOTAL ASSETS LESS CURRENT LIABILITIES 4,423,973 6,329,239
Creditors: Amounts Falling Due After More Than One Year 7 - (363,716 )
NET ASSETS 4,423,973 5,965,523
CAPITAL AND RESERVES
Called up share capital 8 120,055,128 120,055,128
Other reserves (28,804 ) (28,804 )
Profit and Loss Account (115,602,351 ) (114,060,801 )
SHAREHOLDERS' FUNDS 4,423,973 5,965,523
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Marcel Stevin Montnor
Director
14/03/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
UAE Exchange UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06937891 . The registered office is Salisbury House,Wall, London Wall, London, EC2M 5PS.
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. 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Freehold 5 years
Leasehold 5 years
Plant & Machinery 5 years
Motor Vehicles 5 years
Fixtures & Fittings 5 years
Computer Equipment 5 years
2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2022: )
39 -
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 95,228 105,368 1,106,432 1,307,028
As at 31 December 2023 95,228 105,368 1,106,432 1,307,028
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 January 2023 40,829 87,725 1,016,161 1,144,715
Provided during the period 10,506 10,506 10,506 31,518
As at 31 December 2023 51,335 98,231 1,026,667 1,176,233
Net Book Value
As at 31 December 2023 43,893 7,137 79,765 130,795
As at 1 January 2023 54,399 17,643 90,271 162,313
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 4,182,028 4,951,509
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1 21,375
Other creditors - 627,089
Taxation and social security - 3,415
1 651,879
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors - 363,716
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 120,055,128 120,055,128
Page 4