Company Registration No. 07700996 (England and Wales)
First Exchange Ltd
Unaudited accounts
for the year ended 31 July 2024
First Exchange Ltd
Unaudited accounts
Contents
First Exchange Ltd
Company Information
for the year ended 31 July 2024
Company Number
07700996 (England and Wales)
Registered Office
175 Streatham High Road
London
London
SW16 6EG
England
Accountants
Dr Nnamdi Obiosa
C & N Consults Ltd
207 Streatham High Road
London
SW16 6EG
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
First Exchange Ltd
for the year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of First Exchange Ltd for the year ended 31 July 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of First Exchange Ltd, as a body, in accordance with the terms of our engagement letter dated 14 April 2025. Our work has been undertaken solely to prepare for your approval the accounts of First Exchange Ltd and state those matters that we have agreed to state to the Board of Directors of First Exchange Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Exchange Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that First Exchange Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of First Exchange Ltd. You consider that First Exchange Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of First Exchange Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Dr Nnamdi Obiosa
Member in Practice
C & N Consults Ltd
207 Streatham High Road
London
SW16 6EG
16 April 2025
First Exchange Ltd
Statement of financial position
as at 31 July 2024
Cash at bank and in hand
40,107
46,128
Creditors: amounts falling due within one year
(4,471)
(8,706)
Net current assets
41,636
43,422
Called up share capital
1
1
Profit and loss account
41,635
43,421
Shareholders' funds
41,636
43,422
For the year ending 31 July 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 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 April 2025 and were signed on its behalf by
Ibrahim BAROW
Director
Company Registration No. 07700996
First Exchange Ltd
Notes to the Accounts
for the year ended 31 July 2024
First Exchange Ltd is a private company, limited by shares, registered in England and Wales, registration number 07700996. The registered office and principal place of business is 175 Streatham High Road, London, London, SW16 6EG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
5 years
Computer equipment
3 years
Other tangible fixed assets
3 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
First Exchange Ltd
Notes to the Accounts
for the year ended 31 July 2024
4
Tangible fixed assets
Plant & machinery
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
-
2,437
7
Average number of employees
During the year the average number of employees was 2 (2023: 2).