Company No:
Contents
| DIRECTOR | A J E Rae |
| REGISTERED OFFICE | 45 Gresham Street |
| London | |
| EC2V 7BG | |
| United Kingdom |
| COMPANY NUMBER | 10740301 (England and Wales) |
| ACCOUNTANT | S&W Partners LLP |
| Onslow House | |
| Onslow Street | |
| Guildford | |
| GU1 4TL |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 4 |
|
|
|
| 455,655 | 455,655 | |||
| Current assets | ||||
| Debtors | 5 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 389 | 74 | |||
| Creditors: amounts falling due within one year | 6 | (
|
(
|
|
| Net current liabilities | (444,128) | (448,183) | ||
| Total assets less current liabilities | 11,527 | 7,472 | ||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholders' funds |
|
|
Director's responsibilities:
The financial statements of Exchange Arcade Limited (registered number:
|
A J E Rae
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Exchange Arcade Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Gresham Street, London, EC2V 7BG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Exchange Arcade Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
|
|
Investments in subsidiaries
| 2024 | |
| £ | |
| Cost | |
| At 01 August 2023 |
|
| At 31 July 2024 |
|
| Carrying value at 31 July 2024 |
|
| Carrying value at 31 July 2023 |
|
| 2024 | 2023 | ||
| £ | £ | ||
| Deferred tax asset |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
|
|
|
| Amounts owed to Group undertakings |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year |
|
|
|
| Timing differences |
|
|
|
| At the end of financial year |
|
|
Other related party transactions
The company has claimed exemption under paragraph 33.1A of FRS102 to not disclose any transactions with its wholly owned subsidiary.
Included in other creditors is £17,000 (2023: £17,000) due to a shareholder and spouse of the director of the company. This amount is interest free and repayable on demand.