Baxworth Trading Limited 31/12/2018 iXBRL

Baxworth Trading Limited 31/12/2018 iXBRL

BAXWORTH TRADING LIMITED - Company Information

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Company registration number: 04012947
Baxworth Trading Limited
Unaudited filleted abridged financial statements
31 December 2018
Baxworth Trading Limited
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
Baxworth Trading Limited
Directors and other information
Directors Antigoni Georgiou
Secretary Antigoni Georgiou
Company number 04012947
Registered office 1 Kings Avenue
Winchmore Hill
London
N21 3NA
Baxworth Trading Limited
Abridged statement of financial position
31 December 2018
2018 2017
Note $ $ $ $
Fixed assets
Investments 5 40,191 40,191
_______ _______
40,191 40,191
Current assets
Stocks 112,642 112,642
Debtors 902,568 907,151
Cash at bank and in hand 386 -
_______ _______
1,015,596 1,019,793
Creditors: amounts falling due
within one year ( 6,429) ( 8,909)
_______ _______
Net current assets 1,009,167 1,010,884
_______ _______
Total assets less current liabilities 1,049,358 1,051,075
Creditors: amounts falling due
after more than one year ( 1,729,202) ( 1,589,770)
_______ _______
Net liabilities ( 679,844) ( 538,695)
_______ _______
Capital and reserves
Called up share capital 1,811 1,811
Profit and loss account ( 681,655) ( 540,506)
_______ _______
Shareholders deficit ( 679,844) ( 538,695)
_______ _______
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2019 , and are signed on behalf of the board by:
Antigoni Georgiou
Director
Company registration number: 04012947
Baxworth Trading Limited
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1 Kings Avenue, Winchmore Hill, London, N21 3NA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in US dollar, which is the functional currency of the entity.
Going concern
The company incurred a loss of US$ 141,148 (2017 - US$219,927) for the year ended 31 December 2018, and, as of that date company's liabilities exceeded its assets by US$679,844 (2017 - US$538,695). The company is dependent upon the continuing financial support of its shareholder without which there would be significant doubt about its ability to continue as a going concern as well as its ability to realise its assets and discharge its liabilities in the ordinary course of business. The shareholder has indicated his intention to continue providing such financial assistance to the company to enable it to continue as a going concern and to meet its obligations as they fall due.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 3 ).
5. Investments
$
Cost
At 1 January 2018 and 31 December 2018 40,191
_______
Impairment
At 1 January 2018 and 31 December 2018 -
_______
Carrying amount
At 31 December 2018 40,191
_______
At 31 December 2017 40,191
_______
6. Related party transactions
As at the year end there was a balance of $57,776 (2017 - $60,662) due from J & W Sanderson Limited a company which is 100% subsidiary of Baxworth Trading Limited .As at the year end there was a balance of $12,779 (2017 - $12,779) due from JSC Eyeglasses and contact lenses, a company which is under common control.As at the year end there was a balance of $800,200 (2017 - $800,200) due from LR - Rusava, a company which is under common control. As at the year end there was a balance of $432,095 (2018 - $390,093) due to Goldrifon, a company which is under common control.As at the year end there was a balance of $902,207 (2017 - $828,738) due to Kronverco, a company which is under common control.
7. Controlling party
The ultimate controlling party of the company is A. Vaganov.
Statement of consent to prepare abridged financial statements
All of the members of Baxworth Trading Limited have consented to the preparation of the abridged statement of financial position for the current year ending 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.