Xperime Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07049219

Xperime Limited

Filleted Unaudited Financial Statements

31 October 2019

Xperime Limited

Statement of Financial Position

31 October 2019

	2019		2018
Note	£	£	£

Current assets

Cash at bank and in hand	938		1,172

Creditors: amounts falling due within one year	6	7,188		9,606
		-------		-------
Net current liabilities			6,250	8,434
			-------	-------
Total assets less current liabilities			( 6,250)	( 8,434)
			-------	-------
Net liabilities			( 6,250)	( 8,434)
			-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 6,251)	( 8,435)
	-------	-------
Shareholders deficit	( 6,250)	( 8,434)
	-------	-------

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 income and retained earnings has not been delivered.

For the year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 July 2020 , and are signed on behalf of the board by:

Mr Muzahid Uddin Khan
Director

Company registration number: 07049219

Xperime Limited

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1041 Middleton Road, Chadderton, Oldham, OL9 0NQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	4,500	4,504
	-------	-------
Tax on profit	4,500	4,504
	-------	-------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2018: the same as) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Profit on ordinary activities before taxation	23,684	23,706
	--------	--------
Profit on ordinary activities by rate of tax	4,500	4,504
	--------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	1,748	4,594
Trade creditors	91	88
Corporation tax	4,500	4,504
Other creditors	849	420
	-------	-------
	7,188	9,606
	-------	-------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Muzahid Uddin Khan	–	34,580	( 34,912)	( 332)
	----	--------	--------	----

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Muzahid Uddin Khan	3,488	31,563	( 35,051)	–
	-------	--------	--------	----

8. Related party transactions

The company was under the control of Mr Khan throughout the current period. Mr Khan is the managing director and majority shareholder. There were no transactions with related parties undertaken such as are required to be disclosed.

9. Illegal dividends

The director acknowledges that illegal dividends were paid. However, at the time the dividend was paid the director was not aware that there were insufficient profits available for distribution.

10. Going concern

The company is reliant on the support of the director. There is no reason why this support will not be continued for at least the next twelve months.