| Asian Union Exchange Ltd |
| Notes to the Accounts |
| for the year ended 31 October 2020 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
15% on cost |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
|
Cost |
|
At 1 November 2019 |
4,674 |
|
At 31 October 2020 |
4,674 |
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Depreciation |
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At 1 November 2019 |
4,674 |
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At 31 October 2020 |
4,674 |
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Net book value |
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At 31 October 2020 |
- |
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| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade debtors |
16,307 |
|
29,257 |
|
Other debtors |
1,592 |
|
- |
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|
|
|
17,899 |
|
29,257 |
|
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| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Other taxes and social security costs |
868 |
|
- |
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Other creditors |
5,158 |
|
1,613 |
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|
|
6,026 |
|
1,613 |
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| 6 |
Related party transactions |
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There was no related party transaction apart from salary paid to the director. |
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| 7 |
Going concern |
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The Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. The key potential source of uncertainty noted by the Directors is the Coronavirus and COVID-19 pandemic. However at the date of this report it is not possible to reliably determine the effects that these developments will have on the Company. Accordingly the Directors have continued to prepare the financial statements on the going concern basis. |
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| 8 |
Other information |
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Asian Union Exchange Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
174 West Hendon Broadway |
|
London |
|
NW9 7AA |
