iXerv UK/Ireland Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07879983 (England and Wales)

iXerv UK/Ireland Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

M Mehta

V Bhagdev

REGISTERED OFFICE:

2nd Floor, Afon Building

Worthing Road

Horsham

West Sussex

RH12 1TL

REGISTERED NUMBER:

07879983 (England and Wales)

ACCOUNTANTS:

Clarkson Cleaver & Bowes Ltd

8a Wingbury Courtyard

Business Village

Wingrave

Buckinghamshire

HP22 4LW

FIXED ASSETS

Tangible assets

4

-

485

CURRENT ASSETS

Debtors

5

66,986

76,904

Loan receivables

-

55,418

Cash at bank

45,251

39,012

112,237

171,334

CREDITORS

Amounts falling due within one year

6

(76,647

)

(85,843

)

NET CURRENT ASSETS

35,590

85,491

TOTAL ASSETS LESS CURRENT LIABILITIES

35,590

85,976

LOAN LIABILITIES

(798,364

)

(554,018

)

NET LIABILITIES

(762,774

)

(468,042

)

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

(772,774

)

(478,042

)

SHAREHOLDERS' FUNDS

(762,774

)

(468,042

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2022 and were signed on its behalf by:

V Bhagdev - Director

M Mehta - Director

1.	STATUTORY INFORMATION

iXerv UK/Ireland Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted and that are expected to apply to the reversal of the timing difference.

Current or deferred taxation liabilities are not discounted.

Foreign currencies

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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The pension costs charged in the financial statements represent the contributions payable by the company for the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2021

and 31 December 2021

2,732

DEPRECIATION

At 1 January 2021

2,247

Charge for year

485

At 31 December 2021

2,732

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

485

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade debtors

15,679

54,259

Other debtors

51,307

22,645

66,986

76,904

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade creditors

74,471

80,363

Taxation and social security

1,110

1,853

Other creditors

1,066

3,627

76,647

85,843

7.	LOAN LIABILITIES

During the year the company received loans from iXerv Global FZC (the parent company of iXerv UK/Ireland Ltd), iXerv South Africa (Pty) Ltd (a subsidiary of iXerv Global FZC) and iXerv DMCC. They also received a loan from Befula Investments.

At 31 December 2021, the balances of the loans provided were iXerv Global FZX - £351,803 (2020 - £360,953), iXerv South Africa (Pty) Ltd - £73,110 (2020 - £52,066), IXerv DMCC - £244,941 (2020 - Nil) and Befula Investments - £45,000 (2020 - £45,000).

There is no requirement to repay these loans until there are sufficient funds available for the company to do so without detriment to the business.

The company also received a loan from a shareholder. The balance at 31 December 2021 was £34,000 (2020 - £46,000). This loan is subject to an agreed payment plan.

During 2020 the company took out a Government backed Bounce Back Loan, with repayments starting in 2021. The balance as at 31 December 2021 was £49,510 (2020 - £50,000). This loan is subject to interest and normal commercial conditions.

8.	LOAN RECEIVABLES

During the previous year the company had provided loans to group companies.

As at 31 December 2021, the balances of the loans have been repaid in full (balances as at 31 December 2020: iXerv International £9,149 and iXerv DMCC £46,269).

9.	ULTIMATE CONTROLLING PARENT

iXerv UK/Ireland Ltd is a subsidiary of iXerv Global FZC. The parent company is registered at Executive Tower M. 3802 Business Bay 999 Dubai UAE.

10.	GOING CONCERN

The company is a subsidiary of iXerv Global FZC. While the company is making losses the company is being financed by the parent company. These loans will not be repaid until there are sufficient funds available for the company to do so without detriment to the business.