Transaction Transform Ltd Filleted accounts for Companies House (small and micro)

TRANSACTION TRANSFORM LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC686988

Transaction Transform Ltd

Filleted Unaudited Financial Statements

For the period ended

30 June 2022

Transaction Transform Ltd

Statement of Financial Position

30 June 2022

	30 Jun 22
Note	£	£

Current assets

Debtors	4	1,000
Cash at bank and in hand		22,583
		--------
		23,583

Creditors: amounts falling due within one year	5	21,619
		--------
Net current assets			1,964
			-------
Total assets less current liabilities			1,964
			-------
Net assets			1,964
			-------

Capital and reserves

Called up share capital	6	2
Profit and loss account		1,962
		-------
Shareholders funds		1,964
		-------

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 Section 1A of 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.

For the period ending 30 June 2022 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 period 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 25 October 2022 , and are signed on behalf of the board by:

E Andrews
Director

Company registration number: SC686988

Transaction Transform Ltd

Notes to the Financial Statements

Period from 25 January 2021 to 30 June 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH, Scotland.

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.. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, 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. When the outcome of a transaction involving the rendering of services 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors, cash at bank and amounts due from group undertakings 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. Basic financial liabilities, which include trade and other creditors, and amounts owed to group undertakings 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4. Debtors

	30 Jun 22
	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,000
	-------

5. Creditors: amounts falling due within one year

	30 Jun 22
	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	19,509
Corporation tax	460
Other creditors	1,650
	--------
	21,619
	--------

6. Called up share capital

Issued, called up and fully paid

	30 Jun 22
	No.	£
Ordinary shares of £ 1 each	2	2
	----	----

7. Controlling party

During the period, XD Holdings Limited acquired 100% of the share capital of XSolutions365 Ltd, and is the immediate and ultimate parent undertaking. The registered office of XD Holdings Limited is Stamp Office, 10 Waterloo Place, Level 1, Edinburgh, EH1 3EG.