XSFinance ltd - Limited company accounts 22.3

REGISTERED NUMBER: 07293708 (England and Wales)

Report of the Director and

Financial Statements for the Year Ended 30th June 2022

for

XSFinance ltd

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

M Patel

REGISTERED OFFICE:

C/O City, Chartered Accountants

Suite 540, 5th Floor, Linen Hall

162-168 Regent Street

London

W1B 5TF

REGISTERED NUMBER:

07293708 (England and Wales)

ACCOUNTANTS:

City, Chartered Accountants

Suite 540, 5th Floor,

Linen Hall

162- 168 Regent Street

London

W1B 5TF

The director presents his report with the financial statements of the company for the year ended 30th June 2022.

DIRECTOR

M Patel held office during the whole of the period from 1st July 2021 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M Patel - Director

17th September 2022

TURNOVER

30,188

23,883

Administrative expenses

(4,656

)

(2,257

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

25,532

21,626

Tax on profit

(4,851

)

(4,109

)

PROFIT FOR THE FINANCIAL
YEAR

20,681

17,517

CURRENT ASSETS

Debtors

4

47,458

43,981

Cash at bank

2,000

3,519

49,458

47,500

CREDITORS

Amounts falling due within one year

5

(28,014

)

(26,237

)

NET CURRENT ASSETS

21,444

21,263

TOTAL ASSETS LESS CURRENT
LIABILITIES

21,444

21,263

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

21,443

21,262

21,444

21,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 17th September 2022 and were signed by:

M Patel - Director

1.	STATUTORY INFORMATION

XSFinance 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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 by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

Trade debtors

24,521

Other debtors

22,937

19,460

47,458

43,981

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

Trade creditors

14,398

14,014

Taxation and social security

4,851

4,559

Other creditors

8,765

7,664

28,014

26,237

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £20,500 were paid to the director .

As at 30th June 2022 Mr M Patel owed the company £22,937 (2021: £19,460).

This balance was cleared within 9 months of the year end.

7.	ULTIMATE CONTROLLING PARTY

The controlling party is M Patel.