Bexor Limited - Period Ending 2022-12-31

Bexor Limited

Contents

Balance Sheet	1
Statement of Changes in Equity	2
Notes to the Unaudited Financial Statements	3 to 5

Bexor Limited

(Registration number: 07738784)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Current assets
Debtors	4	653,810	572,472
Cash at bank and in hand		5,081	33,096
		658,891	605,568
Creditors: Amounts falling due within one year	5	(693,070)	(649,431)
Net liabilities		(34,179)	(43,863)
Capital and reserves
Called up share capital		1,000	1,000
Retained earnings		(35,179)	(44,863)
Shareholders' deficit		(34,179)	(43,863)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 September 2023
 

......................................... Mr Nicholas Procopis Vanezis Director

Bexor Limited

Statement of Changes in Equity for the Year Ended 31 December 2022

	Share capital £	Retained earnings £	Total £
At 1 January 2022	1,000	(44,863)	(43,863)
Profit for the year	-	9,684	9,684
At 31 December 2022	1,000	(35,179)	(34,179)

	Share capital £	Retained earnings £	Total £
At 1 January 2021	1,000	(20,786)	(19,786)
Loss for the year	-	(24,077)	(24,077)
At 31 December 2021	1,000	(44,863)	(43,863)

Bexor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
United Kingdom

These financial statements were authorised for issue by the director on 20 September 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Interest income is recognised using the effective interest method.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Bexor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors,loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

Bexor Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Debtors

Current	2022 £	2021 £
Other debtors	653,810	572,472

Other debtors of £597,293 (2021 - £536,472) represent loans that accrue interest at 3%.

5

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans	6	123,658	123,633
trade creditors		565,752	520,907
Accruals and deferred income		3,660	4,891
		693,070	649,431

6	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank overdrafts	25	-
Other borrowings	123,633	123,633
	123,658	123,633

At the year end the amount due to shareholders was £23,521 (2021 - £23,521). The loan is interest free with no set repayment terms. Other loans of £100,112 (2021 - £100,112) are repayable on demand and bear no interest.