Exascale Limited - Period Ending 2014-03-31

Registration number: 07120266

Exascale Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Empire Accountants Limited
Accountant and Tax Advisor
356 Wood End Road
Wolverhampton
West Midlands
WV11 1YD

Exascale Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Exascale Limited
for the Year Ended 31 March 2014

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of Exascale Limited for the year ended 31 March 2014.

We have prepared these finance statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the balance sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year . Therefore, the financial statements are unaudited.

The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

 
  ......................................
 
  Empire Accountants Limited
  Accountant and Tax Advisor
  356 Wood End Road
  Wolverhampton
  West Midlands
  WV11 1YD

30 December 2014

Page 1

Exascale Limited
(Registration number: 07120266)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					20,370			12,525
Current assets
Debtors					2,199			1,621
Cash at bank and in hand					4,914			-
					7,113			1,621
Creditors: Amounts falling due within one year					(50,169)			(30,716)
Net current liabilities					(43,056)			(29,095)
Net liabilities					(22,686)			(16,570)
Capital and reserves
Called up share capital		3			60			60
Profit and loss account					(22,746)			(16,630)
Shareholders' deficit					(22,686)			(16,570)

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 31 December 2014

.........................................
Mr Thomas Anthony Bibb
Chairman

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Exascale Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office Equipment	33% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Exascale Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		21,567			21,567
Additions		18,027			18,027
At 31 March 2014		39,594			39,594
Depreciation
At 1 April 2013		9,042			9,042
Charge for the year		10,182			10,182
At 31 March 2014		19,224			19,224
Net book value
At 31 March 2014		20,370			20,370
At 31 March 2013		12,525			12,525

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		60			60			60			60

4

Control

The company is controlled by Bibb Holdings Limited, a Company registered in England and Wales, as it owns 100% of the issued share capital.

Page 4