Rexmile Investments Limited Company accounts

Rexmile Investments Limited Company accounts

REXMILE INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10498365
Rexmile Investments Limited
Unaudited Financial Statements
30 November 2017
Rexmile Investments Limited
Financial Statements
Period ended 30 November 2017
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
4
Statement of cash flows
5
Notes to the financial statements
6
Rexmile Investments Limited
Directors' Report
Period ended 30 November 2017
The directors present their report and the unaudited financial statements of the company for the period ended 30 November 2017 .
Directors
The directors who served the company during the period were as follows:
Mr B Feldman
Mr J Feldman
Mr S Feldman
(Appointed 3 April 2017)
Mr J Feldman
(Died 15 April 2017)
Dividends
The directors do not recommend the payment of a dividend.
This report was approved by the board of directors on 31 October 2018 and signed on behalf of the board by:
Mr B Feldman
Director
Registered office:
Hallswelle House
1 Hallswelle Road
London
NW11 ODH
Rexmile Investments Limited
Statement of Comprehensive Income
Period ended 30 November 2017
2017
Note
£
Administrative expenses
1,228
-------
Operating loss
( 1,228)
Other interest receivable and similar income
4
46,649
Interest payable and similar expenses
5
19,729
--------
Profit before taxation
25,692
Tax on profit
6
5,007
--------
Profit for the financial period and total comprehensive income
20,685
--------
All the activities of the company are from continuing operations.
Rexmile Investments Limited
Statement of Financial Position
30 November 2017
2017
Note
£
Current assets
Debtors
7
3,274,499
Creditors: amounts falling due within one year
8
3,253,811
------------
Net current assets
20,688
--------
Total assets less current liabilities
20,688
--------
Capital and reserves
Called up share capital
9
3
Profit and loss account
20,685
--------
Shareholders funds
20,688
--------
For the period ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2018 , and are signed on behalf of the board by:
Mr B Feldman
Director
Company registration number: 10498365
Rexmile Investments Limited
Statement of Changes in Equity
Period ended 30 November 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 1 December 2016
–
–
–
Profit for the period
20,685
20,685
----
--------
--------
Total comprehensive income for the period
–
20,685
20,685
Issue of shares
3
–
3
----
----
----
Total investments by and distributions to owners
3
–
3
----
--------
--------
At 30 November 2017
3
20,685
20,688
----
--------
--------
Rexmile Investments Limited
Statement of Cash Flows
Period ended 30 November 2017
2017
£
Cash flows from operating activities
Profit for the financial period
20,685
Adjustments for:
Other interest receivable and similar income
( 46,649)
Interest payable and similar expenses
19,729
Tax on profit
5,007
Changes in:
Trade and other debtors
( 3,274,499)
Trade and other creditors
1,225
------------
Cash generated from operations
( 3,274,502)
Interest paid
( 19,729)
Interest received
46,649
------------
Net cash (used in)/from operating activities
( 3,247,582)
------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
3
Proceeds from loans from group undertakings
3,247,579
------------
Net cash from financing activities
3,247,582
------------
Net decrease in cash and cash equivalents
–
Cash and cash equivalents at beginning of period
–
----
Cash and cash equivalents at end of period
–
----
Rexmile Investments Limited
Notes to the Financial Statements
Period ended 30 November 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.
2. Statement of compliance
These financial statements have been prepared in compliance with 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Other interest receivable and similar income
2017
£
Interest on loans and receivables
46,649
--------
5. Interest payable and similar expenses
2017
£
Other Interest payable
19,729
--------
6. Tax on profit
Major components of tax expense
2017
£
Current tax:
UK current tax expense
5,007
-------
Tax on profit
5,007
-------
7. Debtors
2017
£
Other debtors
3,274,499
------------
8. Creditors: amounts falling due within one year
2017
£
Amounts owed to group undertakings
3,247,579
Corporation tax
5,007
Other creditors
1,225
------------
3,253,811
------------
9. Called up share capital
Issued, called up and fully paid
2017
No.
£
Ordinary shares of £ 1 each
3
3
----
----
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
No transitional adjustments were required in equity or profit or loss for the year.