Company Registration No. 06480936 (England and Wales)
XICATO EUROPE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
XICATO EUROPE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
XICATO EUROPE LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2020
30 December 2020
- 1 -
2020
2019
Notes
$
$
$
$
Current assets
Debtors
3
480,073
444,504
Creditors: amounts falling due within one year
4
(8,464)
(11,674)
Net current assets
471,609
432,830
Capital and reserves
Called up share capital
1,312
1,312
Profit and loss reserves
470,297
431,518
Total equity
471,609
432,830
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2021 and are signed on its behalf by:
Amir Zoufonoun
Director
Company Registration No. 06480936
XICATO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Xicato Europe Limited is a
private
company
limited by shares,
domiciled and incorporated in
England and Wales
.
The registered office is
12 New Fetter Lane, London, United Kingdom, EC4A 1JP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
United States dollars
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest $.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director
ha
s
considered the effect of the Covid-19 outbreak. Due to government restrictions and the closure of the business during the lockdown periods, the outbreak has caused a significant disruption to the company’s business to date and the director considers that a prolonged outbreak is likely to cause further disruption. However, with the support from government's subsidies and the ultimate controlling party, the director considers there is no material uncertainty that may cast doubt on the company's ability to continue as a going concern. Accordingly, the director has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue is measured at the fair value of the consideration received
or receivable and represents amounts receivable
for services provided in the normal course of
business, net of discounts, VAT and other sales related
taxes.
Turnover consists of costs recharges to the parent company, therefore
100
% of turnover is attributable to markets outside the UK (2019: 100%).
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include
debtors and
are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
XICATO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets
Financial assets
are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
The impairment loss is recognised in profit or loss.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of
direct issue
costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2020
2019
Number
Number
Total
7
7
3
Debtors
2020
2019
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
480,073
444,504
XICATO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2020
- 4 -
4
Creditors: amounts falling due within one year
2020
2019
$
$
Corporation tax
8,464
11,674
5
Parent company
The immediate and ultimate parent company, and the largest and smallest group in which Xicato Europe Limited is consolidated, is Xicato Inc, a company incorporated in the United States of America. The parent company's address for enquiries is 101 Daggett Drive, San Jose, CA 95134, USA.