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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2019 |
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ASSETZ EXCHANGE LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2019 |
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FOR |
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ASSETZ EXCHANGE LIMITED |
ASSETZ EXCHANGE LIMITED (REGISTERED NUMBER: 09285310) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st October 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ASSETZ EXCHANGE LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31st October 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1 City Road East |
Manchester |
M15 4PN |
ASSETZ EXCHANGE LIMITED (REGISTERED NUMBER: 09285310) |
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BALANCE SHEET |
31st October 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium | 990,983 | 385,487 |
Retained earnings | ( |
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The directors acknowledge their responsibilities for: |
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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. |
ASSETZ EXCHANGE LIMITED (REGISTERED NUMBER: 09285310) |
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BALANCE SHEET - continued |
31st October 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors on
were signed on its behalf by: |
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ASSETZ EXCHANGE LIMITED (REGISTERED NUMBER: 09285310) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st October 2019 |
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1. | STATUTORY INFORMATION |
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Assetz Exchange Limited is a private company limited by share capital, incorporated in England and Wales, |
registration number 09285310. The address of the registered office is 1 City Road East, Manchester, M15 4PN. |
The principal place of business is Springwood Cottage, Station Lane, Milford, Surrey, GU8 5AD. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their |
estimated useful lives, using the following methods: |
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Plant and machinery | - 25% on cost |
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At each balance sheet date, the company reviews the carrying amounts of its fixed assets to determine whether |
there is any indication that any items have suffered an impairment loss. If any such indication exists, the |
recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
Where it is not possible to estimate the recoverable amount of the asset, the company estimates the |
recoverable amount of the cash-generating unit to which the asset belongs. |
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If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of |
the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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ASSETZ EXCHANGE LIMITED (REGISTERED NUMBER: 09285310) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st October 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
other short-term highly liquid investments that mature in no more than three months from the date of |
acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Trade and other debtors/creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade |
and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent |
to initial recognition they are measured at amortised cost using the effective interest method, less any |
impairment losses in the case of trade debtors. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
Additions |
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At 31st October 2019 |
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DEPRECIATION |
Charge for year |
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At 31st October 2019 |
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NET BOOK VALUE |
At 31st October 2019 |
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ASSETZ EXCHANGE LIMITED (REGISTERED NUMBER: 09285310) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st October 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
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Number: | Class: | Nominal | 2019 | 2018 |
Value | £ | £ |
102,000 | A1 | £0.0001 | 10.20 | 10.20 |
98,000 | A2 | £0.0001 | 9.80 | 9.80 |
400,000 | B | £0.0001 | 40.00 | 40.00 |
413,334 | C | £0.0001 | 41.33 | 41.33 |
216,902 | Ordinary | £0.0001 | 21.69 | 11.65 |
123.02 | 112.98 |
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100,405 new ordinary shares were issued during the year. 6,070 of these ordinary shares were issues at par, |
14,822 were issued at a premium of £8.50, 79,513 were issued at a premium of £6.03. |