http://ukdatacentre.co.uk/company-document/08757996/Prod223_1407_08757996_20141130.html
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CEX.IO LTD (REGISTERED NUMBER: 08757996)
Notes to the Abbreviated Accounts
FOR THE PERIOD 1 NOVEMBER 2013 TO 30 NOVEMBER 2014
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the
Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
Service revenue and Commission income is recognised on the basis of services rendered for software
development and trading in virtual currencies. The revenue is recognised in the period in which it has been
earned.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Depreciation is provided at the following annual rates in order to write off asset over its estimated useful life.
Computer equipment - 33.33% on cost.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.
Going concern
The major part of the company's fixed assets are currently stored in a war zone and are not accessible. The
director is making efforts to retrieve the assets. The director believes that the assets will eventually be retrieved.
After making all appropriate enquiries, the director has a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future. The director believes that it is therefore
appropriate to prepare the financial statements on a going concern basis.
2. TANGIBLE FIXED ASSETS
Total
£
COST
Additions 2,127,535
At 30 November 2014 2,127,535
DEPRECIATION
Charge for period 369,178
At 30 November 2014 369,178
NET BOOK VALUE
At 30 November 2014 1,758,357
3. CREDITORS
Creditors include the following debts falling due in more than five years:
£
Repayable otherwise than by instalments 1,645,522
Notes to the Abbreviated Accounts
FOR THE PERIOD 1 NOVEMBER 2013 TO 30 NOVEMBER 2014
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the
Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
Service revenue and Commission income is recognised on the basis of services rendered for software
development and trading in virtual currencies. The revenue is recognised in the period in which it has been
earned.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Depreciation is provided at the following annual rates in order to write off asset over its estimated useful life.
Computer equipment - 33.33% on cost.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.
Going concern
The major part of the company's fixed assets are currently stored in a war zone and are not accessible. The
director is making efforts to retrieve the assets. The director believes that the assets will eventually be retrieved.
After making all appropriate enquiries, the director has a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future. The director believes that it is therefore
appropriate to prepare the financial statements on a going concern basis.
2. TANGIBLE FIXED ASSETS
Total
£
COST
Additions 2,127,535
At 30 November 2014 2,127,535
DEPRECIATION
Charge for period 369,178
At 30 November 2014 369,178
NET BOOK VALUE
At 30 November 2014 1,758,357
3. CREDITORS
Creditors include the following debts falling due in more than five years:
£
Repayable otherwise than by instalments 1,645,522
? If you say yes, either you are naive or at least pretending to be.
