Director's Report and Financial Statements

For and behalf of Director, For Brexit Capital Limited, (Chairman) Date: Place: London Independent Auditor’s Report The Members, Brexit Capital Limited London Opinion: We have conducted the audit of the “financial statements” of the company for the period 24th March to 31st December 2019, that comprises of “Statement of Income” and “Statement of Financial Position” and “Notes to the Financial Statements” containing a summary of “significant accounting policies.” The company prepares its financial statements as per

Running head: AUDITED FINANCIAL STATEMENTS
BREXIT CAPITAL LIMITED
Director’s Report and Financial Statements
Period: 24th March (Date of Incorporation)
– 31st December’ 2019
UWL C.P.A. LIMITED
Certified Public Accountants (Practising)

1
AUDITED FINANCIAL STATEMENTS
Contents Page
Director’s Report.............................................................................................................................2
Independent Auditor’s Report.........................................................................................................4
Income Statement............................................................................................................................7
Statement of Financial Position ………………………………………………………………….8
Notes to Financial Statements:........................................................................................................9
Bibliography..................................................................................................................................17
Appendix........................................................................................................................................18

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AUDITED FINANCIAL STATEMENTS
Director’s Report
To the Members,
Introduction:
The Director’s report and the Financial Statements of the entity for the period 24th March
2019 to 31st December 2019 are presented by the company’s directors. Brexit Limited is a
“public limited company” that is incorporated on 24th March 2019.
Principal activity:
Brexit Capital Limited is in the financial service sector and provides financial services.
Directors and date of nomination:
The directors who worked during the period under review are Dwi Jaya and Dikari
Business Review:
The company is in the first year of operation and incurred losses of pound 49,911.39 due
to investing in the setup of the business. The directors are optimistic about the future and growth
of the company.
Permitted indemnity provision:
The company may provide the Director with an indemnity against the third party liability
unless the indemnity is within the mentioned category of indemnity as per the Act.
Auditor:

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AUDITED FINANCIAL STATEMENTS
The resolution to appoint auditors was passed on 9th December 2019, and UWL. C.P.A
Limited, Chartered Accountants, C.P.A. (Practising), are appointed on 16th December 2019 with
immediate effect till the next “Annual General Meeting.” The auditors will retire at the time of
the conclusion of the next A.G.M. and are eligible for re-appointment.
For and behalf of Director,
For Brexit Capital Limited,
(Chairman)
Date:
Place: London

4
AUDITED FINANCIAL STATEMENTS
Independent Auditor’s Report
The Members,
Brexit Capital Limited
London
Opinion:
We have conducted the audit of the “financial statements” of the company for the period 24th
March to 31st December 2019, that comprises of “Statement of Income” and “Statement of
Financial Position” and “Notes to the Financial Statements” containing a summary of
“significant accounting policies.” The company prepares its financial statements as per the
applicable law and the “United Kingdom Accounting Standards.” The financial statements
provide the following in our opinion:
 Gives a “true and fair view” of their financial position for the respective period.
 are prepared in compliance with the “United Kingdom Generally Accepted Accounting
Practice” and “Companies Act 2006.”
Basis for opinion:
The audit is conducted as per the “International Standards on Auditing” (U.K.) and
applicable law and regulations. The auditor’s duties and responsibilities, according to the
standards, are discussed in “Auditor’s Responsibilities” for conducting the company’s audit. It is
believed that the collected audit evidence is appropriate and sufficient to provide a reasonable
opinion on the Financial Statements of the company.
“Other Information”:

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AUDITED FINANCIAL STATEMENTS
It is the director’s responsibility to provide information other than the financial
statements of the company. The opinion on other information is not covered in our scope of the
audit unless stated in this report. The responsibility of auditor includes reading the Other
Information and assessing whether it is inconsistent with the statements and whether they have a
material impact. When we report that there is a misstatement in other information which is
material, then the fact should be disclosed. There is nothing to report in regard to “Other
Information.”
Director’s Responsibility:
It is the director's responsibility to prepare and present the Financial Statements correctly
and to ensure the application of proper accounting standards and policies. The internal controls
existence and its effectiveness and efficiency is the Director’s responsibility. They have to ensure
that there are no material misstatements present in the financial statements, whether because of
any mistake or fraud, and are prepared in compliance with the prescribed framework. It is their
responsibility to assess whether they can carry on as a going concern or not and, if not, then state
in disclosures.
Auditor’s Responsibility:
Auditor’s objective is to attain reasonable assurance to ensure that the financial
statements do not contain any material misstatements and to express an opinion on the audit. All
the ethical requirements are followed, and plans are performed sufficiently to obtain reasonable
assurances as per the requirements of the standard. We provide reasonable assurance, but it is not
a guarantee that the accounts are prepared in compliance with Uk standards and are always free
from material misstatements. It is not an auditor’s responsibility to detect the error due to fraud.

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AUDITED FINANCIAL STATEMENTS
The misstatements can occur because of fraud or mistakes and might affect the financial
statements; any misstatement alone can be material but immaterial for the financial statements
when taken as a whole.
For UWL C.P.A Limited
Chartered Accountants
Dated:
London

7
AUDITED FINANCIAL STATEMENTS
Income Statement

8
AUDITED FINANCIAL STATEMENTS
Statement of Financial
Position

9
AUDITED FINANCIAL STATEMENTS

10
AUDITED FINANCIAL STATEMENTS
Notes to Financial Statements:
1. Basis of Preparation and Accounting Policies:
The company has adopted the “historical cost” model for accounting purposes, and books
are maintained on the “accrual basis” of accounting to record expenses. The company has
prepared financial statements based on accounting standards and policies. The management
requires to apply judgment to estimate a few items to prepare the books of accounts.
2. Revenue:
The company has recorded only that revenue where the company is satisfied that the
entity will achieve the “economic benefits,” and the benefits are reliably measurable. The
company is in the first year of its operations, and hence the revenue is generated from bank
interest. The company is in the financial service sector and, therefore, will derive income from
borrowing and lending the funds.
Revenue Amount in GBP
Interest income £ 3.61
3. Corporation Tax expense:
The company establishes provisions based on fair estimations. The company accounts for
the provision of corporation tax expenses for the submission of the corporation tax return to
HMRC. The company has recorded on the accrual basis and provide for this expense on
reasonable estimation.

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AUDITED FINANCIAL STATEMENTS
Corporation tax expense Amount in GBP
Provision for corporation tax return £5,000.00
4. Director’s Emoluments:
The Directors Emoluments includes remuneration fees, bonus and commission to the
directors, and “compensation for loss of office” and also pension payable to the directors. The
company has not paid any such emoluments for the accounting year to the company’s Directors.
Directors Emoluments NIL
5. Amount due to Shareholders:
The company has resolved to make changes to the “Articles of Association” of the
company. The AOA resolves that the amounts due to shareholders as on the last day of the
financial year are approved and confirmed. These unsecured amounts are interest-free and are
repayable on demand. This is recorded in the books as the current liability and shown as below:
Current Liabilities
Amount due to Shareholders
Dwi Mulia
Dwi Jaya

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AUDITED FINANCIAL STATEMENTS
Dikari
Tan Khin Pin
6. Changes in Equity:
The statement represents the changes in shareholder’s equity over the reporting period. It
reflects the changes in equity from the previous period to the current reporting period. It helps in
reconciling the opening equity with closing, including the reporting period’s profit/loss. The
company is incorporated during this accounting year, and hence the changes are shown in a
given way:
Statement of Shareholders Equity for the period 24th March – 31st December 2019:
Particulars Owner's Capital
Reserves and
Surplus Total
Opening Balance £ -
£
-
£
-
Increase in capital
during the year £ 100.00
£
-
£
100.00
Transfer to reserves £ -
-£
49,911.39
-£
49,911.39

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AUDITED FINANCIAL STATEMENTS
(Net Profit/Loss )
Closing Balance £ 100.00
-£
49,911.39
-£
49,811.39
7. Material Related Party Transactions:
The material “related party transactions” that occur between the company and Director or
key managerial personnel must be reported by them. The disclosure is significant and needs to be
reported if any director or their relatives have a material interest in any transaction on or after
24th March 2019. The directors or their relatives have no such interest in any transaction, and
neither they have taken any loan or given loans to the company. Hence, they have not entered
into any related party transaction.
8. Comparative figures:
Comparative figures help in comparing the financial statements of the company to
analyze the financial performance of the company and its operations. The comparative figures
are provided by comparing the current reporting period financials with the previous periods. This
company is incorporated during the year, and hence there are no financials present for the earlier
periods. The company had just started operations in 2019, and that is why no complete
comparison can be drawn.
BREXIT CAPITAL LIMITED

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AUDITED FINANCIAL STATEMENTS
INCOME STATEMENT FOR THE PERIOD
24/03/19 - 31/12/19
Particulars Notes
From 24/03/19 -
31/12/19
2018
Revenue 2
£
3.61 -
Total Income
£
3.61 -
Expenses:
Bank Fees £ 615.00 -
Consulting and Accounting fees 3 £ 43,500.00 -
Auditor's remuneration £ 5,800.00 -
Total Expenses £ 49,915.00 -

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AUDITED FINANCIAL STATEMENTS
Income from Operations -£ 49,911.39 -
Other Income £ - -
Net profit -£ 49,911.39 -
BREXIT CAPITAL LIMITED
Statement of Financial Position as at
31/12/19
Particulars Notes 31/12/19 2018
Assets
Non-Current Assets - -
Current Assets:
Bank
£
99,129.18 -

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AUDITED FINANCIAL STATEMENTS
Total Assets
£
99,129.18 -
Equity:
Owner's Capital
£
100.00 -
Reserves and Surplus
-£
49,911.39 -
Total Equity
-£
49,811.39 -
Liabilities:
Non-current Liabilities
£
- -
Current Liabilities:
Account payable
£
8,705.00 -
Accruals
£
21,800.00 -
Amount due to Shareholders 5
£
118,435.57 -

17
AUDITED FINANCIAL STATEMENTS
Total Liabilities
£
148,940.57 -
Total Equity and Liabilities
£
99,129.18 -
- -

18
AUDITED FINANCIAL STATEMENTS
Bibliography
Al-Dhamari, R.A., Al-Gamrh, B., Ismail, K.N.I.K. and Ismail, S.S.H., 2018. Related party
transactions and audit fees: the role of the internal audit function. Journal of Management &
Governance, 22(1), pp.187-212.
Baudot, L., 2018. On commitment toward knowledge templates in global standard setting: The
case of the FASB‐IASB Revenue Project. Contemporary Accounting Research, 35(2), pp.657-
695.
Brînză, D. and Bengescu, M., 2016. Accounting based on the historical cost versus accounting
based on the fair value. Lucrări Științifice Management Agricol, 18(2), p.145.
Mukwiri, J., 2017. Directors’ and Officers’ Insurance in the UK. European Business Law
Review, 28(4), pp.547-573.
Patiaka, Т.А. and Zhukova, T., 2019. Uk accounting standards.

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AUDITED FINANCIAL STATEMENTS
Appendix:
(1) Income Statement
BREXIT CAPITAL LIMITED
INCOME STATEMENT FOR THE PERIOD 24/03/19 -
31/12/19
Particulars
Note
s
From
24/03/19 -
31/12/19
Revenue 2
£
3.61
Total Income
£
3.61
Expenses:
Bank Fees
£
615.00
Consulting and Accounting fees 3
£
43,500.00
Auditor's remuneration
£
5,800.00
Total Expenses
£
49,915.00
Income from Operations
-£
49,911.39
Other Income
£
-
Net profit
-£
49,911.39
(2) Financial Position:
BREXIT CAPITAL LIMITED
Statement of Financial Position as at 31/12/19

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AUDITED FINANCIAL STATEMENTS
Particulars
Note
s 31/12/19
Assets
Non-Current Assets -
Current Assets:
Bank
£
99,129.18
Total Assets
£
99,129.18
Equity:
Owner's Capital
£
100.00
Reserves and Surplus
-£
49,911.39
Total Equity
-£
49,811.39
Liabilities:
Non-current Liabilities
£
-
Current Liabilities:
Account payable
£
8,705.00
Accruals
£
21,800.00
Amount due to Shareholders 5
£
118,435.57
Total Liabilities
£
148,940.57
Total Equity and Liabilities
£
99,129.18
-