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Registration number: 08632251

X4 Software Limited

Unaudited Financial Statements

for the Year Ended 31 March 2022

 

X4 Software Limited

(Registration number: 08632251)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

2,598

2,145

Current assets

 

Debtors

6

75,400

88,306

Cash at bank and in hand

 

130,845

161,630

 

206,245

249,936

Creditors: Amounts falling due within one year

7

(32,219)

(136,786)

Net current assets

 

174,026

113,150

Total assets less current liabilities

 

176,624

115,295

Creditors: Amounts falling due after more than one year

7

(307,241)

(215,275)

Net liabilities

 

(130,617)

(99,980)

Capital and reserves

 

Called up share capital

9

197

197

Share premium reserve

476,908

476,908

Retained earnings

(607,722)

(577,085)

Shareholders' deficit

 

(130,617)

(99,980)

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

X4 Software Limited

(Registration number: 08632251)
Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 18 August 2022 and signed on its behalf by:
 


Mr E R D Brooks
Director

 

X4 Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Britannia House
Caerphilly Business Park
Caerphilly
CF83 3GG

These financial statements were authorised for issue by the Board on 18 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company have made a loss of £30,637 (2021: £84,155) in the financial year, and had net liabilities of £130,617 (2021: £99,980) as at the 31st March 2022. The company have the support of its directors and financial institutions and as a result it is considered appropriate to prepare the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

X4 Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

X4 Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

X4 Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Financial Instruments

Classification

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.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Debt instruments are subsequently measured at amortised cost.

Impairment

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 7).

4

Loss before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

1,057

749

 

X4 Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

5,752

5,752

Additions

1,510

1,510

At 31 March 2022

7,262

7,262

Depreciation

At 1 April 2021

3,607

3,607

Charge for the year

1,057

1,057

At 31 March 2022

4,664

4,664

Carrying amount

At 31 March 2022

2,598

2,598

At 31 March 2021

2,145

2,145

6

Debtors

Current

2022
£

2021
£

Other debtors

75,400

88,306

 

X4 Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

9,702

110,023

Taxation and social security

 

7,166

6,211

Accruals and deferred income

 

5,592

10,177

Other creditors

 

9,759

10,375

 

32,219

136,786

Included within loans and borrowings are convertible loan notes, that are convertible at the option of the company at a pre determined date.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

307,241

215,275

Included within loans and borrowings are convertible loan notes, that are convertible at the option of the company at a pre determined date.

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

307,241

215,275

2022
£

2021
£

Current loans and borrowings

Bank borrowings

9,702

110,023

 

X4 Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £0.01 each

16,394

164

16,394

164

Preferred Ordinary of £0.01 each

3,326

33

3,326

33

 

19,720

197

19,720

197