Company Registration No. 05148387 (England and Wales)
XSPLATFORMS (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
XSPLATFORMS (UK) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
XSPLATFORMS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
325,824
323,561
Cash at bank and in hand
38,020
38,020
363,844
361,581
Creditors: amounts falling due within one year
5
(53,729)
(54,775)
Net current assets
310,115
306,806
Capital and reserves
Called up share capital
100
100
Other reserves
526,248
526,248
Profit and loss reserves
(216,233)
(219,542)
Total equity
310,115
306,806

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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 and signed by the director and authorised for issue on 30 September 2023
Mr A Gort
Director
Company Registration No. 05148387
XSPLATFORMS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

XSPlatforms (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.

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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of FacadeXS B.V. (Formerly known as XSPlatforms BV). These consolidated financial statements are available from its registered office, Papland 11 4206 CK Gorinchem, The Netherlands and the financial statements of the group are available through Kamer van Koophandel.

1.2
Going concern

The director expects to wind down the company once the ongoing contracts have ended, no additional contracts are being entered into. At this point, the trade will cease and the company will be closed down. The directors plan is to liquidate the company within the next 12 months from the date these financial statements are signed.

 

The financial statements have therefore been prepared on a basis other than going concern. This basis includes, where applicable, writing the company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

XSPLATFORMS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
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 statement of financial position 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Long term contracts

The company enters into contracts with customers that last longer than a year. These are accounted for based on percentage completion in relation to total expected costs on the project.

XSPLATFORMS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
1
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
25,620
1
Amounts owed by group undertakings
300,203
304,034
Other debtors
1
19,526
325,824
323,561
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,456
22,040
Taxation and social security
8,722
11,729
Other creditors
43,551
21,006
53,729
54,775
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to Note 1.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2.

 

Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
LB Group (Colchester)
XSPLATFORMS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
7
Directors' transactions

No guarantees have been given or received.

8
Parent company

The results of XSPlatforms (UK) Limited are consolidated within the group accounts of FacadeXS B.V. (Formerly known as XSPlatforms B.V.)

The registered office of FacadeXS B.V. is Papland 11 4206 CK Gorinchem, The Netherlands and the financial statements of the group are available through Kamer van Koophandel.

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