2022-04-012023-03-312023-03-31false03692670XI Training 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XI Training Limited

Registered Number
03692670
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

XI Training Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

PEARSON Stephen Glen

Registered Address

Keer Bridge Depot
Scotland Road
Carnforth
LA5 9RQ

Registered Number

03692670 (England and Wales)
XI Training Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5211,764214,272
211,764214,272
Current assets
Stocks621,74621,079
Debtors764,46652,856
Cash at bank and on hand365,301289,696
451,513363,631
Creditors amounts falling due within one year8(77,268)(47,466)
Net current assets (liabilities)374,245316,165
Total assets less current liabilities586,009530,437
Provisions for liabilities9(27,300)(27,000)
Net assets558,709503,437
Capital and reserves
Called up share capital22
Profit and loss account558,707503,435
Shareholders' funds558,709503,437
The financial statements were approved and authorised for issue by the Director on 9 October 2023, and are signed on its behalf by:
PEARSON Stephen Glen
Director
Registered Company No. 03692670
XI Training Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-6.66
Vehicles25-
Office Equipment-3
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Leases policy
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year55
5.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 22208,10817,16234,99318,379278,642
At 31 March 23208,10817,16234,99318,379278,642
Depreciation and impairment
At 01 April 223,19817,16226,92417,08664,370
Charge for year--2,0174902,507
Other adjustments---11
At 31 March 233,19817,16228,94117,57766,878
Net book value
At 31 March 23204,910-6,052802211,764
At 31 March 22204,910-8,0691,293214,272
6.Stocks

2023

2022

££
Other stocks21,74621,079
Total21,74621,079
7.Debtors

2023

2022

££
Trade debtors / trade receivables56,31347,372
Prepayments and accrued income8,1535,484
Total64,46652,856
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables29,79814,641
Taxation and social security33,41822,989
Other creditors12,3729,477
Accrued liabilities and deferred income1,680359
Total77,26847,466
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Provisions for liabilities
The deferred tax provision in the current and previous year relates to accelerated capital allowances.

2023

2022

££
Net deferred tax liability (asset)27,30027,000
Total27,30027,000