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Registration number: NI617280

Xabis Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Xabis Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 14

Detailed Profit and Loss Account

15 to 16

 

Xabis Limited

Company Information

Director

Mr MJ Dalzell

Company secretary

Mr MJ Dalzell

Registered office

96 Priestland Road
BUSHMILLS
Co. Antrim
BT57 8UJ

Bankers

Danske Bank
PO Box 183
Donegall Square West
BELFAST
BT1 6JS

Accountants

Roberts & Co
Chartered Accountants
Suite 721
Lisburn Enterprise Centre
6 Enterprise Crescent
LISBURN
Co. Antrim
BT28 2BP

 

Xabis Limited

Director's Report for the Year Ended 31 March 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs DL Dalzell - Company secretary and director (ceased 19 December 2022)

Mr MJ Dalzell - Company secretary and director (appointed 19 December 2022)

Principal activity

The principal activity of the company is consultancy.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 26 May 2023
 


Mr MJ Dalzell
Company secretary and director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Xabis Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Xabis Limited for the year ended 31 March 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the Board of Directors of Xabis Limited, as a body, in accordance with the terms of our engagement letter dated 6 March 2023. Our work has been undertaken solely to prepare for your approval the accounts of Xabis Limited and state those matters that we have agreed to state to the Board of Directors of Xabis Limited, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland, as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Xabis Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Xabis Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Xabis Limited. You consider that Xabis Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Xabis Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Roberts & Co
Chartered Accountants
Suite 721
Lisburn Enterprise Centre
6 Enterprise Crescent
LISBURN
Co. Antrim
BT28 2BP

26 May 2023

 

Xabis Limited

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

7,281,455

3,145,045

Cost of sales

 

(445,000)

(89,449)

Gross profit

 

6,836,455

3,055,596

Administrative expenses

 

(4,043,925)

(643,432)

Other operating income

 

7,760

6,175

Operating profit

 

2,800,290

2,418,339

Interest payable and similar expenses

 

(11)

(38)

Profit before tax

2,800,279

2,418,301

Tax on profit

 

(647,791)

(547,034)

Profit for the financial year

 

2,152,488

1,871,267

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Xabis Limited

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

2,152,488

1,871,267

Total comprehensive income for the year

2,152,488

1,871,267

 

Xabis Limited

(Registration number: NI617280)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,629,761

1,570,780

Current assets

 

Debtors

5

9,951,391

9,234,587

Cash at bank and in hand

 

3,273,233

31,025

 

13,224,624

9,265,612

Creditors: Amounts falling due within one year

6

(3,397,676)

(522,771)

Net current assets

 

9,826,948

8,742,841

Total assets less current liabilities

 

12,456,709

10,313,621

Provisions for liabilities

(12,300)

(21,700)

Net assets

 

12,444,409

10,291,921

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

12,444,309

10,291,821

Shareholders' funds

 

12,444,409

10,291,921

 

Xabis Limited

(Registration number: NI617280)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 26 May 2023
 


Mr MJ Dalzell
Company secretary and director

 

Xabis Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

10,291,821

10,291,921

Profit for the year

-

2,152,488

2,152,488

At 31 March 2023

100

12,444,309

12,444,409

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

100

8,507,554

8,507,654

Profit for the year

-

1,871,267

1,871,267

Dividends

-

(87,000)

(87,000)

At 31 March 2022

100

10,291,821

10,291,921

 

Xabis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
96 Priestland Road
BUSHMILLS
Co. Antrim
BT57 8UJ

These financial statements were authorised for issue by the director on 26 May 2023.

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.

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.

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.

 

Xabis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 statement of financial position 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.

The cost of property is not depreciated as, in the director's opinion, the property valuation will exceed the historical cost of the property.

Depreciation

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

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Furniture and fittings

20% 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.

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.

 

Xabis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Xabis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

187,739

3,038,774

69,395

3,295,908

Additions

-

1,235,000

600,940

1,835,940

Disposals

-

(965,770)

-

(965,770)

At 31 March 2023

187,739

3,308,004

670,335

4,166,078

Depreciation

At 1 April 2022

-

1,673,082

52,046

1,725,128

Charge for the year

-

601,140

17,349

618,489

Eliminated on disposal

-

(807,300)

-

(807,300)

At 31 March 2023

-

1,466,922

69,395

1,536,317

Carrying amount

At 31 March 2023

187,739

1,841,082

600,940

2,629,761

At 31 March 2022

187,739

1,365,692

17,349

1,570,780

Included within the net book value of land and buildings above is £187,739 (2022 - £187,739) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

247,625

-

Other debtors

9,703,766

9,234,587

 

9,951,391

9,234,587

 

Xabis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

40,047

Taxation and social security

3,029,516

407,986

Other creditors

368,160

74,738

3,397,676

522,771

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £870.00) per each Ordinary shares

 

-

 

87,000

         
 

Xabis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr MJ Dalzell

Director's loan

-

490

490

       
     

 

 

Xabis Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023
£

2022
£

Turnover (analysed below)

7,281,455

3,145,045

Cost of sales (analysed below)

(445,000)

(89,449)

Gross profit

6,836,455

3,055,596

Gross profit (%)

93.89%

97.16%

Administrative expenses

General administrative expenses (analysed below)

(3,416,966)

(125,492)

Depreciation costs (analysed below)

(626,959)

(517,940)

(4,043,925)

(643,432)

Other operating income (analysed below)

7,760

6,175

Operating profit

2,800,290

2,418,339

Interest payable and similar expenses (analysed below)

(11)

(38)

Profit before tax

2,800,279

2,418,301

 

Xabis Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023
£

2022
£

   

Turnover

Sales, UK

7,281,455

2,902,667

Sales - Europe

-

242,378

7,281,455

3,145,045

   

Cost of sales

Direct Costs

(445,000)

(89,449)

   

General administrative expenses

Wages and salaries

(2,931,400)

(72,766)

Staff NIC (Employers)

(396,716)

(715)

Directors remuneration

(45,425)

(12,500)

Directors NIC (Employers)

(4,266)

(505)

Rent & rates

(4,772)

(6,040)

Repairs and maintenance

(500)

(650)

Insurance

(411)

(3,201)

Telephone

(6,011)

(8,448)

IT costs

(1,361)

(1,657)

Printing, postage and stationery

(848)

(250)

Sundry expenses

(13)

-

Motor expenses

(13,953)

(7,804)

Travel and subsistence

(1,740)

(3,640)

Accountancy fees

(4,200)

(4,000)

Legal and professional fees

(5,110)

(4,920)

Bank charges

(230)

(287)

Foreign currency (gains)/losses

(10)

1,891

(3,416,966)

(125,492)

   

Depreciation costs

Depreciation of fixtures and fittings (owned)

(601,140)

(500,591)

Depreciation of motor vehicles (owned)

(17,349)

(17,349)

Profit/(loss) on disposal of tangible fixed assets

(8,470)

-

(626,959)

(517,940)

   

Other operating income

Rental income

7,760

6,175

   

Interest payable and similar expenses

Bank interest

(11)

(38)