2022-08-012023-07-312023-07-31false12102414Xigxag 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Xigxag Limited

Registered Number
12102414
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

Xigxag Limited
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

M J Chaplin
Ms K M Fairbrother
Ms A S Cupples

Registered Address

79 Higher Bore Street
Bodmin
PL31 1JT

Registered Number

12102414 (England and Wales)
Xigxag Limited
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets726,6338,554
Tangible assets81,1122,724
27,74511,278
Current assets
Debtors1063,42144,106
Cash at bank and on hand21,418558,081
84,839602,187
Creditors amounts falling due within one year11(163,724)(154,768)
Net current assets (liabilities)(78,885)447,419
Total assets less current liabilities(51,140)458,697
Creditors amounts falling due after one year12(24,965)(29,068)
Net assets(76,105)429,629
Capital and reserves
Called up share capital2,7952,779
Share premium1,093,3141,056,945
Profit and loss account(1,172,214)(630,095)
Shareholders' funds(76,105)429,629
The financial statements were approved and authorised for issue by the Board of Directors on 14 February 2024, and are signed on its behalf by:
M J Chaplin
Director
Ms A S Cupples
Director
Ms K M Fairbrother
Director

Registered Company No. 12102414
Xigxag Limited
Notes to the Financial Statements
for the year ended 31 July 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.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company in the year under review was that of business and domestic software development and other information technology service activities.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.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 from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Intangible assets policy
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Revenue recognition policy
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.
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.
Research and development policy
Expenditure on research and development is written off in the year in which it is incurred.
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 profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
6.Employee information

20232022
Average number of employees during the year53
7.Intangible assets

Other

Total

££
Cost or valuation
At 01 August 2211,12011,120
Additions35,38935,389
At 31 July 2346,50946,509
Amortisation and impairment
At 01 August 222,5662,566
Charge for year17,31017,310
At 31 July 2319,87619,876
Net book value
At 31 July 2326,63326,633
At 31 July 228,5548,554
8.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 August 226,3336,333
At 31 July 236,3336,333
Depreciation and impairment
At 01 August 223,6093,609
Charge for year1,6121,612
At 31 July 235,2215,221
Net book value
At 31 July 231,1121,112
At 31 July 222,7242,724
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Ms K M Fairbrother83,79412,2052,43593,564
M J Chaplin790079
83,87312,2052,43593,643
10.Debtors

2023

2022

££
Trade debtors / trade receivables14,7246,069
Amounts owed by associates and joint ventures / participating interests2,436206
Other debtors46,26137,675
Prepayments and accrued income-156
Total63,42144,106
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.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables23,36118,017
Bank borrowings and overdrafts16,97247,484
Amounts owed to related parties96,07984,079
Taxation and social security26,3963,988
Other creditors454-
Accrued liabilities and deferred income4621,200
Total163,724154,768
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.
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts24,96529,068
Total24,96529,068