Xplusone App Limited 14273492 false 2022-08-03 2023-08-31 2023-08-31 The principal activity of the company is 47910 - Retail sale via mail order houses or via Internet Digita Accounts Production Advanced 6.30.9574.0 true 14273492 2022-08-03 2023-08-31 14273492 2023-08-31 14273492 core:CurrentFinancialInstruments 2023-08-31 14273492 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 14273492 core:OtherResidualIntangibleAssets 2023-08-31 14273492 bus:SmallEntities 2022-08-03 2023-08-31 14273492 bus:AuditExemptWithAccountantsReport 2022-08-03 2023-08-31 14273492 bus:FullAccounts 2022-08-03 2023-08-31 14273492 bus:SmallCompaniesRegimeForAccounts 2022-08-03 2023-08-31 14273492 bus:RegisteredOffice 2022-08-03 2023-08-31 14273492 bus:Director1 2022-08-03 2023-08-31 14273492 bus:Director2 2022-08-03 2023-08-31 14273492 bus:Director3 2022-08-03 2023-08-31 14273492 bus:PrivateLimitedCompanyLtd 2022-08-03 2023-08-31 14273492 core:IntangibleAssetsOtherThanGoodwill 2022-08-03 2023-08-31 14273492 core:OtherResidualIntangibleAssets 2022-08-03 2023-08-31 14273492 countries:England 2022-08-03 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 14273492

Xplusone App Limited

Annual Report and Unaudited Financial Statements

for the Period from 3 August 2022 to 31 August 2023

 

Xplusone App Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Xplusone App Limited

Company Information

Directors

Velocity Corporate Directors Limited

Mr P Gorbach

Mr I Rouss

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Xplusone App Limited

(Registration number: 14273492)
Balance Sheet as at 31 August 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

11,830

Current assets

 

Debtors

5

20,905

Cash at bank and in hand

 

66,570

 

87,475

Creditors: Amounts falling due within one year

6

(29,198)

Net current assets

 

58,277

Net assets

 

70,107

Capital and reserves

 

Called up share capital

2,624

Share premium reserve

235,155

Retained earnings

(167,672)

Shareholders' funds

 

70,107

For the financial period ending 31 August 2023 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr P Gorbach
Director

   
     
 

Xplusone App Limited

Notes to the Unaudited Financial Statements for the Period from 3 August 2022 to 31 August 2023

1

General information

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

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

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 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.

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 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.

 

Xplusone App Limited

Notes to the Unaudited Financial Statements for the Period from 3 August 2022 to 31 August 2023

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.

Research and development costs

In the research phase of a project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

10% 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.

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.

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

 

Xplusone App Limited

Notes to the Unaudited Financial Statements for the Period from 3 August 2022 to 31 August 2023

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.

Financial instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Xplusone App Limited

Notes to the Unaudited Financial Statements for the Period from 3 August 2022 to 31 August 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions

13,145

13,145

At 31 August 2023

13,145

13,145

Amortisation

Amortisation charge

1,315

1,315

At 31 August 2023

1,315

1,315

Carrying amount

At 31 August 2023

11,830

11,830

5

Debtors

2023
£

Other debtors

20,905

 

20,905

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

7

24,170

Trade creditors

 

5,028

 

29,198

7

Loans and borrowings

2023
£

Current loans and borrowings

Director's loan account

24,170

The director's loan account is non-interest bearing and has no formal repayment terms.