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Company Registration number: 7376664

Xanther Ltd

Unaudited Financial Statements

for the Year Ended 29 March 2023

 

Xanther Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Xanther Ltd

(Registration number: 7376664)
Balance Sheet as at 29 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

466,503

466,216

Investment property

5

445,565

445,565

 

912,068

911,781

Current assets

 

Stocks

6

38,757

28,950

Debtors

7

338,384

451,703

Cash at bank and in hand

 

157,999

69,732

 

535,140

550,385

Creditors: Amounts falling due within one year

8

(154,435)

(169,619)

Net current assets

 

380,705

380,766

Total assets less current liabilities

 

1,292,773

1,292,547

Creditors: Amounts falling due after more than one year

8

(281,667)

(291,632)

Net assets

 

1,011,106

1,000,915

Capital and reserves

 

Called up share capital

9

325,001

325,001

Retained earnings

686,105

675,914

Shareholders' funds

 

1,011,106

1,000,915

 

Xanther Ltd

(Registration number: 7376664)
Balance Sheet as at 29 March 2023

For the financial year ending 29 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

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.

Approved and authorised by the director on 12 February 2024
 

.........................................
Mr M T Lewis
Director

 

Xanther Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

1

General information

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

The address of its registered office is:
Brynfro
67 Broadway
Llanblethiant
Cowbridge
Vale of Glamorgan
CF71 7EY

These financial statements were authorised for issue by the director on 12 February 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Xanther Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

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

Asset class

Depreciation method and rate

Kitchen equipment

25% on cost

Fixtures & Fittings

25% on cost

Motor vehicles

25% on cost

Freehold property

2% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Xanther Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

Borrowings

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2022 - 18).

 

Xanther Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Kitchen equipment
£

Cost or valuation

At 30 March 2022

516,362

55,711

30,591

2,532

Additions

11,573

-

484

-

At 29 March 2023

527,935

55,711

31,075

2,532

Depreciation

At 30 March 2022

51,635

55,197

30,590

1,558

Charge for the year

10,501

514

122

633

At 29 March 2023

62,136

55,711

30,712

2,191

Carrying amount

At 29 March 2023

465,799

-

363

341

At 29 March 2022

464,727

514

1

974

Total
£

Cost or valuation

At 30 March 2022

605,196

Additions

12,057

At 29 March 2023

617,253

Depreciation

At 30 March 2022

138,980

Charge for the year

11,770

At 29 March 2023

150,750

Carrying amount

At 29 March 2023

466,503

At 29 March 2022

466,216

Included within the net book value of land and buildings above is £465,799 (2022 - £464,727) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 30 March

445,565

At 29 March

445,565

There has been no valuation of investment property by an independent valuer.

 

Xanther Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

6

Stocks

2023
£

2022
£

Other inventories

38,757

28,950

7

Debtors

Current

2023
£

2022
£

Other debtors

338,384

451,703

 

338,384

451,703

 

Xanther Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,000

10,000

Trade creditors

 

47,572

43,148

Taxation and social security

 

93,468

109,705

Accruals and deferred income

 

2,250

2,250

Other creditors

 

1,145

4,516

 

154,435

169,619

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

281,667

291,632

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

325,001

325,001

325,001

325,001

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

281,667

291,632

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

 

Xanther Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 March 2023

11

Related party transactions

Transactions with the director

2023

At 30 March 2022
£

Advances to director
£

Repayments by director
£

At 29 March 2023
£

Interest free loan

(451,704)

(289,989)

403,307

(338,386)

         
       

 

2022

At 30 March 2021
£

Advances to director
£

Repayments by director
£

At 29 March 2022
£

Interest free loan

(341,449)

(200,255)

90,000

(451,704)

         
       

 

These balances are unsecured and repayable on demand.