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REGISTERED NUMBER: SC235157 (Scotland)












Financial Statements

for the Year Ended 31 May 2023

for

X And O's Paisley Cross Ltd.

X And O's Paisley Cross Ltd. (Registered number: SC235157)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


X And O's Paisley Cross Ltd.

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Mr J Graham





SECRETARY: Mrs E Graham





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
GLASGOW
G76 7HU





REGISTERED NUMBER: SC235157 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

X And O's Paisley Cross Ltd. (Registered number: SC235157)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 213,501 224,512

CURRENT ASSETS
Cash at bank and in hand 100,737 102,712

CREDITORS
Amounts falling due within one year 5 49,882 46,953
NET CURRENT ASSETS 50,855 55,759
TOTAL ASSETS LESS CURRENT
LIABILITIES

264,356

280,271

CREDITORS
Amounts falling due after more than one year 6 (22,801 ) (37,500 )

PROVISIONS FOR LIABILITIES (11,121 ) (16,050 )
NET ASSETS 230,434 226,721

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 230,334 226,621
SHAREHOLDERS' FUNDS 230,434 226,721

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

X And O's Paisley Cross Ltd. (Registered number: SC235157)

Statement of Financial Position - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2023 and were signed by:





Mr J Graham - Director


X And O's Paisley Cross Ltd. (Registered number: SC235157)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

X And O's Paisley Cross Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the cash takings received from the provision of slot machines and other video gaming entertainment, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

X And O's Paisley Cross Ltd. (Registered number: SC235157)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 8 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST
At 1 June 2022 266,187 1,000 323,037 590,224
Additions - - 4,409 4,409
At 31 May 2023 266,187 1,000 327,446 594,633
DEPRECIATION
At 1 June 2022 106,474 400 258,838 365,712
Charge for year 5,324 20 10,076 15,420
At 31 May 2023 111,798 420 268,914 381,132
NET BOOK VALUE
At 31 May 2023 154,389 580 58,532 213,501
At 31 May 2022 159,713 600 64,199 224,512

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 8,820 -
Trade creditors 10,631 12,519
Taxation and social security 2,451 9,347
Other creditors 27,980 25,087
49,882 46,953

X And O's Paisley Cross Ltd. (Registered number: SC235157)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 22,801 37,500

7. SECURED DEBTS

The Royal Bank of Scotland holds a bond & floating charge over all property and assets of the company.