Company registration number 06442732 (England and Wales)
X L DESIGNS (MIDLANDS) LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
X L DESIGNS (MIDLANDS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Information for management
-
X L DESIGNS (MIDLANDS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,384
1,478
Current assets
Debtors
4
11,518
1,334,665
Cash at bank and in hand
1,238,698
5,916
1,250,216
1,340,581
Creditors: amounts falling due within one year
5
(79,271)
(124,314)
Net current assets
1,170,945
1,216,267
Total assets less current liabilities
1,172,329
1,217,745
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
7
1,172,229
1,217,645
Total equity
1,172,329
1,217,745
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
21 February 2024 and are signed on its behalf by:
2024-02-21
A D Page
Director
Company Registration No. 06442732
X L DESIGNS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
X L Designs (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Forest Road, Loughborough, Leicestershire, LE11 3NP.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable from the sale of properties.
Revenue from the sale of properties is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on exchange of contracts) when the amount of revenue can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tools and equipment
20% per annum on net book value
Computer equipment
33.3% per annum straight line
Motor vehicles
25% per annum on net book value
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
X L DESIGNS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2023
Number
Number
Total
2
2
X L DESIGNS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Tools and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
3,273
2,079
14,835
20,187
Additions
333
333
At 31 December 2023
3,606
2,079
14,835
20,520
Depreciation and impairment
At 1 April 2023
3,094
2,079
13,536
18,709
Depreciation charged in the Period
102
325
427
At 31 December 2023
3,196
2,079
13,861
19,136
Carrying amount
At 31 December 2023
410
974
1,384
At 31 March 2023
179
1,299
1,478
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
10,320
Other debtors
514
1,333,859
Prepayments and accrued income
684
806
11,518
1,334,665
5
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
30,041
45,474
Corporation tax
77,520
Other creditors
47,910
Accruals and deferred income
1,320
1,320
79,271
124,314
X L DESIGNS (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
6
Called up share capital
2023
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
7
Profit and loss reserves
2023
2023
£
£
At the beginning of the Period
1,217,645
1,035,423
(Loss)/profit for the Period
(43,416)
330,002
Dividends declared and paid in the Period
(2,000)
(147,780)
At the end of the Period
1,172,229
1,217,645