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REGISTERED NUMBER: 11103064 (England and Wales)















Financial Statements for the Year Ended 31 December 2022

for

XL INDUSTRIES LIMITED

XL INDUSTRIES LIMITED (Registered number: 11103064)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


XL INDUSTRIES LIMITED

Company Information
for the Year Ended 31 December 2022







DIRECTORS: G DECIEUX
F P L M Hubert





SECRETARY: Pramex International Ltd





REGISTERED OFFICE: 11 Old Jewry
8th Floor South
London
London
EC2R 8DU





REGISTERED NUMBER: 11103064 (England and Wales)





AUDITORS: WD Audit Limited
111 Charterhouse Street
London
ENGLAND
EC1M 6AW

XL INDUSTRIES LIMITED (Registered number: 11103064)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 148,511 138,896

CURRENT ASSETS
Stocks 5 4,284 -
Debtors 6 215,536 49,001
Cash at bank 34,810 67,461
254,630 116,462
CREDITORS
Amounts falling due within one year 7 509,489 217,741
NET CURRENT LIABILITIES (254,859 ) (101,279 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(106,348

)

37,617

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (106,349 ) 37,616
SHAREHOLDERS' FUNDS (106,348 ) 37,617

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 Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:





G DECIEUX - Director


XL INDUSTRIES LIMITED (Registered number: 11103064)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

XL INDUSTRIES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Amounts are rounded to the nearest £.

Going concern
The company is dependent upon the continued financial support of its parent company
which has undertaken to financially support the company for the at least 12 months after the
date of the signing of these accounts and for the foreseeable future. The financial
statements have therefore been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 16.66% straight line
Computer equipment - 33% straight line
Fixtures and fittings - 33% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements , when there is a legally 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.

XL INDUSTRIES LIMITED (Registered number: 11103064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include debtors, accrued income, prepayments, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, accruals, deferred income and loans from fellow group companies 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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

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 balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

XL INDUSTRIES LIMITED (Registered number: 11103064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2022 233,592 24,162 257,754
Additions 73,390 - 73,390
Disposals (29,368 ) - (29,368 )
At 31 December 2022 277,614 24,162 301,776
DEPRECIATION
At 1 January 2022 102,328 16,530 118,858
Charge for year 38,806 7,214 46,020
Eliminated on disposal (11,613 ) - (11,613 )
At 31 December 2022 129,521 23,744 153,265
NET BOOK VALUE
At 31 December 2022 148,093 418 148,511
At 31 December 2021 131,264 7,632 138,896

5. STOCKS

Stock held as at 31.12.22 was valued at £4,284 (2021 - £NIL)

XL INDUSTRIES LIMITED (Registered number: 11103064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 205,297 50,531
Other debtors 4,398 4,398
Accrued income and prepayments 5,841 (5,928 )
215,536 49,001

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 39,410 9,800
Amounts owed to group undertakings 337,189 197,912
Social security and other taxes 15,698 (750 )
VAT 12,527 4,073
Other creditors 199 -
Directors' loan accounts 144 144
Accruals 104,322 6,562
509,489 217,741

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
£    £   
Within one year 6,864 6,980

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
1 Ordinary 1 1 1

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roy Davis (Senior Statutory Auditor)
for and on behalf of WD Audit Limited

XL INDUSTRIES LIMITED (Registered number: 11103064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. RELATED PARTY DISCLOSURES

The related party transactions for the year 2022 between Xl industries and the group are as follow:


Nature of transaction Amount
Purchases £199,068
Sales 16,798
Interest charges £173,146

As at the 31/12/2022 the outstanding balance are as follow:

Amount
Creditors £479,312
Debtors £130,256

12. ULTIMATE CONTROLLING PARTY

The immediate parent company is Lombard Industrie, a company incorporated in France which registered office is 2 rue Charles Edouard Jeanneret 78300 Poissy, France

The company consider there no to be any ultimate controlling party.