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Registration number: 04375429

Xynomix Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Xynomix Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Xynomix Limited

Company Information

Directors

Mr Andrew Cyril Elcock

Mr David Eric Noble

Company secretary

Mr David Eric Noble

Registered office

Electron House
Bridge Street
Sandiacre
Nottingham
Nottinghamshire
NG10 5BA

Accountants

Atkinson Evans Limited
Chartered Certified Accountants
The Old Drill Hall
10 Arnot Hill Road
Arnold
Nottingham
Nottinghamshire
NG5 6LJ

 

Xynomix Limited

(Registration number: 04375429)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

73,238

41,906

Current assets

 

Debtors

5

1,306,694

1,449,089

Cash at bank and in hand

 

260,062

110,276

 

1,566,756

1,559,365

Creditors: Amounts falling due within one year

6

(1,218,102)

(1,155,872)

Net current assets

 

348,654

403,493

Total assets less current liabilities

 

421,892

445,399

Creditors: Amounts falling due after more than one year

6

(161,491)

(237,288)

Provisions for liabilities

(16,678)

(10,291)

Net assets

 

243,723

197,820

Capital and reserves

 

Called up share capital

7

120

120

Retained earnings

243,603

197,700

Shareholders' funds

 

243,723

197,820

 

Xynomix Limited

(Registration number: 04375429)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 year 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 8 August 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Cyril Elcock
Director

 

Xynomix Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Electron House
Bridge Street
Sandiacre
Nottingham
Nottinghamshire
NG10 5BA

These financial statements were authorised for issue by the Board on 8 August 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 and deferred 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.

 

Xynomix Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office Equipment

25% on Reducing Balance

Leasehold Improvements

Straight Line over 5 Years

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.

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.

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.

 

Xynomix Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 directors) during the year, was 28 (2022 - 30).

 

Xynomix Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Short leasehold land and buildings
£

Website
£

Software
£

Office equipment
£

Cost or valuation

At 1 January 2023

91,808

8,036

51,477

258,611

Additions

36,800

-

-

12,700

At 31 December 2023

128,608

8,036

51,477

271,311

Depreciation

At 1 January 2023

91,033

5,652

45,896

225,445

Charge for the year

4,830

2,384

1,397

9,557

At 31 December 2023

95,863

8,036

47,293

235,002

Carrying amount

At 31 December 2023

32,745

-

4,184

36,309

At 31 December 2022

775

2,384

5,581

33,166

Total
£

Cost or valuation

At 1 January 2023

409,932

Additions

49,500

At 31 December 2023

459,432

Depreciation

At 1 January 2023

368,026

Charge for the year

18,168

At 31 December 2023

386,194

Carrying amount

At 31 December 2023

73,238

At 31 December 2022

41,906

Included within the net book value of land and buildings above is £32,745 (2022 - £775) in respect of short leasehold land and buildings.
 

 

Xynomix Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

574,126

699,931

Prepayments

29,929

28,687

Other debtors

702,639

720,471

 

1,306,694

1,449,089

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

77,464

123,546

Trade creditors

 

88,541

72,250

Taxation and social security

 

204,430

273,304

Accruals and deferred income

 

800,764

644,338

Other creditors

 

46,903

42,434

 

1,218,102

1,155,872

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £77464 (2022 - £71867).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

161,491

237,288

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £161491(2022 - £237288).

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary of £1 each

100

100

100

100

B Ordinary of £1 each

10

10

10

10

C Ordinary of £1 each

10

10

10

10

120

120

120

120

 

Xynomix Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

161,491

237,288

Current loans and borrowings

2023
£

2022
£

Bank borrowings

77,464

123,546

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

44,000

52,000

Later than one year and not later than five years

108,000

148,000

152,000

200,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £48,274 (2022 - £52,000).

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

Written off
£

At 31 December 2023
£

Mr David Eric Noble

204,685

(2,500)

-

202,185

-

-

-

-

204,685

(2,500)

-

202,185

Mr Andrew Cyril Elcock

293,434

(3,649)

-

289,785

-

-

-

-

293,434

(3,649)

-

289,785

 

Xynomix Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr David Eric Noble

117,000

87,685

204,685

117,000

87,685

204,685

Mr Andrew Cyril Elcock

182,194

111,240

293,434

182,194

111,240

293,434