Registered number
06001667
X-Rax Limited
Unaudited Filleted Accounts
31 March 2024
X-Rax Limited
Company Information
Directors
Mr S C Hobbs
Mrs J S Hobbs
Accountants
Keith Graham
Chartered Accountants
Suite 2 Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Bankers
Cater Allen Private Bank
9 Nelson Street
Bradford
BD1 5AN
Registered office
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Registered number
06001667
X-Rax Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of X-Rax Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of X-Rax Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/ en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of X-Rax Limited, as a body, in accordance with the terms of our engagement letter dated 3 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of X-Rax Limited and state those matters that we have agreed to state to the Board of Directors of X-Rax Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than X-Rax Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that X-Rax Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of X-Rax Limited. You consider that X-Rax Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of X-Rax Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Keith Graham
Chartered Accountants
Suite 2 Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
5 August 2024
X-Rax Limited
Registered number: 06001667
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 885 1,180
Current assets
Stocks 602 727
Debtors 5 619 13,308
Cash at bank and in hand 155,104 112,442
156,325 126,477
Creditors: amounts falling due within one year 6 (31,693) (26,861)
Net current assets 124,632 99,616
Total assets less current liabilities 125,517 100,796
Provisions for liabilities (221) (295)
Net assets 125,296 100,501
Capital and reserves
Called up share capital 100 100
Profit and loss account 125,196 100,401
Shareholders' funds 125,296 100,501
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S C Hobbs
Director
Approved by the board on 5 August 2024
X-Rax Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Software intangibles:
Cost
At 1 April 2023 2,993
At 31 March 2024 2,993
Amortisation
At 1 April 2023 2,993
At 31 March 2024 2,993
Net book value
At 31 March 2024 -
Software intangibles are being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 4,147
Additions 445
Disposals (288)
At 31 March 2024 4,304
Depreciation
At 1 April 2023 2,967
Charge for the year 510
On disposals (58)
At 31 March 2024 3,419
Net book value
At 31 March 2024 885
At 31 March 2023 1,180
5 Debtors 2024 2023
£ £
Trade debtors - 12,625
Other debtors 619 683
619 13,308
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 973 -
Taxation and social security costs 11,277 8,520
Other creditors 19,443 18,341
31,693 26,861
7 Other information
X-Rax Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
These accounts are presented in Sterling, which is the functional currency of the company.
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