Acorah Software Products - Accounts Production 14.6.300 false true 31 May 2022 18 May 2021 false 1 June 2022 30 November 2023 30 November 2023 13405804 L W Patterson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13405804 2022-05-31 13405804 2023-11-30 13405804 2022-06-01 2023-11-30 13405804 frs-core:CurrentFinancialInstruments 2023-11-30 13405804 frs-core:ComputerEquipment 2022-06-01 2023-11-30 13405804 frs-core:MotorVehicles 2022-06-01 2023-11-30 13405804 frs-core:PlantMachinery 2023-11-30 13405804 frs-core:PlantMachinery 2022-06-01 2023-11-30 13405804 frs-core:PlantMachinery 2022-05-31 13405804 frs-core:ShareCapital 2023-11-30 13405804 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 13405804 frs-bus:PrivateLimitedCompanyLtd 2022-06-01 2023-11-30 13405804 frs-bus:FilletedAccounts 2022-06-01 2023-11-30 13405804 frs-bus:SmallEntities 2022-06-01 2023-11-30 13405804 frs-bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-11-30 13405804 frs-bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-11-30 13405804 frs-bus:Director1 2022-06-01 2023-11-30 13405804 frs-bus:Director1 2022-05-31 13405804 frs-bus:Director1 2023-11-30 13405804 frs-countries:EnglandWales 2022-06-01 2023-11-30 13405804 2021-05-17 13405804 2022-05-31 13405804 2021-05-18 2022-05-31 13405804 frs-core:CurrentFinancialInstruments 2022-05-31 13405804 frs-core:ShareCapital 2022-05-31 13405804 frs-core:RetainedEarningsAccumulatedLosses 2022-05-31
Registered number: 13405804
X Fibre Ltd
Unaudited Financial Statements
For the Period 1 June 2022 to 30 November 2023
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 13405804
30 November 2023 31 May 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 219,347 138,750
219,347 138,750
CURRENT ASSETS
Debtors 5 436,578 470,594
Cash at bank and in hand 373,589 1,047,760
810,167 1,518,354
Creditors: Amounts Falling Due Within One Year 6 (38,920 ) (390,648 )
NET CURRENT ASSETS (LIABILITIES) 771,247 1,127,706
TOTAL ASSETS LESS CURRENT LIABILITIES 990,594 1,266,456
NET ASSETS 990,594 1,266,456
CAPITAL AND RESERVES
Called up share capital 1 1
Income Statement 990,593 1,266,455
SHAREHOLDERS' FUNDS 990,594 1,266,456
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For the period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
L W Patterson
Director
13 March 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
X Fibre Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13405804 . The registered office is 1 Wren Close, Abbeydale, Gloucester, Gloucestershire, GL4 4XR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
2.3. Turnover
Turnover is recognised to the extent that is it probable the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes.
Turnover is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of the turnover can be reliably measured;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be reliably measured.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 5 years straight line
Motor Vehicles 25% reducing balance
Computer Equipment 3 years straight line
2.5. 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 statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors and 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, 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.
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2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 15 (2022: 25)
15 25
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 June 2022 145,537
Additions 161,360
As at 30 November 2023 306,897
Depreciation
As at 1 June 2022 6,787
Provided during the period 80,763
As at 30 November 2023 87,550
Net Book Value
As at 30 November 2023 219,347
As at 1 June 2022 138,750
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5. Debtors
30 November 2023 31 May 2022
£ £
Due within one year
Trade debtors - 221,829
Other debtors 436,578 248,765
436,578 470,594
6. Creditors: Amounts Falling Due Within One Year
30 November 2023 31 May 2022
£ £
Trade creditors 11,014 10,550
Other creditors 2,918 53,500
Taxation and social security 24,988 326,598
38,920 390,648
7. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Leroy Patterson 1,331 147,017 - - 148,348
The above loan is unsecured, interest free and repayable on demand.
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