Registered number
09477095
Xground UK Limited
Filleted Accounts
31 March 2024
Xground UK Limited
Registered number: 09477095
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,468,962 1,468,962
Current assets
Debtors 4 - 5,700
Cash at bank and in hand 85,593 53,793
85,593 59,493
Creditors: amounts falling due within one year 5 (19,949) (10,496)
Net current assets 65,644 48,997
Total assets less current liabilities 1,534,606 1,517,959
Creditors: amounts falling due after more than one year 6 (1,447,645) (1,447,645)
Net assets 86,961 70,314
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account 36,961 20,314
Shareholders' funds 86,961 70,314
The director is 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 director acknowledges his 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.
J H Lee
Director
Approved by the board on 4 September 2024
Xground UK 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 rendering of services. 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 1,468,962
At 31 March 2024 1,468,962
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 1,468,962
At 31 March 2023 1,468,962
4 Debtors 2024 2023
£ £
Trade debtors - 5,700
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 3,266 -
Other creditors 16,683 10,496
19,949 10,496
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 497,645 497,645
Other creditors 950,000 950,000
1,447,645 1,447,645
7 Other information
Xground UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
Dawson House
131-135 High Street
New Malden
Surrey
KT3 4BH
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