Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 04826493 Mr M White Mr R P Parker Mr A Watson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04826493 2022-12-31 04826493 2023-12-31 04826493 2023-01-01 2023-12-31 04826493 frs-core:CurrentFinancialInstruments 2023-12-31 04826493 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 04826493 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 04826493 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 04826493 frs-core:MotorVehicles 2023-12-31 04826493 frs-core:MotorVehicles 2023-01-01 2023-12-31 04826493 frs-core:MotorVehicles 2022-12-31 04826493 frs-core:PlantMachinery 2023-12-31 04826493 frs-core:PlantMachinery 2023-01-01 2023-12-31 04826493 frs-core:PlantMachinery 2022-12-31 04826493 frs-core:CapitalRedemptionReserve 2023-12-31 04826493 frs-core:ShareCapital 2023-12-31 04826493 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04826493 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04826493 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 04826493 frs-bus:SmallEntities 2023-01-01 2023-12-31 04826493 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04826493 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04826493 frs-bus:Director1 2023-01-01 2023-12-31 04826493 frs-bus:Director2 2023-01-01 2023-12-31 04826493 frs-bus:Director3 2023-01-01 2023-12-31 04826493 frs-core:CurrentFinancialInstruments 1 2023-12-31 04826493 frs-countries:EnglandWales 2023-01-01 2023-12-31 04826493 2021-12-31 04826493 2022-12-31 04826493 2022-01-01 2022-12-31 04826493 frs-core:CurrentFinancialInstruments 2022-12-31 04826493 frs-core:CapitalRedemptionReserve 2022-12-31 04826493 frs-core:ShareCapital 2022-12-31 04826493 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 04826493 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 04826493
X 2 Connect Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04826493
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 178,776 204,794
178,776 204,794
CURRENT ASSETS
Stocks 5 517,879 379,425
Debtors 6 432,370 462,374
Cash at bank and in hand 461,976 432,798
1,412,225 1,274,597
Creditors: Amounts Falling Due Within One Year 7 (361,260 ) (387,795 )
NET CURRENT ASSETS (LIABILITIES) 1,050,965 886,802
TOTAL ASSETS LESS CURRENT LIABILITIES 1,229,741 1,091,596
PROVISIONS FOR LIABILITIES
Deferred Taxation (26,955 ) (30,360 )
NET ASSETS 1,202,786 1,061,236
CAPITAL AND RESERVES
Called up share capital 8 30 30
Capital redemption reserve 80 80
Profit and Loss Account 1,202,676 1,061,126
SHAREHOLDERS' FUNDS 1,202,786 1,061,236
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Profit and Loss Account.
On behalf of the board
Mr M White
Director
17 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
X 2 Connect Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04826493 . The registered office is Network Place, 1 Brunel Drive, Newark, Notts, NG24 2EG.
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. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Leasehold 4% straight line
Plant & Machinery 7.5% or 15% reducing balance
Motor Vehicles 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 35 (2022: 35)
35 35
Page 3
Page 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 94,538 580,045 97,339 771,922
Additions - 611 6,300 6,911
As at 31 December 2023 94,538 580,656 103,639 778,833
Depreciation
As at 1 January 2023 58,672 482,621 25,835 567,128
Provided during the period 3,781 9,697 19,451 32,929
As at 31 December 2023 62,453 492,318 45,286 600,057
Net Book Value
As at 31 December 2023 32,085 88,338 58,353 178,776
As at 1 January 2023 35,866 97,424 71,504 204,794
5. Stocks
2023 2022
£ £
Stock 517,879 379,425
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 372,099 411,421
Prepayments and accrued income 60,271 50,953
432,370 462,374
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 137,531 116,185
Corporation tax 66,603 35,559
PAYE and NIC control 42,079 37,482
VAT 54,088 62,116
Other creditors 11,471 82,925
Kiosk deposits 38,244 20,187
Accruals and deferred income 11,244 33,341
361,260 387,795
Page 4
Page 5
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 30 30
Page 5