XCD Services Limited
Registered number: 05300878
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 132,104 132,000
Current assets
Debtors 4 - 2,141
Cash at bank and in hand 250 250
250 2,391
Creditors: amounts falling due within one year 5 (37,560) (37,974)
Net current liabilities (37,310) (35,583)
Total assets less current liabilities 94,794 96,417
Creditors: amounts falling due after more than one year 6 (90,661) (94,282)
Provisions for liabilities (319) (300)
Net assets 3,814 1,835
Capital and reserves
Called up share capital 2 2
Profit and loss account 3,812 1,833
Shareholder's funds 3,814 1,835
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 member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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 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.
D Froud
Director
Approved by the board on 23 September 2024
XCD Services Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction 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. 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.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 8 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 130,423 19,046 149,469
Additions - 664 664
At 31 December 2023 130,423 19,710 150,133
Depreciation
At 1 January 2023 - 17,469 17,469
Charge for the year - 560 560
At 31 December 2023 - 18,029 18,029
Net book value
At 31 December 2023 130,423 1,681 132,104
At 31 December 2022 130,423 1,577 132,000
4 Debtors 2023 2022
£ £
Other debtors - 2,141
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,300 13,192
Accruals 1,845 1,758
Corporation tax 18,155 15,136
Other taxes and social security costs 461 90
Other creditors 8,799 7,798
37,560 37,974
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 90,661 94,282
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D Froud
Repayable on demand 2,141 - 2,141 -
2,141 - 2,141 -
8 Other information
XCD Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bright Sparks Montessori School
Gilbert Road
Camberley
Surrey
GU16 7RE
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