Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31No description of principal activityfalsefalse2023-02-01false3328false 04369121 2023-02-01 2024-01-31 04369121 2022-02-01 2023-01-31 04369121 2024-01-31 04369121 2023-01-31 04369121 2022-02-01 04369121 1 2023-02-01 2024-01-31 04369121 1 2022-02-01 2023-01-31 04369121 5 2023-02-01 2024-01-31 04369121 5 2022-02-01 2023-01-31 04369121 6 2023-02-01 2024-01-31 04369121 6 2022-02-01 2023-01-31 04369121 d:CompanySecretary1 2023-02-01 2024-01-31 04369121 d:Director1 2023-02-01 2024-01-31 04369121 d:Director2 2023-02-01 2024-01-31 04369121 d:Director3 2023-02-01 2024-01-31 04369121 d:Director4 2023-02-01 2024-01-31 04369121 d:Director4 2024-01-31 04369121 d:RegisteredOffice 2023-02-01 2024-01-31 04369121 e:Buildings e:ShortLeaseholdAssets 2023-02-01 2024-01-31 04369121 e:Buildings e:ShortLeaseholdAssets 2024-01-31 04369121 e:Buildings e:ShortLeaseholdAssets 2023-01-31 04369121 e:PlantMachinery 2023-02-01 2024-01-31 04369121 e:PlantMachinery 2024-01-31 04369121 e:PlantMachinery 2023-01-31 04369121 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04369121 e:MotorVehicles 2023-02-01 2024-01-31 04369121 e:MotorVehicles 2024-01-31 04369121 e:MotorVehicles 2023-01-31 04369121 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04369121 e:FurnitureFittings 2023-02-01 2024-01-31 04369121 e:FurnitureFittings 2024-01-31 04369121 e:FurnitureFittings 2023-01-31 04369121 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04369121 e:OfficeEquipment 2023-02-01 2024-01-31 04369121 e:OfficeEquipment 2024-01-31 04369121 e:OfficeEquipment 2023-01-31 04369121 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04369121 e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04369121 e:CurrentFinancialInstruments 2024-01-31 04369121 e:CurrentFinancialInstruments 2023-01-31 04369121 e:Non-currentFinancialInstruments 2024-01-31 04369121 e:Non-currentFinancialInstruments 2023-01-31 04369121 e:CurrentFinancialInstruments e:WithinOneYear 2024-01-31 04369121 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 04369121 e:Non-currentFinancialInstruments e:AfterOneYear 2024-01-31 04369121 e:Non-currentFinancialInstruments e:AfterOneYear 2023-01-31 04369121 e:ReportableOperatingSegment1 2023-02-01 2024-01-31 04369121 e:ReportableOperatingSegment1 2022-02-01 2023-01-31 04369121 e:ReportableOperatingSegment2 2023-02-01 2024-01-31 04369121 e:ReportableOperatingSegment2 2022-02-01 2023-01-31 04369121 f:UnitedKingdom 2023-02-01 2024-01-31 04369121 f:UnitedKingdom 2022-02-01 2023-01-31 04369121 f:RestEuropeOutsideUK 2023-02-01 2024-01-31 04369121 f:RestEuropeOutsideUK 2022-02-01 2023-01-31 04369121 f:RestWorldOutsideUK 2023-02-01 2024-01-31 04369121 f:RestWorldOutsideUK 2022-02-01 2023-01-31 04369121 e:UKTax 2023-02-01 2024-01-31 04369121 e:UKTax 2022-02-01 2023-01-31 04369121 e:ShareCapital 2024-01-31 04369121 e:ShareCapital 2023-01-31 04369121 e:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 04369121 e:RetainedEarningsAccumulatedLosses 2024-01-31 04369121 e:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 04369121 e:RetainedEarningsAccumulatedLosses 2023-01-31 04369121 e:RetainedEarningsAccumulatedLosses 2022-02-01 04369121 e:AcceleratedTaxDepreciationDeferredTax 2024-01-31 04369121 e:AcceleratedTaxDepreciationDeferredTax 2023-01-31 04369121 d:OrdinaryShareClass1 2023-02-01 2024-01-31 04369121 d:OrdinaryShareClass1 2024-01-31 04369121 d:OrdinaryShareClass1 2023-01-31 04369121 d:FRS102 2023-02-01 2024-01-31 04369121 d:Audited 2023-02-01 2024-01-31 04369121 d:FullAccounts 2023-02-01 2024-01-31 04369121 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04369121 e:WithinOneYear 2024-01-31 04369121 e:WithinOneYear 2023-01-31 04369121 e:BetweenOneFiveYears 2024-01-31 04369121 e:BetweenOneFiveYears 2023-01-31 04369121 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-01-31 04369121 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-31 04369121 e:LeasedAssetsHeldAsLessee 2024-01-31 04369121 e:LeasedAssetsHeldAsLessee 2023-01-31 04369121 g:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 04369121







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)






































img4fd6.png                        

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
COMPANY INFORMATION


Directors
R D Searle 
D J Keevil 
P R Bearryman 
P J  Searle (appointed 23 October 2023)




Company secretary
N McDonald



Registered number
04369121



Registered office
Unit 5 The Ringway Centre
Edison Road

Basingstoke

Hampshire

RG21 6YH




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 



CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Analysis of net debt
11
Notes to the financial statements
12 - 24

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The Directors present the strategic report of Xeva Limited (“Company”) for the year-end 31 January 2024.

Business review
 
The principle activity of Xeva Limited is the supply and distribution of communications products to a UK dealer channel. The company formed in late 2011 and has seen good growth and an expanding portfolio of products and services.
There is a continuing strategy to grow the product portfolio and continue to support our longstanding client and supplier base. We value our partner and supplier relationships greatly and have invested heavily to ensure we have the right people and systems in place to allow sustained levels of support while we grow. We continue to improve IT systems, communications and work flows to cater for increased revenues and to maintain efficiency. The full e-commerce website has been further developed with a new training portal and advanced tools to support our resellers. For 2023, Xeva received 3 of 4 Empower awards from Motorola Solutions and is now the largest Motorola Solutions Distributor for Digital Mobile Radio (DMR) across the EMEA.

Financial key performance indicators
 
                               2024           2023
Revenue                 £28.9m       £24.7m
Gross Profit            £3.5m         £3.6m
Gross Profit %        12.1%         14.6%
Stock Holding         £4.2m         £3.1m 
The year February 23 to January 24 provided an increase in revenue of 17% over the previous year but produced a slight decline in gross profit due to increased costs. Stock levels have increased by 35% to £4.2m as suppliers start to fulfil deliveries that were impacted by component shortages. Cash and net assets are deemed reasonable for the trading year.

Principal risks and uncertainties
 
Risks associated with supplier component shortages are still easing and backlogs for stock are starting to reduce. However, we do not see a return to normal operations with regard to our supply chain for another 6 months. There remains good equity in the business and we feel confident the business is sustainable in the current climate.


This report was approved by the board and signed on its behalf.



R D Searle
Director

Date: 20 September 2024
Page 1

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,511,670 (2023 - £1,799,103).

Particulars of recommended dividends are detailed in the notes to the financial statements.

Directors

The directors who served during the year were:

R D Searle 
D J Keevil 
P R Bearryman 
P J  Searle (appointed 23 October 2023)

Future developments

Please refer to the strategic report.

Matters covered in the Strategic report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matter set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.

Page 2

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





R D Searle
Director

Date: 20 September 2024
Page 3

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)

Opinion


We have audited the financial statements of Xeva Limited (formerly Radiotrade Limited) (the 'Company') for the year ended 31 January 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF XEVA LIMITED (FORMERLY RADIOTRADE LIMITED) (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF XEVA LIMITED (FORMERLY RADIOTRADE LIMITED) (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of documentation.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity.
°Manipulation of amounts subject to significant judgment or estimate.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF XEVA LIMITED (FORMERLY RADIOTRADE LIMITED) (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Hadfield FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

20 September 2024
Page 7

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
28,944,156
24,720,852

Cost of sales
  
(25,441,652)
(21,103,031)

Gross profit
  
3,502,504
3,617,821

Administrative expenses
  
(1,519,662)
(1,417,763)

Other operating income
 5 
4,263
33

Operating profit
  
1,987,105
2,200,091

Interest receivable and similar income
 9 
21,325
409

Interest payable and similar expenses
 10 
(17,739)
(13,116)

Profit before tax
  
1,990,691
2,187,384

Tax on profit
 11 
(479,021)
(388,281)

Profit after tax
  
1,511,670
1,799,103

  

  

Retained earnings at the beginning of the year
  
6,205,608
5,006,505

  
6,205,608
5,006,505

Profit for the year
  
1,511,670
1,799,103

Dividends declared and paid
  
(550,000)
(600,000)

Retained earnings at the end of the year
  
7,167,278
6,205,608
The notes on pages 12 to 24 form part of these financial statements.
Page 8

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
REGISTERED NUMBER:04369121



STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
372,059
378,433

  
372,059
378,433

Current assets
  

Stocks
 14 
4,199,840
3,077,964

Debtors: amounts falling due within one year
 15 
3,728,221
3,322,319

Cash at bank and in hand
  
601,156
1,078,301

  
8,529,217
7,478,584

Creditors: amounts falling due within one year
 16 
(1,658,586)
(1,552,603)

Net current assets
  
 
 
6,870,631
 
 
5,925,981

Total assets less current liabilities
  
7,242,690
6,304,414

Creditors: amounts falling due after more than one year
 17 
-
(19,627)

Provisions for liabilities
  

Deferred tax
 18 
(75,312)
(79,079)

  
 
 
(75,312)
 
 
(79,079)

Net assets
  
7,167,378
6,205,708


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
 20 
7,167,278
6,205,608

  
7,167,378
6,205,708


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R D Searle
Director

Date: 20 September 2024

The notes on pages 12 to 24 form part of these financial statements.
Page 9

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,511,670
1,799,103

Adjustments for:

Depreciation of tangible assets
102,219
111,685

Loss on disposal of tangible assets
(16,176)
(27,944)

Interest paid
17,739
13,116

Interest received
(21,325)
(409)

Taxation charge
479,021
388,281

(Increase) in stocks
(1,121,876)
(1,631,913)

(Increase) in debtors
(405,902)
(982,720)

Increase in creditors
311,525
263,864

Corporation tax (paid)
(703,937)
(181,239)

Net cash generated from operating activities

152,958
(248,176)


Cash flows from investing activities

Purchase of tangible fixed assets
(106,869)
(40,297)

Sale of tangible fixed assets
27,200
40,159

Interest received
21,325
409

Net cash from investing activities

(58,344)
271

Cash flows from financing activities

(Repayment of)/new finance leases
(4,020)
(3,035)

Dividends paid
(550,000)
(600,000)

Interest paid
(17,739)
(13,116)

Net cash used in financing activities
(571,759)
(616,151)

Net (decrease) in cash and cash equivalents
(477,145)
(864,056)

Cash and cash equivalents at beginning of year
1,078,301
1,942,357

Cash and cash equivalents at the end of year
601,156
1,078,301


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
601,156
1,078,301

601,156
1,078,301


The notes on pages 12 to 24 form part of these financial statements.

Page 10

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024





At 1 February 2023
Cash flows
Other non-cash changes
At 31 January 2024
£

£

£

£

Cash at bank and in hand

1,078,301

(477,145)

-

601,156

Finance leases

(23,647)

-

4,020

(19,627)


1,054,654
(477,145)
4,020
581,529

The notes on pages 12 to 24 form part of these financial statements.
Page 11

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Xeva Limited (formerly Radiotrade Limited) is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The registered address is also the principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the Directors have considered the company's current financial position and future cash flow.
Therefore, the Directors continue to adopt the going concern basis of accounting in prepering these annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 12

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services 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 revenue can be measured reliably;
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 measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis..

Depreciation is provided on the following basis:

Short-term leasehold property
-
10 years straight line
Plant and machinery
-
25 - 33% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out, actual and average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 15

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors do not consider they have made any significant judgements or estimations.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales - Goods
25,084,077
22,536,803

Sales - Services
3,860,079
2,184,049

28,944,156
24,720,852


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
25,676,139
23,066,579

Rest of Europe
1,456,681
1,127,447

Rest of the world
1,811,336
526,826

28,944,156
24,720,852



5.


Other operating income

2024
2023
£
£

Other operating income
4,263
33

4,263
33


Page 16

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,500
14,500

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,280,769
1,159,224

Social security costs
172,519
130,288

Cost of defined contribution scheme
51,326
44,775

1,504,614
1,334,287


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Director
4
3



Administration
21
17



Sales
4
4



Service
4
4

33
28

Page 17

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
368,791
324,133

Company contributions to defined contribution pension schemes
17,663
14,495

386,454
338,628


During the year retirement benefits were accruing to 4 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £125,000 (2023 - £125,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,610 (2023 - £3,607).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
21,325
409

21,325
409


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
17,739
13,116

17,739
13,116

Page 18

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
483,983
424,235

Adjustments in respect of previous periods
(1,195)
-


482,788
424,235


Total current tax
482,788
424,235

Deferred tax


Origination and reversal of timing differences
(3,620)
(27,325)

Changes to tax rates
(147)
(8,629)

Total deferred tax
(3,767)
(35,954)


Taxation on profit on ordinary activities
479,021
388,281

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 24.03% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,990,691
2,187,384


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023 - 19%)
478,363
415,603

Effects of:


Expenses not deductible for tax purposes
1,328
106

Adjustments to tax charge in respect of prior periods
(1,195)
-

Other timing differences leading to an increase (decrease) in taxation
(457)
(18,799)

Other differences leading to an increase (decrease) in the tax charge
1,128
-

Changes in taxation rates
(146)
(8,629)

Total tax charge for the year
479,021
388,281

Page 19

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


Dividends

2024
2023
£
£


Dividends paid
550,000
600,000

550,000
600,000
Page 20


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024



13.


Tangible fixed assets






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2023
8,386
476,658
75,314
158,967
104,194
823,519


Additions
-
55,036
-
20,782
31,051
106,869


Disposals
-
(8,687)
(29,839)
-
-
(38,526)



At 31 January 2024

8,386
523,007
45,475
179,749
135,245
891,862



Depreciation


At 1 February 2023
4,263
216,420
36,540
106,197
81,666
445,086


Charge for the year on owned assets
839
68,689
7,386
14,532
10,773
102,219


Disposals
-
(4,356)
(23,146)
-
-
(27,502)



At 31 January 2024

5,102
280,753
20,780
120,729
92,439
519,803



Net book value



At 31 January 2024
3,284
242,254
24,695
59,020
42,806
372,059



At 31 January 2023
4,123
260,238
38,774
52,770
22,528
378,433

Page 21

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
19,627
31,793

19,627
31,793




14.


Stocks

2024
2023
£
£

Raw materials and consumables
4,199,840
3,077,964

4,199,840
3,077,964



15.


Debtors

2024
2023
£
£


Trade debtors
3,642,641
3,179,450

Prepayments and accrued income
85,580
142,869

3,728,221
3,322,319


Page 22

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
848,235
357,836

Corporation tax
203,086
424,235

Other taxation and social security
541,349
130,607

Obligations under finance lease and hire purchase contracts
19,627
4,020

Other creditors
2,347
205,643

Accruals and deferred income
43,942
430,262

1,658,586
1,552,603


The bank overdraft is secured by a debenture charge over all the assets of the company.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
19,627

-
19,627



18.


Deferred taxation




2024


£






At beginning of year
79,079


Charged to profit or loss
(3,767)



At end of year
75,312

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
75,312
79,079

75,312
79,079

Page 23

 


XEVA LIMITED (FORMERLY RADIOTRADE LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

Each ordinary share has equal voting and dividend rights.



20.


Reserves

Profit and loss account

The reserve records retained earnings and accumulated losses.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately
from those of the Company in an independently administered fund. The pension cost charge represents
contributions payable by the Company to the fund and amounted to £52,902 (2023 - £44,775). Contributions
totalling £16,856 (2023 - £14,062) were payable to the fund at the reporting date and are included in creditors.


22.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
126,634
129,682

Later than 1 year and not later than 5 years
325,429
415,520

452,063
545,202

During the year, the company paid £203,901 (2023 - £156,643) in respect of operating lease commitments.


23.


Controlling party

The ultimate controlling party is the director, R D Searle, by virtue of his shareholding.

 
Page 24