Company registration number 06260191 (England and Wales)
XYI DESIGN LIMITED
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
XYI DESIGN LIMITED
CONTENTS
Page
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
XYI DESIGN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
2023
2022
as restated
£
£
Profit for the year
2,127,871
1,594,023
Other comprehensive income
-
-
Total comprehensive income for the year
2,127,871
1,594,023
XYI DESIGN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
155,816
121,112
Current assets
Stocks
430,906
713,255
Debtors
4
2,022,933
1,071,101
Cash at bank and in hand
1,609,550
1,776,522
4,063,389
3,560,878
Creditors: amounts falling due within one year
5
(748,687)
(639,343)
Net current assets
3,314,702
2,921,535
Net assets
3,470,518
3,042,647
Capital and reserves
Called up share capital
81
81
Profit and loss reserves
3,470,437
3,042,566
Total equity
3,470,518
3,042,647

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr D Rozalla
Mr M Edgell
Director
Director
Company registration number 06260191 (England and Wales)
XYI DESIGN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
81
(74,991)
2,323,534
2,248,624
Effect of change in accounting policy
-
-
0
(74,991)
(74,991)
As restated
81
(74,991)
2,248,543
2,173,633
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,594,023
1,594,023
Dividends
-
-
(800,000)
(800,000)
Other movements
-
74,991
-
74,991
Balance at 31 December 2022
81
-
0
3,042,566
3,042,647
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,127,871
2,127,871
Dividends
-
-
(1,700,000)
(1,700,000)
Balance at 31 December 2023
81
-
0
3,470,437
3,470,518
XYI DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

XYi Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 19 Broxhead House, 60 Barbados Road, Bordon, Hampshire, UK, GU35 0FX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33% Straight line
Computers
33% Straight line
Server and IT Infrastructure
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks comprise Work in Progress which is valued at the amount to be invoiced to the customer. Customer contracts are such that they allow for recoverability at the agreed rates of pay. Provision is made for any foreseeable losses where appropriate.

XYI DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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 balance sheet 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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

XYI DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
51
34
XYI DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Server and IT Infrastructure
Total
£
£
£
£
Cost
At 1 January 2023
31,710
647,320
-
0
679,030
Additions
980
115,223
2,370
118,573
Disposals
-
0
(1,040)
-
0
(1,040)
At 31 December 2023
32,690
761,503
2,370
796,563
Depreciation and impairment
At 1 January 2023
22,764
535,154
-
0
557,918
Depreciation charged in the year
3,977
79,587
65
83,629
Eliminated in respect of disposals
-
0
(800)
-
0
(800)
At 31 December 2023
26,741
613,941
65
640,747
Carrying amount
At 31 December 2023
5,949
147,562
2,305
155,816
At 31 December 2022
8,946
112,166
-
0
121,112
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,903,422
1,004,477
Other debtors
119,511
66,624
2,022,933
1,071,101
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,386
14,564
Corporation tax
283,815
364,012
Other taxation and social security
419,521
258,176
Other creditors
26,965
2,591
748,687
639,343
XYI DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr A Bennewith FCA FFA FFTA FIPA DChA FRSA
Statutory Auditor:
Bennewith 2018 Limited
Date of audit report:
25 September 2024
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
535,515
461,396
Between two and five years
2,059,179
1,162,947
2,594,694
1,624,343
8
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Analysis of the effect upon equity
Capital redemption
-
74,991
Profit and loss reserves
-
(74,991)
-
-
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
1,594,023
Profit as adjusted
1,594,023
2023-12-312023-01-01false25 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr D RozallaMr M EdgellMrs B Rozallafalsefalse062601912023-01-012023-12-31062601912022-01-012022-12-3106260191core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3106260191core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31062601912023-12-31062601912022-12-3106260191core:FurnitureFittings2023-12-3106260191core:ComputerEquipment2023-12-3106260191core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3106260191core:FurnitureFittings2022-12-3106260191core:ComputerEquipment2022-12-3106260191core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3106260191core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106260191core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106260191core:CurrentFinancialInstruments2023-12-3106260191core:CurrentFinancialInstruments2022-12-3106260191core:ShareCapital2023-12-3106260191core:ShareCapital2022-12-3106260191core:RetainedEarningsAccumulatedLosses2023-12-3106260191core:RetainedEarningsAccumulatedLosses2022-12-3106260191core:CapitalRedemptionReservecore:PriorPeriodIncreaseDecrease2021-12-3106260191core:RetainedEarningsAccumulatedLossescore:PriorPeriodIncreaseDecrease2021-12-3106260191core:ShareCapital2021-12-3106260191core:CapitalRedemptionReserve2021-12-3106260191core:RetainedEarningsAccumulatedLosses2021-12-3106260191core:CapitalRedemptionReserve2022-12-3106260191core:CapitalRedemptionReserve2023-12-3106260191bus:Director12023-01-012023-12-3106260191bus:Director22023-01-012023-12-3106260191core:FurnitureFittings2023-01-012023-12-3106260191core:ComputerEquipment2023-01-012023-12-3106260191core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3106260191core:FurnitureFittings2022-12-3106260191core:ComputerEquipment2022-12-3106260191core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31062601912022-12-3106260191core:WithinOneYear2023-12-3106260191core:WithinOneYear2022-12-3106260191core:BetweenTwoFiveYears2023-12-3106260191core:BetweenTwoFiveYears2022-12-3106260191bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106260191bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106260191bus:FRS1022023-01-012023-12-3106260191bus:Audited2023-01-012023-12-3106260191bus:CompanySecretary12023-01-012023-12-3106260191bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP