40 26 June 2024 false false false false false false false false false false true false false false false true true false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI007933 2023-01-01 2023-12-31 NI007933 2023-12-31 NI007933 2022-12-31 NI007933 2022-01-01 2022-12-31 NI007933 2022-12-31 NI007933 2021-12-31 NI007933 core:LandBuildings 2023-01-01 2023-12-31 NI007933 core:FurnitureFittings 2023-01-01 2023-12-31 NI007933 core:MotorVehicles 2023-01-01 2023-12-31 NI007933 bus:Director6 2023-01-01 2023-12-31 NI007933 core:LandBuildings 2022-12-31 NI007933 core:FurnitureFittings 2022-12-31 NI007933 core:MotorVehicles 2022-12-31 NI007933 core:LandBuildings 2023-12-31 NI007933 core:FurnitureFittings 2023-12-31 NI007933 core:MotorVehicles 2023-12-31 NI007933 core:WithinOneYear 2023-12-31 NI007933 core:WithinOneYear 2022-12-31 NI007933 core:ShareCapital 2023-12-31 NI007933 core:ShareCapital 2022-12-31 NI007933 core:CapitalRedemptionReserve 2023-12-31 NI007933 core:CapitalRedemptionReserve 2022-12-31 NI007933 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI007933 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI007933 core:LandBuildings 2022-12-31 NI007933 core:FurnitureFittings 2022-12-31 NI007933 bus:SmallEntities 2023-01-01 2023-12-31 NI007933 bus:Audited 2023-01-01 2023-12-31 NI007933 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI007933 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI007933 bus:FullAccounts 2023-01-01 2023-12-31 NI007933 core:ComputerEquipment 2023-01-01 2023-12-31 NI007933 core:ComputerEquipment 2022-12-31 NI007933 core:ComputerEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: NI007933
Xperience IT Solutions Limited
Filleted Financial Statements
31 December 2023
Xperience IT Solutions Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Xperience IT Solutions Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
715,344
750,024
Current assets
Stocks
62,123
64,992
Debtors
6
3,509,351
3,191,868
Cash at bank and in hand
363,323
274,890
------------
------------
3,934,797
3,531,750
Creditors: amounts falling due within one year
7
2,302,090
1,544,288
------------
------------
Net current assets
1,632,707
1,987,462
------------
------------
Total assets less current liabilities
2,348,051
2,737,486
Provisions
Taxation including deferred tax
13,164
14,721
------------
------------
Net assets
2,334,887
2,722,765
------------
------------
Capital and reserves
Called up share capital
100,200
100,200
Capital redemption reserve
400
400
Profit and loss account
2,234,287
2,622,165
------------
------------
Shareholders funds
2,334,887
2,722,765
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 26 June 2024 , and are signed on behalf of the board by:
Mr I O'Kane
Director
Xperience IT Solutions Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 11 Ferguson Drive, Knockmore Hill Industrial Park, Lisburn, Co Antrim, BT28 2EX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Xperience Group Management Limited which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax with the exception of maintenance contracts. Revenue from maintenance contracts provided by the company is recognised rateably over the term of the agreement on a straight line basis. The unrecognised revenue is shown in the balance sheet as deferred income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & Buildings
-
2% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2022: 40 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
937,933
123,783
12,676
167,191
1,241,583
Additions
415
22,918
23,333
---------
---------
--------
---------
------------
At 31 December 2023
937,933
124,198
12,676
190,109
1,264,916
---------
---------
--------
---------
------------
Depreciation
At 1 January 2023
306,866
111,242
12,676
60,775
491,559
Charge for the year
18,759
12,561
26,693
58,013
---------
---------
--------
---------
------------
At 31 December 2023
325,625
123,803
12,676
87,468
549,572
---------
---------
--------
---------
------------
Carrying amount
At 31 December 2023
612,308
395
102,641
715,344
---------
---------
--------
---------
------------
At 31 December 2022
631,067
12,541
106,416
750,024
---------
---------
--------
---------
------------
6. Debtors
2023
2022
£
£
Trade debtors
364,501
182,096
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,998,430
2,918,143
Other debtors
146,420
91,629
------------
------------
3,509,351
3,191,868
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
996,433
714,659
Amounts owed to group undertakings and undertakings in which the company has a participating interest
673,180
65,319
Social security and other taxes
363,320
402,445
Other creditors
269,157
361,865
------------
------------
2,302,090
1,544,288
------------
------------
On 9 February 2023, a charge was registered by Investec Bank Limited being a fixed and floating charge over the property or undertaking of the company.
8. Summary audit opinion
The auditor's report dated 26 June 2024 was unqualified .
The senior statutory auditor was Ms E Mulholland , for and on behalf of Johnston Graham Limited .
9. Related party transactions
Goods and services to the value of £1,703,238 (£1,711,810: 2022) were sold at arms length value to fellow subsidiaries during the year.
10. Controlling party
Since 14 December 2022, the ultimate parent company has been Accelerate Topco Limited, a company registered in England and Wales.