20 26 June 2024 false false false false false false false false false false true false false false false true false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 58,272 192,253 250,525 13,009 13,009 237,516 58,272 23,739 641 24,380 13,172 2,435 15,607 8,773 10,567 xbrli:pure xbrli:shares iso4217:GBP NI623202 2023-01-01 2023-12-31 NI623202 2023-12-31 NI623202 2022-12-31 NI623202 2022-01-01 2022-12-31 NI623202 2022-12-31 NI623202 2021-12-31 NI623202 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 NI623202 core:FurnitureFittings 2023-01-01 2023-12-31 NI623202 bus:Director4 2023-01-01 2023-12-31 NI623202 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 NI623202 core:FurnitureFittings 2022-12-31 NI623202 core:FurnitureFittings 2023-12-31 NI623202 core:WithinOneYear 2023-12-31 NI623202 core:WithinOneYear 2022-12-31 NI623202 core:ShareCapital 2023-12-31 NI623202 core:ShareCapital 2022-12-31 NI623202 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI623202 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI623202 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 NI623202 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 NI623202 core:FurnitureFittings 2022-12-31 NI623202 bus:SmallEntities 2023-01-01 2023-12-31 NI623202 bus:Audited 2023-01-01 2023-12-31 NI623202 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI623202 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI623202 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: NI623202
Xperience Dynamics Limited
Filleted Financial Statements
31 December 2023
Xperience Dynamics Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Xperience Dynamics Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
237,516
58,272
Tangible assets
6
8,773
10,567
---------
--------
246,289
68,839
Current assets
Debtors
7
1,167,688
1,150,208
Cash at bank and in hand
110,842
58,895
------------
------------
1,278,530
1,209,103
Creditors: amounts falling due within one year
8
731,054
539,310
------------
------------
Net current assets
547,476
669,793
---------
---------
Total assets less current liabilities
793,765
738,632
---------
---------
Net assets
793,765
738,632
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
793,665
738,532
---------
---------
Shareholders funds
793,765
738,632
---------
---------
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
Company registration number: NI623202
Xperience Dynamics 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, 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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fixtures & Fittings
-
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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 15 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2023
58,272
Additions
Additions from internal developments
192,253
---------
At 31 December 2023
250,525
---------
Amortisation
Charge for the year
13,009
---------
At 31 December 2023
13,009
---------
Carrying amount
At 31 December 2023
237,516
---------
At 31 December 2022
58,272
---------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2023
23,739
Additions
641
--------
At 31 December 2023
24,380
--------
Depreciation
At 1 January 2023
13,172
Charge for the year
2,435
--------
At 31 December 2023
15,607
--------
Carrying amount
At 31 December 2023
8,773
--------
At 31 December 2022
10,567
--------
7. Debtors
2023
2022
£
£
Trade debtors
353,433
354,407
Amounts owed by group undertakings and undertakings in which the company has a participating interest
807,722
779,050
Other debtors
6,533
16,751
------------
------------
1,167,688
1,150,208
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
129,138
113,300
Amounts owed to group undertakings and undertakings in which the company has a participating interest
391,465
124,332
Corporation tax
1,718
Social security and other taxes
3,810
20,534
Other creditors
204,923
281,144
---------
---------
731,054
539,310
---------
---------
On 9th February 2023 a charge was registered by Investec Bank Limited being a fixed and floating charge over the property or undertaking of the company and this remained in place at the year end.
9. 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 .
10. Related party transactions
During the year, goods and services in the amount of £1,299.835 were purchased in the normal course of trade and at commercial rates from fellow subsidiaries and outstanding balances at 31 December 2023 are included in note 10 of these financial statements.
11. Controlling party
From 14 December 2022, the ultimate parent company has been Accelerate Topco Limited, a company registered in England and Wales.