2023-04-012024-03-312024-03-31false03692670XI Training 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XI Training Limited

Registered Number
03692670
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

XI Training Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

PEARSON Stephen Glen

Registered Address

Keer Bridge Depot
Scotland Road
Carnforth
LA5 9RQ

Registered Number

03692670 (England and Wales)
XI Training Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3211,929211,764
211,929211,764
Current assets
Stocks435,43721,746
Debtors579,75164,466
Cash at bank and on hand330,212365,301
445,400451,513
Creditors amounts falling due within one year6(82,507)(77,268)
Net current assets (liabilities)362,893374,245
Total assets less current liabilities574,822586,009
Provisions for liabilities7(24,900)(27,300)
Net assets549,922558,709
Capital and reserves
Called up share capital22
Profit and loss account549,920558,707
Shareholders' funds549,922558,709
The financial statements were approved and authorised for issue by the Director on 14 October 2024, and are signed on its behalf by:
PEARSON Stephen Glen
Director
Registered Company No. 03692670
XI Training Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-6.66
Vehicles25-
Office Equipment-3
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 23208,10817,16234,99318,379278,642
Additions-4,833--4,833
At 31 March 24208,10821,99534,99318,379283,475
Depreciation and impairment
At 01 April 233,19817,16228,94217,57666,878
Charge for year-2883,8904904,668
At 31 March 243,19817,45032,83218,06671,546
Net book value
At 31 March 24204,9104,5452,161313211,929
At 31 March 23204,910-6,051803211,764
4.Stocks

2024

2023

££
Other stocks35,43721,746
Total35,43721,746
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables50,65156,313
Other debtors1,763-
Prepayments and accrued income27,3378,153
Total79,75164,466
Short term debtors are measured at transaction price (which is usually the invoice 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.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables48,46229,798
Taxation and social security11,09533,418
Other creditors22,66912,372
Accrued liabilities and deferred income2811,680
Total82,50777,268
Short term creditors are measured at transaction price (which is usually the invoice 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.
7.Provisions for liabilities
The deferred tax provision in the current and previous year relates to accelerated capital allowances.

2024

2023

££
Net deferred tax liability (asset)24,90027,300
Total24,90027,300