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Company registration number: 03538821
Xylem Holdings Limited
Unaudited filleted financial statements
31 August 2024
Xylem Holdings Limited
Contents
Statement of financial position
Notes to the financial statements
Xylem Holdings Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 2 2
Tangible assets 6 4,568 7,012
_______ _______
4,570 7,014
Current assets
Stocks 20,900 36,317
Debtors 7 68,973 27,926
Cash at bank and in hand 1,000,419 945,233
_______ _______
1,090,292 1,009,476
Creditors: amounts falling due
within one year 8 ( 78,738) ( 28,926)
_______ _______
Net current assets 1,011,554 980,550
_______ _______
Total assets less current liabilities 1,016,124 987,564
Provisions for liabilities 7 ( 401)
_______ _______
Net assets 1,016,131 987,163
_______ _______
Capital and reserves
Called up share capital 150,000 150,000
Profit and loss account 866,131 837,163
_______ _______
Shareholder funds 1,016,131 987,163
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 November 2024 , and are signed on behalf of the board by:
Russell Brummitt
Director
Company registration number: 03538821
Xylem Holdings Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Oak Industrial Park, Chelmsford Road, Great Dunmow, Essex, CM6 1XN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 a revalued amount, 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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Long leasehold property - 20 % straight line
Plant and machinery - 10 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 35,200 57,586
Social security costs 623 614
Other pension costs 509 542
_______ _______
36,332 58,742
_______ _______
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 September 2023 and 31 August 2024 11,000 6,986 17,986
_______ _______ _______
Amortisation
At 1 September 2023 and 31 August 2024 10,999 6,985 17,984
_______ _______ _______
Carrying amount
At 31 August 2024 1 1 2
_______ _______ _______
At 31 August 2023 1 1 2
_______ _______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 2,631 141,667 15,490 159,788
Disposals - - ( 15,490) ( 15,490)
_______ _______ _______ _______
At 31 August 2024 2,631 141,667 - 144,298
_______ _______ _______ _______
Depreciation
At 1 September 2023 2,631 134,655 15,490 152,776
Charge for the year - 2,444 - 2,444
Disposals - - ( 15,490) ( 15,490)
_______ _______ _______ _______
At 31 August 2024 2,631 137,099 - 139,730
_______ _______ _______ _______
Carrying amount
At 31 August 2024 - 4,568 - 4,568
_______ _______ _______ _______
At 31 August 2023 - 7,012 - 7,012
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 40,588 23,281
Other debtors 28,385 4,645
_______ _______
68,973 27,926
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 48,940 8,418
Corporation tax 14,972 7,477
Social security and other taxes 10,583 7,602
Other creditors 4,243 5,429
_______ _______
78,738 28,926
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Russell Brummitt ( 805) 805 -
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Russell Brummitt ( 805) - ( 805)
_______ _______ _______