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Registration number: 01015517

Xirot Productions Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Xirot Productions Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Xirot Productions Limited

(Registration number: 01015517)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

250,000

250,000

Investments

5

99

99

 

250,099

250,099

Current assets

 

Debtors

7

275,244

251,256

Other financial assets

6

824,435

766,641

Cash at bank and in hand

 

8,884

38,185

 

1,108,563

1,056,082

Creditors: Amounts falling due within one year

8

(207,354)

(110,030)

Net current assets

 

901,209

946,052

Total assets less current liabilities

 

1,151,308

1,196,151

Creditors: Amounts falling due after more than one year

8

(13,333)

(23,333)

Provisions for liabilities

(116,255)

(111,652)

Net assets

 

1,021,720

1,061,166

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

443,127

411,492

Other reserves

180,750

180,750

Profit and loss account

397,743

468,824

Shareholders' funds

 

1,021,720

1,061,166

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:

 

Xirot Productions Limited

(Registration number: 01015517)
Statement of Financial Position as at 31 March 2024

.........................................
Mr T C Bennett
Director

 

Xirot Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Deepwood House, Farnham Lane, Farnham Royal, Buckinghamshire, SL2 3SD.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Xirot Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Depreciation

Asset class

Depreciation method and rate

Freehold property

See investment property policy

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly
attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Xirot Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

The Company only enters into basic financial instruments 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 and loans to related parties.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Group accounts

The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 April 2023

250,000

At 31 March 2024

250,000

The freehold investment property has been valued by the directors on an open market value for existing use basis, based on a review of rent yields and market conditions at the year end date.

There has been no valuation of investment property by an independent valuer.

5

Investments

2024
£

2023
£

Investments in subsidiaries

99

99

Subsidiaries

£

Cost or valuation

At 1 April 2023

99

Provision

Carrying amount

At 31 March 2024

99

At 31 March 2023

99

 

Xirot Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2023

766,641

766,641

Fair value adjustments

36,239

36,239

Additions

21,555

21,555

At 31 March 2024

824,435

824,435

Impairment

Carrying amount

At 31 March 2024

824,435

824,435

7

Debtors

2024
£

2023
£

Trade debtors

22,309

19,085

Other debtors

252,935

232,171

275,244

251,256

 

Xirot Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

9

10,000

10,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

137,117

54,212

Taxation and social security

 

1,931

2,912

Accruals and deferred income

 

23,589

22,921

Other creditors

 

34,717

19,985

 

207,354

110,030

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

13,333

23,333

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

13,333

23,333

Current loans and borrowings

2024
£

2023
£

Other borrowings

10,000

10,000

10

Related party transactions

No disclosure has been given of transactions between group companies, where the subsidiary undertaking is wholly owned.