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REGISTERED NUMBER: OC352448 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 AUGUST 2023

FOR

X8M LLP

X8M LLP (REGISTERED NUMBER: OC352448)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 August 2023




Page

General Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


X8M LLP

GENERAL INFORMATION
for the year ended 30 August 2023







DESIGNATED MEMBERS: Mr A P C Williams
Mrs J L Williams





REGISTERED OFFICE: Bramble Barn
Mill Lane
Weybread
Diss
Norfolk
IP21 5RS





REGISTERED NUMBER: OC352448 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

X8M LLP (REGISTERED NUMBER: OC352448)

ABRIDGED BALANCE SHEET
30 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 551,048 737,256
Investments 6 100 100
551,148 737,356

CURRENT ASSETS
Stocks 221,140 478,520
Debtors 603,083 1,582,636
Cash in hand 172 172
824,395 2,061,328
CREDITORS
Amounts falling due within one year 944,339 1,947,059
NET CURRENT (LIABILITIES)/ASSETS (119,944 ) 114,269
TOTAL ASSETS LESS CURRENT
LIABILITIES

431,204

851,625

CREDITORS
Amounts falling due after more than one year 305,310 423,735
NET ASSETS ATTRIBUTABLE TO
MEMBERS

125,894

427,890

X8M LLP (REGISTERED NUMBER: OC352448)

ABRIDGED BALANCE SHEET - continued
30 August 2023

2023 2022
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

15,724

317,720

MEMBERS' OTHER INTERESTS
Capital accounts 110,170 110,170
125,894 427,890

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 15,724 317,720
Members' other interests 110,170 110,170
Amounts due from members (357,552 ) -
(231,658 ) 427,890

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 August 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 August 2023 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28 November 2024 and were signed by:




Mr A P C Williams - Designated member

X8M LLP (REGISTERED NUMBER: OC352448)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 August 2023

1. STATUTORY INFORMATION

X8M LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis as the partners are of the opinion that the partnership will meet its liabilities as and when due, due to the continued support of the partners.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

X8M LLP (REGISTERED NUMBER: OC352448)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 August 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 5,595
Disposals (5,595 )
At 30 August 2023 -
NET BOOK VALUE

At 30 August 2023 -

X8M LLP (REGISTERED NUMBER: OC352448)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 August 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 31 August 2022 1,871,417
Additions 21,995
Disposals (93,662 )
At 30 August 2023 1,799,750
DEPRECIATION
At 31 August 2022 1,134,161
Charge for year 169,145
Eliminated on disposal (54,604 )
At 30 August 2023 1,248,702
NET BOOK VALUE
At 30 August 2023 551,048
At 30 August 2022 737,256

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 31 August 2022
and 30 August 2023 100
NET BOOK VALUE
At 30 August 2023 100
At 30 August 2022 100

X8M LLP (REGISTERED NUMBER: OC352448)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 August 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 49,809 -
Hire purchase contracts 114,212 237,838
164,021 237,838

Hire purchase contracts are secured over the assets to which they relate.
Bank overdraft is secured against designated partners personal guarantee.

8. RELATED PARTY DISCLOSURES

At the balance sheet, the LLP was owed £504,315 (2022 - £1,321,160) by Excelr8 BTCC Limited.

At the balance sheet, the LLP owed £11,214 (2022 - £48,405) to Excelr8 TCR Limited.

At the balance sheet, the LLP owed £201,906 (2022 - £294,428) to A Williams Trading.

At the balance sheet, the LLP owed £131,942 (2022 - 412,606) to Total Track

The above companies are related by virtue of the same members/directors.