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Registration number: 01519288

Xtex Polythene Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Xtex Polythene Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Xtex Polythene Limited

(Registration number: 01519288)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

165,662

 

186,368

Investments

5

 

20,500

 

20,500

   

186,162

 

206,868

Current assets

   

 

Stocks

391,868

 

316,309

 

Debtors

6

684,493

 

652,943

 

Cash at bank and in hand

 

583,809

 

660,938

 

 

1,660,170

 

1,630,190

 

Creditors: Amounts falling due within one year

7

(683,887)

 

(689,344)

 

Net current assets

   

976,283

 

940,846

Total assets less current liabilities

   

1,162,445

 

1,147,714

Provisions for liabilities

 

(7,700)

 

(11,300)

Net assets

   

1,154,745

 

1,136,414

Capital and reserves

   

 

Called up share capital

8

35,500

 

35,500

 

Other reserves

661,147

 

661,147

 

Retained earnings

458,098

 

439,767

 

Shareholders' funds

   

1,154,745

 

1,136,414

For the financial year ending 31 July 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.

 

Xtex Polythene Limited

(Registration number: 01519288)
Balance Sheet as at 31 July 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
R Bentley
Director

 

Xtex Polythene Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Spring Mill
Main Street
Wilsden
West Yorkshire
BD15 0DX

These financial statements were authorised for issue by the Board on 14 January 2025.

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 were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

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 company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

Xtex Polythene Limited is exempt from preparing group financial statements as the group is small.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

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 corporation 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.

 

Xtex Polythene Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line basis

Plant and machinery

20% straight line basis

Furniture, fittings and equipment

33% straight line basis

Computer equipment

33% straight line basis

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are
measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Xtex Polythene Limited

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

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 25).

 

Xtex Polythene Limited

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

4

Tangible assets

Freehold property
£

Plant and machinery
 £

Furniture, fittings and equipment
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 August 2023

249,460

808,867

55,592

28,380

1,142,299

At 31 July 2024

249,460

808,867

55,592

28,380

1,142,299

Depreciation

At 1 August 2023

127,825

755,177

55,107

17,822

955,931

Charge for the year

897

15,638

485

3,686

20,706

At 31 July 2024

128,722

770,815

55,592

21,508

976,637

Carrying amount

At 31 July 2024

120,738

38,052

-

6,872

165,662

At 31 July 2023

121,635

53,690

485

10,558

186,368

5

Investments

2024
£

2023
£

Investments in subsidiaries

20,500

20,500

Subsidiaries

£

Cost or valuation

At 1 August 2023

20,500

Carrying amount

At 31 July 2024

20,500

At 31 July 2023

20,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

628,044

630,166

Prepayments

55,394

15,496

Other debtors

1,055

7,281

 

684,493

652,943

 

Xtex Polythene Limited

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

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,831

-

Trade creditors

 

481,039

474,921

Amounts owed to group undertakings

 

25,000

25,000

Taxation and social security

 

41,119

63,451

Accruals and deferred income

 

95,561

92,485

Other creditors

 

39,337

33,487

 

683,887

689,344

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

'B' Ordinary shares of £1 each

17,750

17,750

17,750

17,750

'C' Ordinary shares of £1 each

17,750

17,750

17,750

17,750

35,500

35,500

35,500

35,500

9

Related party transactions

Expenditure with and payables to related parties

2024

Key management
£

Other related parties
£

Amounts payable to related party

1,831

1,340