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Registration number: 04012870

Xara Computers (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Xara Computers (UK) Limited

Company Information

Directors

Mr M Kapasi

Ms PD Patel

Mrs N Bhaiji

Mr Zurab Malsurgenov

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
Chartered Accountants
9 Berners Place
London
W1T 3AD

 

Xara Computers (UK) Limited

(Registration number: 04012870)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

239,218

272,771

Current assets

 

Stocks

7

5,000

5,000

Debtors

8

1,402,776

1,297,772

Cash at bank and in hand

 

197,254

105,085

 

1,605,030

1,407,857

Creditors: Amounts falling due within one year

9

(675,876)

(581,586)

Net current assets

 

929,154

826,271

Total assets less current liabilities

 

1,168,372

1,099,042

Creditors: Amounts falling due after more than one year

9

(30,751)

(51,962)

Provisions for liabilities

(47,499)

(41,005)

Net assets

 

1,090,122

1,006,075

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,090,022

1,005,975

Shareholders' funds

 

1,090,122

1,006,075

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 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 20 February 2025 and signed on its behalf by:
 

.........................................
Ms PD Patel
Director

 

Xara Computers (UK) Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

1,005,975

1,006,075

Profit for the year

-

134,047

134,047

Dividends

-

(50,000)

(50,000)

At 31 March 2024

100

1,090,022

1,090,122

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

918,550

918,650

Profit for the year

-

97,425

97,425

Dividends

-

(10,000)

(10,000)

At 31 March 2023

100

1,005,975

1,006,075

 

Xara Computers (UK) 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 United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the Board on 20 February 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

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.

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.

 

Xara Computers (UK) Limited

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

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

Short leasehold

Over the term of the lease

Fixtures & fitings

10% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

10% on reducing balance

Falcon security software

1/3 of cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

Xara Computers (UK) Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 17).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

53,957

56,867

5

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

50,873

29,957

UK corporation tax adjustment to prior periods

(18,440)

-

32,433

29,957

Deferred taxation

Arising from changes in tax rates and laws

6,494

(11,032)

Tax expense in the income statement

38,927

18,925

 

Xara Computers (UK) Limited

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

6

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Falcon security software
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

40,529

23,489

45,000

1,000,773

37,881

1,147,672

Additions

-

-

-

20,404

-

20,404

At 31 March 2024

40,529

23,489

45,000

1,021,177

37,881

1,168,076

Depreciation

At 1 April 2023

4,052

3,523

15,000

823,434

28,892

874,901

Charge for the year

4,053

2,995

15,000

29,662

2,247

53,957

At 31 March 2024

8,105

6,518

30,000

853,096

31,139

928,858

Carrying amount

At 31 March 2024

32,424

16,971

15,000

168,081

6,742

239,218

At 31 March 2023

36,477

19,966

30,000

177,339

8,989

272,771

The short leasehold period is for 10 years and expires on 30 June 2032.

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

5,000

5,000

8

Debtors

Current

2024
£

2023
£

Trade debtors

105,312

65,512

Prepayments

41,399

26,284

Directors current accounts

973,375

935,925

Corporation tax recoverable

282,690

270,051

 

1,402,776

1,297,772

 

Xara Computers (UK) Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

-

2,885

Trade creditors

 

244,707

244,742

Accruals and deferred income

 

45,548

30,895

Corporation tax

 

113,216

132,936

PAYE and NIC creditor

 

107,922

10,074

Pension liability

 

1,007

950

VAT account

 

45,408

30,800

Other loans

 

90,000

90,000

Credit card account

 

28,068

38,304

 

675,876

581,586

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

30,751

51,962

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

80

80

80

80

B Ordinary shares of £1 each

20

20

20

20

100

100

100

100

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,751

40,494

Hire purchase contracts

-

11,468

30,751

51,962

The bank borrowings represent the government guaranteed Bounce Back Loan (BBL).

 

Xara Computers (UK) Limited

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

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

1

Hire purchase contracts

-

2,884

-

2,885

12

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £312.50 (2023 - £62.50) per each

25,000

5,000

Final dividend of £1,250.00 (2023 - £250.00) per each

25,000

5,000

50,000

10,000

13

Related party transactions

 

Xara Computers (UK) Limited

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

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr M Kapasi

715,247

101,829

(75,000)

742,075

-

-

-

-

715,247

101,829

(75,000)

742,075

Mrs N Bhaiji

220,679

85,621

(75,000)

231,299

220,679

85,621

(75,000)

231,299

 

Xara Computers (UK) Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

285,120

115,417