REGISTERED NUMBER: |
Financial Statements |
for the Period 30 November 2022 to 28 November 2023 |
for |
X1 Developments Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Period 30 November 2022 to 28 November 2023 |
for |
X1 Developments Ltd |
X1 Developments Ltd (Registered number: 07065987) |
Contents of the Financial Statements |
for the Period 30 November 2022 to 28 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
X1 Developments Ltd |
Company Information |
for the Period 30 November 2022 to 28 November 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
116 Duke Street |
Liverpool |
L1 5JW |
X1 Developments Ltd (Registered number: 07065987) |
Balance Sheet |
28 November 2023 |
28.11.23 | 29.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company. |
X1 Developments Ltd (Registered number: 07065987) |
Balance Sheet - continued |
28 November 2023 |
The financial statements were approved by the director and authorised for issue on |
X1 Developments Ltd (Registered number: 07065987) |
Notes to the Financial Statements |
for the Period 30 November 2022 to 28 November 2023 |
1. | STATUTORY INFORMATION |
X1 Developments Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 07065987 and the registered office is 116 Duke Street, Liverpool L1 5JW. With the principal place of business being 27 Old Haymarket Street, Liverpool L1 6ER |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, except for the modification to a fair value basis for certain fixed assets, as specified in the accounting policies below. |
Significant judgements and estimates |
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of financial statements in accordance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. |
Estimates and judgements and continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. |
Critical judgements in applying accounting policies |
There are no judgements (apart from those involving estimates) that have had a significant effect on the amounts recognised in the financial statements |
Key accounting estimates and assumptions |
Investment property- the fair value of investment property is based on assumptions and estimates using the director's knowledge of the local market. The fair value at the balance sheet date is £230,000. |
Turnover |
Turnover is derived from ordinary activates and represents completion stages of developments, exclusive of value added tax. Income is recognised when contractors valuations are raised and agreed. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures & fittings - 15% on cost |
Motor vehicles - 25% on cost |
Computer equipment - 33% on cost |
Tangible fixed assets are held at cost less any provisions for impairment where applicable. |
Investment property |
Investment properties are properties held for rental and capital appreciation. Investment properties are initially measured at cost and subsequently measured at fair value at the end of every reporting period. |
Any changes in fair value are recognised in the profit and loss account in the period in which they arise. |
X1 Developments Ltd (Registered number: 07065987) |
Notes to the Financial Statements - continued |
for the Period 30 November 2022 to 28 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 30 November 2022 |
and 28 November 2023 |
DEPRECIATION |
At 30 November 2022 |
Charge for period |
At 28 November 2023 |
NET BOOK VALUE |
At 28 November 2023 |
At 29 November 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 30 November 2022 |
and 28 November 2023 |
NET BOOK VALUE |
At 28 November 2023 |
At 29 November 2022 |
Investment properties are recorded at fair value, being open market value, and have been valued annually by the directors. Deferred tax has been recognised in respect of the tax that would be due if the properties were sold. |
X1 Developments Ltd (Registered number: 07065987) |
Notes to the Financial Statements - continued |
for the Period 30 November 2022 to 28 November 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 28 November 2023 is represented by: |
£ |
Valuation in 2019 | (30,000 | ) |
Valuation in 2021 | 60,000 |
Cost | 200,000 |
230,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.11.23 | 29.11.22 |
£ | £ |
Amounts owed by participating interests | 10,586,689 | 9,763,099 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.11.23 | 29.11.22 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to participating interests | 20,649,612 | 17,899,643 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.11.23 | 29.11.22 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.11.23 | 29.11.22 |
£ | £ |
Bank loans |
Lloyds TSB hold a 1st legal charge over both of the residential leasehold properties in the accounts. |
They also hold an unlimited debenture incorporating a floating and fixed charge. The properties are held at a fair value of £230,000. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 30 November 2022 |
and 28 November 2023 |
X1 Developments Ltd (Registered number: 07065987) |
Notes to the Financial Statements - continued |
for the Period 30 November 2022 to 28 November 2023 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 28 November 2023 and the year ended 29 November 2022: |
28.11.23 | 29.11.22 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
The director operates a current account with the company to which all transactions of a private nature are charged. Interest has been charged on this balance at HMRC official rates amounting to £301,796 (2022 £261,060). |
12. | ULTIMATE CONTROLLING PARTY |