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Filleted
Registration number: 14140390

XACTX Limited

trading as XACTX Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

XACTX Limited

trading as XACTX Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

XACTX Limited

trading as XACTX Limited

Company Information

Directors

Mr C A Nutty

Mrs S L Nutty

Company secretary

Mrs S L Nutty

Registered office

64 Lower Quay Road
Hook
Haverfordwest
SA62 4LR

Accountants

LHP Haverfordwest
Chartered Certified Accountants1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

 

XACTX Limited

trading as XACTX Limited

(Registration number: 14140390)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

31,575

11,919

Cash at bank and in hand

 

4,872

9,252

 

36,447

21,171

Creditors: Amounts falling due within one year

5

(36,445)

(20,085)

Net assets

 

2

1,086

Capital and reserves

 

Called up share capital

6

2

1

Retained earnings

-

1,085

Shareholders' funds

 

2

1,086

For the financial year ending 31 May 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 and 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 24 February 2025 and signed on its behalf by:
 

.........................................
Mr C A Nutty
Director

   
     
 

XACTX Limited

trading as XACTX Limited

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
64 Lower Quay Road
Hook
Haverfordwest
SA62 4LR

These financial statements were authorised for issue by the Board on 24 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.

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 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.

 

XACTX Limited

trading as XACTX Limited

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

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

XACTX Limited

trading as XACTX Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 1).

4

Debtors

Current

2024
£

2023
£

Trade debtors

7,344

11,919

Other debtors

24,231

-

 

31,575

11,919

 

XACTX Limited

trading as XACTX Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

7

3,390

-

Trade creditors

 

3,225

718

Taxation and social security

 

10,913

5,875

Other related parties

 

-

1,449

Other creditors

 

1,855

547

Corporation tax liability

 

17,062

11,496

 

36,445

20,085

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

Ordinary A share of £1 (2023 - £0) each

1

1

-

-

2

2

1

1

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

3,390

-

8

Related party transactions

Transactions with directors

 

XACTX Limited

trading as XACTX Limited

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

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

Mr C A Nutty

Interest free loan with no fixed repayment term

(1,449)

25,680

24,231

2023

At 30 May 2022
£

Repayments by director
£

At 31 May 2023
£

Mr C A Nutty

Interest free loan with no fixed repayment term

-

(1,449)

(1,449)

Summary of transactions with joint ventures

Mr Craig Nutty is also a director at XACTX Group Ltd