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REGISTERED NUMBER: 07065987 (England and Wales)















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: Mrs L Smith





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 07065987 (England and Wales)





ACCOUNTANTS: Cobham Murphy PHD Limited
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 4 174 256
Investment property 5 230,000 230,000
230,174 230,256

CURRENT ASSETS
Debtors 6 26,929,261 24,239,155
Cash at bank 64,650 789
26,993,911 24,239,944
CREDITORS
Amounts falling due within one year 7 21,512,641 18,757,766
NET CURRENT ASSETS 5,481,270 5,482,178
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,711,444

5,712,434

CREDITORS
Amounts falling due after more than one
year

8

(76,440

)

(89,338

)

PROVISIONS FOR LIABILITIES (17,100 ) (17,100 )
NET ASSETS 5,617,904 5,605,996

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 10 48,600 48,600
Retained earnings 5,569,303 5,557,395
SHAREHOLDERS' FUNDS 5,617,904 5,605,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 November 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 November 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:





Mrs L Smith - Director


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
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 Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 7 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 30 November 2022
and 28 November 2023 105,851
DEPRECIATION
At 30 November 2022 105,595
Charge for period 82
At 28 November 2023 105,677
NET BOOK VALUE
At 28 November 2023 174
At 29 November 2022 256

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 30 November 2022
and 28 November 2023 230,000
NET BOOK VALUE
At 28 November 2023 230,000
At 29 November 2022 230,000

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 16,342,572 14,476,056
26,929,261 24,239,155

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.11.23 29.11.22
£    £   
Bank loans and overdrafts 24,160 29,060
Amounts owed to participating interests 20,649,612 17,899,643
Taxation and social security 11,235 1,429
Other creditors 827,634 827,634
21,512,641 18,757,766

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.11.23 29.11.22
£    £   
Bank loans 76,440 89,338

9. SECURED DEBTS

The following secured debts are included within creditors:

28.11.23 29.11.22
£    £   
Bank loans 100,600 118,398

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 48,600

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
£    £   
Mrs L Smith
Balance outstanding at start of period 14,307,436 12,059,595
Amounts advanced 1,877,584 2,353,328
Amounts repaid (9,000 ) (105,487 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 16,176,020 14,307,436

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

In the opinion of the directors there is no controlling party.