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Registration number: 14236637

XCR Tech Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

XCR Tech Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

XCR Tech Ltd

(Registration number: 14236637)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

19,039

2,834

Current assets

 

Debtors

5

77,395

7,786

Cash at bank and in hand

 

259,277

345,948

 

336,672

353,734

Creditors: Amounts falling due within one year

6

(206,444)

(4,406)

Net current assets

 

130,228

349,328

Net assets

 

149,267

352,162

Capital and reserves

 

Called up share capital

7

334

334

Share premium reserve

399,999

399,999

Retained earnings

(251,066)

(48,171)

Shareholders' funds

 

149,267

352,162

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.

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 27 February 2025 and signed on its behalf by:
 

.........................................
Leo Kellgren-Parker
Director

 

XCR Tech Ltd

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:
127 Mortimer Road
London
NW10 5TN
United Kingdom

These financial statements were authorised for issue by the Board on 27 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.

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.

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.

 

XCR Tech Ltd

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

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

Office equipment

Straight line basis 25%

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 3).

 

XCR Tech Ltd

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

3,023

3,023

Additions

19,262

19,262

At 31 July 2024

22,285

22,285

Depreciation

At 1 August 2023

189

189

Charge for the year

3,057

3,057

At 31 July 2024

3,246

3,246

Carrying amount

At 31 July 2024

19,039

19,039

At 31 July 2023

2,834

2,834

5

Debtors

Note

2024
£

2023
£

Corporation tax

 

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

40,411

217

Prepayments

 

6,179

330

Other debtors

 

29,047

6,400

VAT Control account

 

1,758

839

 

77,395

7,786

 

XCR Tech Ltd

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,734

1,228

Other related parties

201,070

149

PAYE and NIC

461

1,929

Accruals and deferred income

1,600

1,100

Other creditors

579

-

206,444

4,406

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.001 each

334,334

334.33

334,334

334.33

       
 

XCR Tech Ltd

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

8

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances by directors
£

At 31 July 2024
£

149

200,921

201,070

 

2023

At 15 July 2022
£

Advances by directors
£

At 31 July 2023
£

-

149

149

 

Terms of transactions with directors

Payments made to company relate to amounts advanced by the directors. The advances are unsecured, interest free and repayable on demand.
 

Loans to related parties

2024

Parent
£

Total
£

At start of period

217

217

Advanced

40,194

40,194

At end of period

40,411

40,411

2023

Parent
£

Total
£

Advanced

217

217

At end of period

217

217

Terms of loans to related parties

The balance owed by the parent company is non interest bearing and repayable on demand.


 

9

Parent and ultimate parent undertaking

The company's immediate parent is LIVR Limited, incorporated in England and Wales.