Registration number:
X.E.L. Developments Limited
for the Year Ended 30 June 2024
X.E.L. Developments Limited
Contents
Company Information |
|
Abridged Balance Sheet |
|
Notes to the Unaudited Abridged Financial Statements |
X.E.L. Developments Limited
Company Information
Directors |
Mr E Lumsden Mr R Lumsden Mr J Morrison |
Registered office |
|
Accountants |
|
X.E.L. Developments Limited
(Registration number: SC196872)
Abridged Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
99 |
99 |
|
Retained earnings |
213,845 |
201,840 |
|
Shareholders' funds |
213,944 |
201,939 |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
X.E.L. Developments Limited
(Registration number: SC196872)
Abridged Balance Sheet as at 30 June 2024
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
......................................... |
X.E.L. Developments Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged 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 abridged 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.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration derived from that of property rental. Turnover is shown net of returns, rebates and discounts and after eliminating sales within the company.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
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.
X.E.L. Developments Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 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.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
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 |
Land and buildings |
50% residual value, balance depreciated over 50 years |
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.
X.E.L. Developments Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024
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.
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.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
X.E.L. Developments Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Land and buildings |
Total |
|
Cost or valuation |
||
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Depreciation |
||
At 1 July 2023 |
|
|
Charge for the year |
|
|
At 30 June 2024 |
|
|
Carrying amount |
||
At 30 June 2024 |
|
|
At 30 June 2023 |
|
|
Included within the net book value of land and buildings above is £398,720 (2023 - £403,101) in respect of freehold land and buildings.
Debtors |
Debtors includes £Nil (2023 - £Nil) due after more than one year.
Creditors |
Creditors: amounts falling due after more than one year
A standard security from X.E.L Developments Limited over the property at 14-16 East Main Street, Whitburn EH47 0RB.
A guarantee from Mr J Morrison, Mr R Lumsden and Mr E Lumsden for £300,000 (plus interest and expenses) owing to the bank by the borrower.
X.E.L. Developments Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
99 |
|
99 |
Related party transactions |
Summary of transactions with key management
During the year, the company advanced loans totalling £2,000 to the director. At the year end, the balance due to
the director was £18,682 (2023 - £16,682). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with the director, Mr E Lumsden.
During the year, the company repaid loans totalling £6,377 to the company. At the year end, the balance due to
the director was £18,730 (2023 - £25,106). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with the director, Mr J Morrison.
During the year, the director advanced loans totalling £2,000 to the company. At the year end, the balance due to
the director was £21,728 (2023 - £19,728). This loan is unsecured, interest free and has no fixed repayment terms.