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Registered number: 04388978
Xfurth Ltd.
Unaudited Financial Statements
For The Year Ended 31 August 2024
James Walsh Accountant Limited
Association of International Accountants
19 Titan Court Laporte Way
Luton
Beds
LU4 8EF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04388978
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 48,811 65,082
48,811 65,082
CURRENT ASSETS
Stocks 5 159,795 189,595
Debtors 6 168,637 102,614
Cash at bank and in hand 282,807 506,943
611,239 799,152
Creditors: Amounts Falling Due Within One Year 7 (106,994 ) (100,554 )
NET CURRENT ASSETS (LIABILITIES) 504,245 698,598
TOTAL ASSETS LESS CURRENT LIABILITIES 553,056 763,680
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (9,274 ) (12,366 )
NET ASSETS 543,782 751,314
CAPITAL AND RESERVES
Called up share capital 9 3,162 3,162
Capital redemption reserve 1,838 1,838
Profit and Loss Account 538,782 746,314
SHAREHOLDERS' FUNDS 543,782 751,314
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Colin Coles
Director
19th February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Xfurth Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 04388978 . The registered office is Unit 4 Firbank Industrial Estate, Dallow Road, Luton, Bedfordshire, LU1 1TW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance method
Fixtures & Fittings 25% Reducing balance method
Computer Equipment 25% Reducing balance method
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 160,045 1,075 51,465 212,585
As at 31 August 2024 160,045 1,075 51,465 212,585
Depreciation
As at 1 September 2023 103,157 1,072 43,274 147,503
Provided during the period 14,222 1 2,048 16,271
As at 31 August 2024 117,379 1,073 45,322 163,774
Net Book Value
As at 31 August 2024 42,666 2 6,143 48,811
As at 1 September 2023 56,888 3 8,191 65,082
5. Stocks
2024 2023
£ £
Stock 159,795 189,595
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 138,426 83,344
Prepayments and accrued income 17,209 14,687
Other debtors 4,583 4,583
Corporation tax recoverable assets 8,419 -
168,637 102,614
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 38,434 45,521
Corporation tax - 8,419
Other taxes and social security 1,824 294
VAT 15,984 3,407
Other creditors 36,326 42,107
Accruals and deferred income 14,426 806
106,994 100,554
Page 4
Page 5
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 9,274 12,366
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2,962 Ordinary Shares of £ 1.000 each 2,962 2,962
100 Ordinary A shares of £ 1.000 each 100 100
100 Ordinary B shares of £ 1.000 each 100 100
3,162 3,162
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 4,705 23,638
Later than one year and not later than five years 3,212 7,917
7,917 31,555
11. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £603 (2023: £53) were due to the fund. They are included in Other Creditors.
12. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Colin Coles 34,773 47,200
Mr Paul O'Neill 41,850 55,000
13. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 76,623 102,200
Page 5