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Registration number: SC599133

X-Spand Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

X-Spand Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 5

 

X-Spand Ltd

(Registration number: SC599133)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

626,586

626,586

Current assets

 

Debtors

5

839

550

Cash at bank and in hand

 

1,448

6,751

 

2,287

7,301

Creditors: Amounts falling due within one year

6

(272,151)

(262,658)

Net current liabilities

 

(269,864)

(255,357)

Total assets less current liabilities

 

356,722

371,229

Creditors: Amounts falling due after more than one year

6

(435,665)

(431,892)

Net liabilities

 

(78,943)

(60,663)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(79,043)

(60,763)

Shareholders' deficit

 

(78,943)

(60,663)

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 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 Income Statement.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

 

X-Spand Ltd

(Registration number: SC599133)
Statement of Financial Position as at 30 June 2024

.........................................
Ms Patricia Wouters
Director

.........................................
Dr Sergei Vinogradov
Director

 

X-Spand Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
22 Spearshill Road
Tayport
Fife
DD6 9HT

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. The financial statements have been prepared in sterling which is the functional currency of the entity.

Going concern

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.

 

X-Spand Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 income statement 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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 July

626,586

At 30 June

626,586

The last valuation of the properties was at 30 June 2024 by the directors and they are of the opinion that they are stated at fair value in these accounts.

 

X-Spand Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Debtors

Current

2024
£

2023
£

Other debtors

839

550

 

839

550

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

13

Accruals and deferred income

5,326

2,175

Other creditors

266,825

260,470

272,151

262,658

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

435,665

431,892