Registered number
10072323
X WORLDWIDE LIMITED
Filleted Accounts
31 March 2024
X WORLDWIDE LIMITED
Registered number: 10072323
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 19,483 25,977
Tangible assets 4 17,266 21,359
36,749 47,336
Current assets
Debtors 5 33,776 455,971
Cash at bank and in hand 624 2,922
34,400 458,893
Creditors: amounts falling due within one year 6 (84,925) (368,222)
Net current (liabilities)/assets (50,525) 90,671
Total assets less current liabilities (13,776) 138,007
Creditors: amounts falling due after more than one year 7 (22,994) (27,793)
Net (liabilities)/assets (36,770) 110,214
Capital and reserves
Called up share capital 2 2
Profit and loss account (36,772) 110,212
Shareholders' funds (36,770) 110,214
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Asir Baluch
Director
Approved by the board on 28 March 2025
X WORLDWIDE LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 64,941
At 31 March 2024 64,941
Amortisation
At 1 April 2023 38,964
Provided during the year 6,494
At 31 March 2024 45,458
Net book value
At 31 March 2024 19,483
At 31 March 2023 25,977
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Total
£ £
Cost
At 1 April 2023 73,207 73,207
At 31 March 2024 73,207 73,207
Depreciation
At 1 April 2023 51,848 51,848
Charge for the year 4,093 4,093
At 31 March 2024 55,941 55,941
Net book value
At 31 March 2024 17,266 17,266
At 31 March 2023 21,359 21,359
5 Debtors 2024 2023
£ £
Trade debtors 32,315 454,510
Other debtors 1,461 1,461
33,776 455,971
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 18,350 17,353
Trade creditors 51,961 313,781
Taxation and social security costs 24,937 39,257
Other creditors (10,323) (2,169)
84,925 368,222
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 22,994 27,793
22,994 27,793
8 Controlling party
The ultimate controlling party is the director.
9 Other information
X WORLDWIDE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Level 18
40 Bank Street
Canary Wharf
London
E14 5NR
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