0 false false true false false false false false false false true false false false false true true No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 3,450 2,272 xbrli:pure xbrli:shares iso4217:GBP 05118096 2023-06-01 2024-05-31 05118096 2024-05-31 05118096 2023-05-31 05118096 2022-06-01 2023-05-31 05118096 2023-05-31 05118096 2022-05-31 05118096 bus:RegisteredOffice 2023-06-01 2024-05-31 05118096 bus:Director1 2023-06-01 2024-05-31 05118096 core:WithinOneYear 2024-05-31 05118096 core:WithinOneYear 2023-05-31 05118096 core:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 05118096 bus:AllOrdinaryShares 2022-06-01 2023-05-31 05118096 core:RetainedEarningsAccumulatedLosses 2023-05-31 05118096 core:RetainedEarningsAccumulatedLosses 2022-05-31 05118096 core:RetainedEarningsAccumulatedLosses 2024-05-31 05118096 core:RetainedEarningsAccumulatedLosses 2023-05-31 05118096 core:ShareCapital 2024-05-31 05118096 core:ShareCapital 2023-05-31 05118096 bus:SmallEntities 2023-06-01 2024-05-31 05118096 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 05118096 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05118096 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05118096 bus:FullAccounts 2023-06-01 2024-05-31 05118096 1 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 05118096
X-SIGHTS LIMITED
Unaudited Financial Statements
31 May 2024
X-SIGHTS LIMITED
Financial Statements
Year ended 31 May 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
X-SIGHTS LIMITED
Director's Report
Year ended 31 May 2024
The director presents her report and the unaudited financial statements of the company for the year ended 31 May 2024 .
Director
The director who served the company during the year was as follows:
C Penn
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 1 May 2025 and signed on behalf of the board by:
C Penn
Director
Registered office:
c/o The Accounting Centre Limited
First Floor
736 High Road
North Finchley
London
N12 9QD
X-SIGHTS LIMITED
Statement of Income and Retained Earnings
Year ended 31 May 2024
2024
2023
Note
£
£
Turnover
20,000
12,500
Cost of sales
14,621
9,015
--------
--------
Gross profit
5,379
3,485
Administrative expenses
1,120
1,106
-------
-------
Operating profit
4,259
2,379
-------
-------
Profit before taxation
4,259
2,379
Tax on profit
809
107
-------
-------
Profit for the financial year and total comprehensive income
3,450
2,272
-------
-------
Dividends paid and payable
4
( 2,000)
Retained earnings at the start of the year
418
146
-------
-------
Retained earnings at the end of the year
3,868
418
-------
-------
All the activities of the company are from continuing operations.
X-SIGHTS LIMITED
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
20,000
12,500
Cash at bank and in hand
37
3,694
--------
--------
20,037
16,194
Creditors: amounts falling due within one year
6
16,069
15,676
--------
--------
Net current assets
3,968
518
-------
----
Total assets less current liabilities
3,968
518
-------
----
Net assets
3,968
518
-------
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
7
3,868
418
-------
----
Shareholders funds
3,968
518
-------
----
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 May 2025 , and are signed on behalf of the board by:
C Penn
Director
Company registration number: 05118096
X-SIGHTS LIMITED
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o The Accounting Centre Limited, First Floor, 736 High Road, North Finchley, London, N12 9QD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,000
----
-------
5. Debtors
2024
2023
£
£
Trade debtors
20,000
12,500
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
744
Corporation tax
916
107
Director loan accounts
14,409
15,569
--------
--------
16,069
15,676
--------
--------
7. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
8. Director's advances, credits and guarantees
Directors' loan account is shown within note 6.
9. Controlling party
The company was under the control of its director throughout the reporting year.