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COMPANY REGISTRATION NUMBER: 02735913
XTA Electronics Limited
Filleted Unaudited Abridged Financial Statements
31 December 2024
XTA Electronics Limited
Abridged Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
636,404
655,943
Current assets
Stocks
1,662,322
1,770,911
Debtors
163,966
124,190
Cash at bank and in hand
1,799,424
1,813,270
------------
------------
3,625,712
3,708,371
Creditors: amounts falling due within one year
346,185
575,731
------------
------------
Net current assets
3,279,527
3,132,640
------------
------------
Total assets less current liabilities
3,915,931
3,788,583
Provisions
Taxation including deferred tax
1,410
664
------------
------------
Net assets
3,914,521
3,787,919
------------
------------
Capital and reserves
Called up share capital
4,682
4,682
Profit and loss account
3,909,839
3,783,237
------------
------------
Shareholders funds
3,914,521
3,787,919
------------
------------
These abridged financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
XTA Electronics Limited
Abridged Statement of Financial Position (continued)
31 December 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
Mr J.D. Austin Director
Company registration number: 02735913
XTA Electronics Limited
Notes to the Abridged Financial Statements
Year ended 31 December 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 The Design House, Vale Business Park, Worcester Road, Stourport On Severn, Worcestershire, DY13 9BZ.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
50 years
Plant & Machinery
-
7 years
Fixtures & Fittings
-
7 years
Computer Equipment
-
2 years
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in statement of income and retained profit unless the provision was originally recognised as part of the cost of an asset.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 19 ).
5. Tangible assets
£
Cost
At 1 January 2024
1,499,109
Additions
6,024
------------
At 31 December 2024
1,505,133
------------
Depreciation
At 1 January 2024
843,166
Charge for the year
25,563
------------
At 31 December 2024
868,729
------------
Carrying amount
At 31 December 2024
636,404
------------
At 31 December 2023
655,943
------------
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
MC2 Audio Limited
115,240
115,240
Soundmix Limited
959
959
HC 1160 Limited
48,832
48,832
----
----
---------
---------
The above balances with fellow subsidiary undertakings were conducted in the normal course of business.
7. Controlling party
The company's holding company is HC1160 Limited, a company registered in England and Wales.