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Xilant-xo Limited
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Notes to the financial statements - continued
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for the year ended 31 March 2024
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4
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Financial instruments - continued
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and
other accounts receivable and payable, are initially measured at present value of the future cash flows
and subsequently at amortised cost using the effective interest method. Debt instruments that are
payable or receivable within one year, typically trade debtors and creditors, are measured, initially and
subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or
received. However, if the arrangements of a short-term instrument constitute a financing transaction,
like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-
term loan that is not at market rate, the financial asset or liability is measured, initially at the present
value of future cash flows discounted at a market rate of interest for a similar debt instrument and
subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small
company, or a public benefit entity concessionary loan.
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5
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Related party transactions
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Xilant Fire and Security Ltd is a related party by virtue of having a Shareholder in common. Balances
owed to Xilant Fire and Security Ltd amounted to £1,505 (2023: £0). The loan is unsecured, interest-
free and carries no fixed terms of repayment.
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6
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Revnue
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Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
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7
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Debtors
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Short-term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised
cost using the effective interest method, less any impairment.
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8
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no
more than three months from the date of acquisition and that are readily convertible to known amounts
of cash with insignificant risk of change in value.
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9
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Creditors
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Short-term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at
amortised cost using the effective interest method.
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3
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