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XI SYSTEMS LTD.

Registered Number
07423264
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

XI SYSTEMS LTD.
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

Jemma Ballantyne
Simon Ballantyne

Registered Address

First Floor Unit 8 Wessex Park, Somerton Business Park
Bancombe Road
Somerton
TA11 6SB

Registered Number

07423264 (England and Wales)
XI SYSTEMS LTD.
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets329,06034,330
29,06034,330
Current assets
Stocks411,250-
Debtors25,09566,067
Cash at bank and on hand129,601118,790
165,946184,857
Creditors amounts falling due within one year5(38,803)(49,239)
Net current assets (liabilities)127,143135,618
Total assets less current liabilities156,203169,948
Creditors amounts falling due after one year6(17,500)(27,500)
Provisions for liabilities7(3,302)(4,985)
Net assets135,401137,463
Capital and reserves
Called up share capital101101
Profit and loss account135,300137,362
Shareholders' funds135,401137,463
The financial statements were approved and authorised for issue by the Board of Directors on 14 July 2025, and are signed on its behalf by:
Jemma Ballantyne
Director
Simon Ballantyne
Director

Registered Company No. 07423264
XI SYSTEMS LTD.
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year44
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 November 2312,5403,04919,01165,997100,597
Additions---3,4163,416
At 31 October 2412,5403,04919,01169,413104,013
Depreciation and impairment
At 01 November 23-1,74917,74346,77566,267
Charge for year-3253178,0448,686
At 31 October 24-2,07418,06054,81974,953
Net book value
At 31 October 2412,54097595114,59429,060
At 31 October 2312,5401,3001,26819,22234,330
4.Stocks

2024

2023

££
Work in progress11,250-
Total11,250-
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,576400
Amounts owed to related parties11,94810,430
Taxation and social security23,36634,012
Other creditors-3,333
Accrued liabilities and deferred income1,9131,064
Total38,80349,239
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.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts17,50027,500
Total17,50027,500
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,3024,985
Total3,3024,985