REGISTERED NUMBER: 10423395 (England and Wales)

Financial Statements for the Period 30 June 2023 to 30 October 2024

for

X1 Manchester Waters Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs L Smith

REGISTERED OFFICE:

116 Duke Street

Liverpool

Merseyside

L1 5JW

REGISTERED NUMBER:

10423395 (England and Wales)

ACCOUNTANTS:

Cobham Murphy

116 Duke Street

Liverpool

Merseyside

L1 5JW

FIXED ASSETS

Investments

4

100

100

CURRENT ASSETS

Stocks

3,977,527

39,556,353

Debtors

5

25,649,800

24,935,366

Cash at bank and in hand

46,355

558,834

29,673,682

65,050,553

CREDITORS

Amounts falling due within one year

6

32,712,383

66,130,107

NET CURRENT LIABILITIES

(3,038,701

)

(1,079,554

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,038,601

)

(1,079,454

)

CREDITORS

Amounts falling due after more than one year

7

-

(49,067

)

PROVISIONS FOR LIABILITIES

(582,786

)

-

NET LIABILITIES

(3,621,387

)

(1,128,521

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(3,621,487

)

(1,128,621

)

(3,621,387

)

(1,128,521

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 October 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2025 and were signed by:

Mrs L Smith - Director

1.	STATUTORY INFORMATION

X1 Manchester Waters Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director has prepared the accounts on a going concern basis despite the net liability position. The company has the support of the wider X1 group and will return to a net asset position on completion of developments that are currently in progress.

Significant judgements and estimates

The preparation of these financial statements in accordance with FRS 102 requires the use of certain critical accounting estimates. Estimates and and judgements are continually evaluated and are based on historical experience, current knowledge and expectations of future events.

Key accounting estimates- provisions

Upon the sale of property to an investor the company guarantees a return of a specified amount for a specified period of time. The rental income received on the property may not always meet the liability due to running costs and vacant periods so a provision is made against this cost. The provision is reviewed and updated annually. The provision at 30 October 2024 is £582,786.

Turnover

The company's turnover, derived from ordinary activities and excluding VAT where applicable, represents property income from the sale of developed properties and freehold land and buildings. Income from property sales is recognised when the sale completes and legal title passes to the buyer.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 30 June 2023

and 30 October 2024

100

NET BOOK VALUE

At 30 October 2024

100

At 29 June 2023

100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.10.24

29.6.23

£

£

Trade debtors

696

(3

)

Amounts owed by group undertakings

-

6,180,608

Amounts owed by participating interests

24,386,735

15,158,771

Other debtors

1,262,369

3,595,990

25,649,800

24,935,366

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.10.24

29.6.23

£

£

Bank loans and overdrafts

17,667

-

Payments on account

27,697,657

40,073,637

Trade creditors

517,105

707,328

Amounts owed to group undertakings

2,755,800

627,507

Amounts owed to participating interests

226,787

1,155,123

Other creditors

1,497,367

23,566,512

32,712,383

66,130,107

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.10.24

29.6.23

£

£

Bank loans

-

49,067

8.	ULTIMATE CONTROLLING PARTY

At the balance sheet date the immediate parent company is X1 Management Limited, registered office 116 Duke Street, Liverpool L1 5JW.

After 30 October 2024 the immediate parent company is X1 Property Management Limited.

Lisa Smith is the controlling party by virtue of her shareholding in the parent company, X1 Management Limited.