Xperience IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland. The registration number is NI007933.

The address of its registered office is:
11 Ferguson Drive
Knockmore Hill Industrial Park
Lisburn
Co Antrim
BT28 2EX

These financial statements were authorised for issue by the Board on 18 June 2025.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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. The level of rounding is to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Xperience IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 18 June 2025 was Ross Boyd, who signed for and on behalf of RBCA Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Xperience IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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:

Asset class	Depreciation method and rate
Land & Buildings	2% straight line
Fixtures & Fittings	20% straight line
Motor Vehicles	25% reducing balance
Equipment	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Xperience IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 40).

Xperience IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Equipment £	Motor vehicles  £
Cost or valuation
At 1 January 2024	937,933	124,198	190,109	12,676
Additions	-	-	16,976	-
At 31 December 2024	937,933	124,198	207,085	12,676
Depreciation
At 1 January 2024	325,625	123,803	87,468	12,676
Charge for the year	18,758	395	25,147	-
At 31 December 2024	344,383	124,198	112,615	12,676
Carrying amount
At 31 December 2024	593,550	-	94,470	-
At 31 December 2023	612,308	395	102,641	-

	Total £
Cost or valuation
At 1 January 2024	1,264,916
Additions	16,976
At 31 December 2024	1,281,892
Depreciation
At 1 January 2024	549,572
Charge for the year	44,300
At 31 December 2024	593,872
Carrying amount
At 31 December 2024	688,020
At 31 December 2023	715,344

Included within the net book value of land and buildings above is £593,550 (2023 - £612,308) in respect of freehold land and buildings.
 

5

Debtors

Xperience IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Current	Note	2024 £	2023 £
Trade debtors		479,181	364,501
Amounts owed by group undertakings	8	6,691,142	2,998,430
Prepayments		33,961	-
Other debtors		535,377	146,420
		7,739,661	3,509,351

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		1,385,828	996,433
Amounts owed to group undertakings	8	4,996,871	673,180
Taxation and social security		324,139	363,320
Accruals and deferred income		262,964	-
Other creditors		70,523	269,157
		7,040,325	2,302,090

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £0.10 each	1,002,000	100,200	1,002,000	100,200

8	Related party transactions

As the company is a wholly owned subsidiary, the directors have taken advantage of the exemption
from disclosing related party transactions with other wholly owned group companies, in accordance
with FRS 102.

No other transactions with related parties were undertaken that are required to be disclosed under
FRS 102 Section 1A.

Xperience IT Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9	Controlling party

The ultimate parent company is Accelerate Topco Limited, incorporated in England and Wales since 14 December 2022. The registered office address is Technology House, Western Way, Bury St. Edmunds, Suffolk, England, IP33 3SP.