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Company Registration No. 12386512 (England and Wales)
X7 Portfolio Ltd Unaudited accounts for the year ended 31 January 2025
X7 Portfolio Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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X7 Portfolio Ltd Company Information for the year ended 31 January 2025
Director
Vincent Man-Hang Luk
Company Number
12386512 (England and Wales)
Registered Office
79 Scarisbrick New Road Southport Merseyside PR8 6LJ England
Accountants
Akusika Business Services Ltd Sapphire House 116 Station Road Chinnor Oxon OX39 4QG
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X7 Portfolio Ltd Statement of financial position as at 31 January 2025
2025
2024
Notes
£
£
Fixed assets
Tangible assets
5
1,083,013
1,105,275
Current assets
Debtors
6
15,077
8,848
Cash at bank and in hand
62,606
21,039
77,683
29,887
Creditors: amounts falling due within one year
7
(7,892)
(2,796)
Net current assets
69,791
27,091
Total assets less current liabilities
1,152,804
1,132,366
Creditors: amounts falling due after more than one year
8
(1,731,445)
(1,731,384)
Provisions for liabilities
Other provisions
(67)
-
Net liabilities
(578,708)
(599,018)
Capital and reserves
Called up share capital
10
10
Profit and loss account
(578,718)
(599,028)
Shareholders' funds
(578,708)
(599,018)
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 October 2025 and were signed on its behalf by
Vincent Man-Hang Luk Director Company Registration No. 12386512
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X7 Portfolio Ltd Notes to the Accounts for the year ended 31 January 2025
1
Statutory information
X7 Portfolio Ltd is a private company, limited by shares, registered in England and Wales, registration number 12386512. The registered office and principal place of business is 79 Scarisbrick New Road, Southport, Merseyside, PR8 6LJ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Impairment of Fixed Assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
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X7 Portfolio Ltd Notes to the Accounts for the year ended 31 January 2025
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Reducing Balance
Plant & machinery
33% Straight Line
Fixtures & fittings
33% Straight Line
Computer equipment
33% Straight Line
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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X7 Portfolio Ltd Notes to the Accounts for the year ended 31 January 2025
5
Tangible fixed assets
Land & buildings
Plant & machinery
Total
£
£
£
Cost or valuation
At cost
At cost
At 1 February 2024
1,159,395
1,499
1,160,894
At 31 January 2025
1,159,395
1,499
1,160,894
Depreciation
At 1 February 2024
54,619
1,000
55,619
Charge for the year
22,096
166
22,262
At 31 January 2025
76,715
1,166
77,881
Net book value
At 31 January 2025
1,082,680
333
1,083,013
At 31 January 2024
1,104,776
499
1,105,275
6
Debtors
2025
2024
£
£
Amounts falling due within one year
Trade debtors
13,080
8,400
Accrued income and prepayments
1,997
-
Other debtors
-
448
15,077
8,848
7
Creditors: amounts falling due within one year
2025
2024
£
£
VAT
5,786
-
Trade creditors
702
140
Taxes and social security
-
2,656
Deferred income
1,404
-
7,892
2,796
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
1,705,643
1,731,384
Loans from directors
25,802
-
1,731,445
1,731,384
9
Average number of employees
During the year the average number of employees was 2 (2024: 3).
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