XSItems Limited - Accounts to registrar (filleted) - small 23.2.5

XSItems Limited - Accounts to registrar (filleted) - small 23.2.5

XSITEMS LIMITED - Company Information

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REGISTERED NUMBER: 05638662 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

XSITEMS LIMITED
XSITEMS LIMITED (REGISTERED NUMBER: 05638662)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


XSITEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







Directors: I Montgomery
C J Haviland
G W Millar
L Dorr
Mrs K Montgomery





Secretary: C J Haviland





Registered office: Dickens House
Guithavon Street
WITHAM
Essex
CM8 1BJ





Registered number: 05638662 (England and Wales)





Accountants: Baverstocks Limited
Chartered Certified Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ
1
XSITEMS LIMITED (REGISTERED NUMBER: 05638662)

ABRIDGED BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
Fixed assets
Intangible assets 4 23,942 28,729
Tangible assets 5 119,240 94,247
Investments 6 4,618 4,618
147,800 127,594

Current assets
Stocks 400,350 239,696
Debtors 228,411 219,221
Cash at bank and in hand 397,750 794,545
1,026,511 1,253,462
Creditors
Amounts falling due within one year 678,459 756,442
Net current assets 348,052 497,020
Total assets less current liabilities 495,852 624,614

Creditors
Amounts falling due after more than one
year
(81,667
)
(116,667
)

Provisions for liabilities (20,057 ) (15,706 )
Net assets 394,128 492,241

Capital and reserves
Called up share capital 19,934 19,934
Retained earnings 374,194 472,307
Shareholders' funds 394,128 492,241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 notes form part of these financial statements

2 continued...
XSITEMS LIMITED (REGISTERED NUMBER: 05638662)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2022


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





I Montgomery - Director


The notes form part of these financial statements

3
XSITEMS LIMITED (REGISTERED NUMBER: 05638662)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. Statutory information

XSItems 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intellectual property
The intellectual property represents knowledge, experience and brand equity from the directors. The intellectual property is being written off over 20 years from 1 January 2008.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short Leasehold - 10% on cost
Improvements to Property - 15% on reducing balance
Fixtures & Fittings - 15% on reducing balance
Computer Software - 25% on cost
Office Equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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 year 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.

4 continued...
XSITEMS LIMITED (REGISTERED NUMBER: 05638662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 48 (2021 - 41 ) .

4. Intangible fixed assets
Totals
£   
Cost
At 1 January 2022
and 31 December 2022 96,321
Amortisation
At 1 January 2022 67,592
Amortisation for year 4,787
At 31 December 2022 72,379
Net book value

At 31 December 2022 23,942
At 31 December 2021 28,729

5. Tangible fixed assets
Totals
£   
Cost
At 1 January 2022 197,181
Additions 51,847
At 31 December 2022 249,028
Depreciation
At 1 January 2022 102,934
Charge for year 26,854
At 31 December 2022 129,788
Net book value
At 31 December 2022 119,240
At 31 December 2021 94,247

5 continued...
XSITEMS LIMITED (REGISTERED NUMBER: 05638662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

6. Fixed asset investments

Information on investments other than loans is as follows:
Totals
£   
Cost
At 1 January 2022
and 31 December 2022 4,618
Net book value
At 31 December 2022 4,618
At 31 December 2021 4,618

7. Other financial commitments

The financial commitments in relation to the company trading premises which are not included in the balance sheet amount to £496,289.

8. Related party disclosures

Included within the balance sheet is an amount of £18,474 due to the holding company.

6