XPO_IT_SERVICES_LIMITED - Accounts

XPO IT SERVICES LIMITED - Company Information

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Company Registration No. 03557716 (England and Wales)

XPO IT SERVICES LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

XPO IT SERVICES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

XPO IT SERVICES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

64,721

78,507

Current assets

Stocks

165,812

47,645

Debtors

133,335

59,298

Cash at bank and in hand

393,366

349,130

692,513

456,073

Creditors: amounts falling due within one year

(174,178)

(81,181)

Net current assets

518,335

374,892

Total assets less current liabilities

583,056

453,399

Provisions for liabilities

(5,828)

(7,023)

577,228

446,376

Capital and reserves

Called up share capital

Share premium account

199,996

Profit and loss account

377,212

246,360

Shareholders' funds

577,228

446,376

For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 16 May 2017

Mr S Urbicki

Director

Company Registration No. 03557716

XPO IT SERVICES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% on reducing balance

Computer equipment

25% on cost

Fixtures, fittings & equipment

15% on reducing balance

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Fixed assets

Tangible assets

Cost

At 1 November 2015

244,785

Additions

5,378

At 31 October 2016

250,163

Depreciation

At 1 November 2015

166,279

Charge for the year

19,163

At 31 October 2016

185,442

Net book value

At 31 October 2016

64,721

At 31 October 2015

78,507

XPO IT SERVICES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2016

- 3 -

Share capital

2016

2015

Allotted, called up and fully paid

2,000 Ordinary shares of 1p each

Ultimate parent company

The ultimate controlling party is Mr S Urbicki by virtue of his shareholding.

Related party relationships and transactions

Transactions with directors

During the year, Mr S Urbicki, a director of the company, received £62,987 (2015: £68,382) in dividends.