X2 Connect Limited Filleted accounts for Companies House (small and micro)

X 2 CONNECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04826493

X2 Connect Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2018

X2 Connect Limited

Financial Statements

Year ended 31 December 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

X2 Connect Limited

Officers and Professional Advisers

The board of directors	R A P Parker
	A Watson
	M White

Company secretary	M White

Registered office	Network Place
	1 Brunel Drive
	Newark
	Notts
	NG24 2EG

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	Royal Bank of Scotland
	13 Stonebow Centre
	Lincoln
	LN2 1DQ

X2 Connect Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		206,756	217,002

Current assets

Stocks	5	202,501	246,161
Debtors	6	447,634	379,435
Cash at bank and in hand		395,799	121,488
		------------	---------
		1,045,934	747,084

Creditors: amounts falling due within one year	7	419,581		453,761
		------------		---------
Net current assets			626,353	293,323
			---------	---------
Total assets less current liabilities			833,109	510,325

Provisions

Taxation including deferred tax	20,472	19,698
	---------	---------
Net assets	812,637	490,627
	---------	---------

Capital and reserves

Called up share capital	8	30	30
Capital redemption reserve		80	80
Profit and loss account		812,527	490,517
		---------	---------
Shareholders funds		812,637	490,627
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2018 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 .

X2 Connect Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 26 September 2019 , and are signed on behalf of the board by:

M White

Director

Company registration number: 04826493

X2 Connect Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Network Place, 1 Brunel Drive, Newark, Notts, NG24 2EG.

2. Accounting policies

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.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced for work performed during the year, exclusive of Value Added Tax.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more or a right to pay less tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Leasehold property improvements	-	4% straight line
Plant and machinery	-	7.5% and 15% reducing balance
Motor vehicles	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Defined contribution plans

The company contributes to a directors private pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £40,000 (2018: £nil). The company also operates the auto enrolment pension scheme for its employees. The pension costs are shown in the profit and loss account.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 36 (2017: 35 ).

4. Tangible assets

	Property improvements	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2018	94,538	558,194	1,500	654,232
Additions	–	10,695	–	10,695
	--------	---------	-------	---------
At 31 December 2018	94,538	568,889	1,500	664,927
	--------	---------	-------	---------
Depreciation
At 1 January 2018	39,763	396,279	1,188	437,230
Charge for the year	3,782	17,055	104	20,941
	--------	---------	-------	---------
At 31 December 2018	43,545	413,334	1,292	458,171
	--------	---------	-------	---------
Carrying amount
At 31 December 2018	50,993	155,555	208	206,756
	--------	---------	-------	---------
At 31 December 2017	54,775	161,915	312	217,002
	--------	---------	-------	---------

5. Stocks

	2018	2017
	£	£
Raw materials and consumables	202,501	246,161
	---------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	427,214	362,786
Other debtors	20,420	16,649
	---------	---------
	447,634	379,435
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	120,401	115,193
Corporation tax	87,729	136,027
Social security and other taxes	111,513	126,029
Other creditors	99,938	76,512
	---------	---------
	419,581	453,761
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	20	20.00	20	20.00
Ordinary B shares of £ 1 each	10	10.00	10	10.00
	----	-------	----	-------
	30	30.00	30	30.00
	----	-------	----	-------

The ordinary B shares have rights to dividends only.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	92,500	84,000
Later than 1 year and not later than 5 years	270,000	–
	---------	--------
	362,500	84,000
	---------	--------

10. Events after the end of the reporting period

The whole of the company share capital was sold to another company in February 2019.