X1 Aire Leeds Limited - Accounts to registrar (filleted) - small 18.2

X1 Aire Leeds Limited - Accounts to registrar (filleted) - small 18.2

X1 AIRE LEEDS LIMITED - Company Information

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REGISTERED NUMBER: 08567179 (England and Wales)















Financial Statements for the Year Ended 31 December 2018

for

X1 Aire Leeds Limited
X1 Aire Leeds Limited (Registered number: 08567179)






Contents of the Financial Statements
for the Year Ended 31 December 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


X1 Aire Leeds Limited

Company Information
for the Year Ended 31 December 2018







DIRECTOR: Mrs L Smith





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 08567179 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW
Page 1
X1 Aire Leeds Limited (Registered number: 08567179)

Balance Sheet
31 December 2018

31.12.18 31.12.17
Notes £    £   
CURRENT ASSETS
Stocks 353,288 1,229,572
Debtors 4 2,583,686 1,718,530
Prepayments and accrued income 1 -
Cash at bank and in hand 145 145
2,937,120 2,948,247
CREDITORS
Amounts falling due within one year 5 2,738,948 1,196,542
NET CURRENT ASSETS 198,172 1,751,705
TOTAL ASSETS LESS CURRENT
LIABILITIES
198,172
1,751,705

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 198,072 1,751,605
SHAREHOLDERS' FUNDS 198,172 1,751,705

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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

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

The financial statements were approved by the director on 19 December 2019 and were signed by:





Mrs L Smith - Director


The notes form part of these financial statements

Page 2
X1 Aire Leeds Limited (Registered number: 08567179)

Notes to the Financial Statements
for the Year Ended 31 December 2018

1. STATUTORY INFORMATION

X1 Aire Leeds 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.



Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts
recognised in the financial statements.

Turnover
Turnover, derived from ordinary activities, relates to sale of property which is recognised on completion and
rental income which is recognised as it is received.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in
bringing stocks to their present location and condition.

Financial instruments
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are
measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit
and loss.

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.


Page 3 continued...
X1 Aire Leeds Limited (Registered number: 08567179)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2018

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 3 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.18 31.12.17
£    £   
Amounts owed by group undertakings - 124,046
Other debtors 2,583,686 1,594,484
2,583,686 1,718,530

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.18 31.12.17
£    £   
Trade creditors - 9,060
Amounts owed to group undertakings 1,607,761 -
Taxation and social security 24,196 24,196
Other creditors 1,106,991 1,163,286
2,738,948 1,196,542

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2018 and the
period ended 31 December 2017:

31.12.18 31.12.17
£    £   
Mrs L Smith
Balance outstanding at start of year 123,449 111,800
Amounts advanced 51,227 11,649
Amounts repaid (174,676 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 123,449

Interest has been charged on the loan to the director at 3% per annum. The loan is repayable on demand.

Page 4 continued...
X1 Aire Leeds Limited (Registered number: 08567179)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2018

7. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed nil (2017 £222,974) by group undertakings, and owed
£1,607,761 to group undertakings, interest has not been charged on the balances. Transactions with related
parties that are conducted under normal market conditions have not been disclosed.

8. ULTIMATE CONTROLLING PARTY

At the balance sheet date the parent company is X1 Management Limited, group accounts are not required.

Page 5