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No description of principal activity
2019-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
03891544
2019-01-01
2019-12-31
03891544
2019-12-31
03891544
2018-12-31
03891544
core:NetGoodwill
2019-01-01
2019-12-31
03891544
core:PlantMachinery
2019-01-01
2019-12-31
03891544
bus:LeadAgentIfApplicable
2019-01-01
2019-12-31
03891544
bus:Director1
2019-01-01
2019-12-31
03891544
core:WithinOneYear
2019-12-31
03891544
core:WithinOneYear
2018-12-31
03891544
core:ShareCapital
2019-12-31
03891544
core:ShareCapital
2018-12-31
03891544
core:RetainedEarningsAccumulatedLosses
2019-12-31
03891544
core:RetainedEarningsAccumulatedLosses
2018-12-31
03891544
bus:SmallEntities
2019-01-01
2019-12-31
03891544
bus:AuditExemptWithAccountantsReport
2019-01-01
2019-12-31
03891544
bus:AbridgedAccounts
2019-01-01
2019-12-31
03891544
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2019-12-31
03891544
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
|
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Xantive Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
03891544
|
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
|
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
XANTIVE LIMITED |
|
YEAR ENDED 31 DECEMBER 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Xantive Limited for the year ended 31 December 2019, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
18 November 2020
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 December 2019
Current assets
|
Debtors |
11,645 |
|
81,930 |
|
|
Cash at bank and in hand |
83 |
|
6,339 |
|
|
------------ |
|
------------ |
|
|
11,728 |
|
88,269 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
3,815 |
|
80,669 |
|
|
------------ |
|
------------ |
|
|
Net current assets |
|
7,913 |
|
7,600 |
|
|
------------ |
|
------------ |
|
Total assets less current liabilities |
|
7,913 |
|
7,600 |
|
|
|
|
|
|
Provisions |
|
– |
|
632 |
|
|
------------ |
|
------------ |
|
Net assets |
|
7,913 |
|
6,968 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
|
100 |
|
Profit and loss account |
|
7,813 |
|
6,868 |
|
|
------------ |
|
------------ |
|
Shareholders funds |
|
7,913 |
|
6,968 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2019 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 abridged 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 abridged financial statements
.
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2019
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 November 2020
, and are signed on behalf of the board by:
Company registration number:
03891544
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2019
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
20% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Plant and machinery |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 abridged 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.
4.
Intangible Assets
|
£ |
|
Cost |
|
|
At 1 January 2019 and 31 December 2019 |
5,000 |
|
------------ |
|
Amortisation |
|
|
At 1 January 2019 and 31 December 2019 |
5,000 |
|
------------ |
|
Carrying amount |
|
|
At 31 December 2019 |
– |
|
------------ |
|
At 31 December 2018 |
– |
|
------------ |
|
|
5.
Tangible Assets
|
£ |
|
Cost |
|
|
At 1 January 2019 and 31 December 2019 |
21,494 |
|
------------ |
|
Depreciation |
|
|
At 1 January 2019 and 31 December 2019 |
21,494 |
|
------------ |
|
Carrying amount |
|
|
At 31 December 2019 |
– |
|
------------ |
|
At 31 December 2018 |
– |
|
------------ |
|
|
