X And O's Paisley Cross Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC235157 (Scotland)

Financial Statements

for the Year Ended 31 May 2020

for

X And O's Paisley Cross Ltd.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J Graham

SECRETARY:

Mrs E Graham

REGISTERED OFFICE:

Radleigh House

1 Golf Road

Clarkston

GLASGOW

G76 7HU

REGISTERED NUMBER:

SC235157 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Property, plant and equipment

4

246,044

263,490

CURRENT ASSETS

Debtors

5

6,302

478

Cash at bank and in hand

43,512

45,792

49,814

46,270

CREDITORS

Amounts falling due within one year

6

24,302

17,500

NET CURRENT ASSETS

25,512

28,770

TOTAL ASSETS LESS CURRENT LIABILITIES

271,556

292,260

PROVISIONS FOR LIABILITIES

12,757

14,815

NET ASSETS

258,799

277,445

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

258,699

277,345

SHAREHOLDERS' FUNDS

258,799

277,445

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and authorised for issue on 28 September 2020 and were signed by:

Mr J Graham - Director

1.	STATUTORY INFORMATION

X And O's Paisley Cross Ltd. is a private company, limited by shares , registered in Scotland. 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.

Going concern

The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

The Coronavirus outbreak has created great uncertainty and many challenges in all companies. In order to protect our business, we have taken prompt action to minimise costs across the company. While the impact of COVID-19 is still uncertain and the final impact on the company cannot be accurately predicted, the directors have reviewed their projections and believe that they will be able to trade through the current difficult climate.

Revenue

Revenue represents the cash takings received from the provision of slot machines and other video gaming entertainment, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 7 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Freehold

to

Plant and

property

property

machinery

Totals

£

£

£

£

COST

At 1 June 2019

266,187

1,000

310,155

577,342

Additions

-

-

1,140

1,140

At 31 May 2020

266,187

1,000

311,295

578,482

DEPRECIATION

At 1 June 2019

90,503

340

223,009

313,852

Charge for year

5,323

20

13,243

18,586

At 31 May 2020

95,826

360

236,252

332,438

NET BOOK VALUE

At 31 May 2020

170,361

640

75,043

246,044

At 31 May 2019

175,684

660

87,146

263,490

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

6,302

478

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

2,294

6,405

Taxation and social security

19,342

9,535

Other creditors

2,666

1,560

24,302

17,500

7.	SECURED DEBTS

The Royal Bank of Scotland holds a bond & floating charge over all property and assets of the company.

8.	POST BALANCE SHEET EVENTS

We are closely monitoring the situation with regards to COVID-19. The situation is constantly changing, but for now, we are doing what we can to maintain a normal pattern of business and are reducing costs to align with reduced income where possible.