X1 Developments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07065987 (England and Wales)

Financial Statements for the Year Ended 29 November 2021

for

X1 Developments Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs L Smith

REGISTERED OFFICE:

116 Duke Street

Liverpool

Merseyside

L1 5JW

REGISTERED NUMBER:

07065987 (England and Wales)

ACCOUNTANTS:

Cobham Murphy PHD Limited

116 Duke Street

Liverpool

L1 5JW

FIXED ASSETS

Tangible assets

4

867

4,326

Investment property

5

230,000

170,000

230,867

174,326

CURRENT ASSETS

Debtors

6

20,862,512

19,650,260

Cash at bank

7,560

5,709

20,870,072

19,655,969

CREDITORS

Amounts falling due within one year

7

15,308,244

14,320,462

NET CURRENT ASSETS

5,561,828

5,335,507

TOTAL ASSETS LESS CURRENT LIABILITIES

5,792,695

5,509,833

CREDITORS

Amounts falling due after more than one year

8

(125,631

)

(134,732

)

PROVISIONS FOR LIABILITIES

(17,100

)

(5,700

)

NET ASSETS

5,649,964

5,369,401

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

10

48,600

-

Retained earnings

5,601,363

5,369,400

SHAREHOLDERS' FUNDS

5,649,964

5,369,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 November 2021 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 and authorised for issue on 29 November 2022 and were signed by:

Mrs L Smith - Director

1.	STATUTORY INFORMATION

X1 Developments Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 07065987 and the registered office is 116 Duke Street, Liverpool L1 5JW. With the principal place of business being 27 Old Haymarket Street, Liverpool L1 6ER

The presentation and functional 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 as modified by the revaluation of certain assets.

The financial statements have been prepared under the historical cost convention, except for the modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

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.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements in accordance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.

Estimates and judgements and continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements in applying accounting policies

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

Key accounting estimates and assumptions

Investment property- the fair value of investment property is based on assumptions and estimates using the director's knowledge of the local market. The fair value at the balance sheet date is £230,000.

Tangible fixed assets

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

Fixtures & fittings - 15% on cost

Motor vehicles - 25% on cost

Computer equipment - 33% on cost

Tangible fixed assets are held at cost less any provisions for impairment where applicable.

Investment property

Investment properties are properties held for rental and capital appreciation. Investment properties are initially measured at cost and subsequently measured at fair value at the end of every reporting period.

Any changes in fair value are recognised in the profit and loss account in the period in which they arise.

Financial instruments

Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 30 November 2020

and 29 November 2021

105,851

DEPRECIATION

At 30 November 2020

101,525

Charge for year

3,459

At 29 November 2021

104,984

NET BOOK VALUE

At 29 November 2021

867

At 29 November 2020

4,326

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 30 November 2020

170,000

Revaluations

60,000

At 29 November 2021

230,000

NET BOOK VALUE

At 29 November 2021

230,000

At 29 November 2020

170,000

Investment properties are recorded at fair value, being open market value, and have been valued annually by the directors. Deferred tax has been recognised in respect of the tax that would be due if the properties were sold.

Fair value at 29 November 2021 is represented by:

£

Valuation in 2019

(30,000

)

Valuation in 2021

60,000

Cost

200,000

230,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.11.21

29.11.20

£

£

Amounts owed by participating interests

8,645,916

8,891,884

Other debtors

12,216,596

10,758,376

20,862,512

19,650,260

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.11.21

29.11.20

£

£

Bank loans and overdrafts

13,920

8,738

Amounts owed to participating interests

15,158,902

14,250,171

Taxation and social security

1,411

37,542

Other creditors

134,011

24,011

15,308,244

14,320,462

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.11.21

29.11.20

£

£

Bank loans

125,631

134,732

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

66,031

41,040

9.	SECURED DEBTS

The following secured debts are included within creditors:

29.11.21

29.11.20

£

£

Bank loans

139,551

143,470

Lloyds TSB hold a 1st legal charge over both of the residential leasehold properties in the accounts.

They also hold an unlimited debenture incorporating a floating and fixed charge. The properties are held at a fair value of £230,000.

10.

RESERVES

Fair

value

reserve

£

Revaluation reserve

48,600

At 29 November 2021

48,600

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 29 November 2021 and the period ended 29 November 2020:

29.11.21

29.11.20

£

£

Mrs L Smith

Balance outstanding at start of year

10,758,376

8,970,554

Amounts advanced

1,115,422

1,864,186

Amounts repaid

(49,848

)

(76,364

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,823,950

10,758,376

The director operates a current account with the company to which all transactions of a private nature are charged. Interest has been charged on this balance at HMRC official rates amounting to £235,645 (2020 £348,581).

12.	ULTIMATE CONTROLLING PARTY