Xcalibre Equipment Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02092169 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

XCALIBRE EQUIPMENT LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C R Molbech

REGISTERED OFFICE:

Unit 3, Starley Court

Hotchkiss Way, Binley Ind Estate

Brandon Road

Coventry

West Midlands

CV3 2RL

REGISTERED NUMBER:

02092169 (England and Wales)

BANKERS:

Barclays Bank PLC

Coventry 2

Leicestershire

LE87 2BB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

63,989

77,539

63,989

77,539

CURRENT ASSETS

Stocks

113,455

112,142

Debtors

138,927

257,914

Cash at bank

389,413

177,664

641,795

547,720

CREDITORS

Amounts falling due within one year

350,690

341,098

NET CURRENT ASSETS

291,105

206,622

TOTAL ASSETS LESS CURRENT LIABILITIES

355,094

284,161

CREDITORS

Amounts falling due after more than one year

6

(49,062

)

-

PROVISIONS FOR LIABILITIES

(11,968

)

(14,732

)

NET ASSETS

294,064

269,429

CAPITAL AND RESERVES

Called up share capital

9

20,000

20,000

Retained earnings

274,064

249,429

SHAREHOLDERS' FUNDS

294,064

269,429

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 30 July 2021 and were signed by:

C R Molbech - Director

1.	STATUTORY INFORMATION

Xcalibre Equipment 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.

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.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover comprises the value of sales (excluding value added tax, similar taxes and trade discounts) of goods and services provided in the normal course of the business.

Revenue is recognised when the goods are despatched, which is the same day on which the goods are delivered and hence is the point at which the risks and rewards of ownership passes to the buyer.

In respect of hire contracts the revenue is recognised when the company obtains the right to consideration.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

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

Plant and machinery

-

10% on cost

Fixtures & fittings

-

25% on cost and 10% on cost

Motor vehicles

-

25% on reducing balance

Government grants

During the year the company took out a bounce back loan. The first years interest is paid by the government and the grant of £833 relates to 8 months worth of the interest paid by the government.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

and 31 December 2020

6,590

AMORTISATION

At 1 January 2020

and 31 December 2020

6,590

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

209,809

Additions

3,325

Disposals

(892

)

At 31 December 2020

212,242

DEPRECIATION

At 1 January 2020

132,270

Charge for year

16,875

Eliminated on disposal

(892

)

At 31 December 2020

148,253

NET BOOK VALUE

At 31 December 2020

63,989

At 31 December 2019

77,539

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable by instalments

Bank loans - more than 5 years

21,274

-

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

6,694

3,057

Between one and five years

-

6,694

6,694

9,751

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

50,000

-

The bank loan is a bounce back loan and 100% of the loan is guaranteed by the government.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

20,000

Ordinary

£1

20,000

20,000

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the director and certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £82,282 (31 December 2019 - £82,063). At the balance sheet date there were outstanding contributions of £154 (2019 - £259).