XL Engineering Trading Limited - Accounts to registrar (filleted) - small 18.2
XL Engineering Trading Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 April 2021 |
| for |
| XL Engineering Trading Limited |
| XL Engineering Trading Limited (Registered number: 05676190) |
| Contents of the Financial Statements |
| for the Year Ended 30 April 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| XL Engineering Trading Limited |
| Company Information |
| for the Year Ended 30 April 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| XL Engineering Trading Limited (Registered number: 05676190) |
| Statement of Financial Position |
| 30 April 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| XL Engineering Trading Limited (Registered number: 05676190) |
| Notes to the Financial Statements |
| for the Year Ended 30 April 2021 |
| 1. | STATUTORY INFORMATION |
| XL Engineering Trading Limited is a |
| 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 financial statements cover the company as an individual entity, have been prepared under the historical cost convention and are presented in Pounds Sterling (£) being the functional currency. |
| The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider appropriate having regard to the company's current and expected performance. |
| 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 group entities where the relationship is one of being wholly owned. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes. |
| Rendering of services |
| Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract and when all of the following conditions are satisfied: |
| - the amount of turnover can be measured reliably; |
| - it is probable that the company will received the consideration due under the contract; |
| - the stage of completion of the contract at the end of the reporting period can be measured reliably; |
| and |
| - the costs incurred and the costs to complete the contract can be measured reliably. |
| Usually, turnover from the sale of services is recognised over the period of instruction. |
| Government grants |
| Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| XL Engineering Trading Limited (Registered number: 05676190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement |
| constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Financial assets that are measured at cost and 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 or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax, if applicable. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| Hire purchase and leasing commitments |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis. |
| 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 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Amounts owed to group undertakings |
| XL Engineering Trading Limited (Registered number: 05676190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2021 |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| Total lease payments recognised as an expense during the period amounted to £114,965 (2020 - £112,105). |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Amounts owed to group | 597,127 | 681,918 |
| The group balance is secured by a fixed and floating charge over all assets of the company. |
| The bank held a debenture over the company that is is secured by a fixed and floating charge over all assets of the company and this was satisfied on 15 April 2021. |
| 9. | PENSION COMMITMENTS |
| The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,662 (2020 - £148,186). Contributions totalling £6,339 (2020 - £5,120) were payable to the fund at the balance sheet date and are included in creditors. |