Xtrutech Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04495190 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2021

for

Xtrutech Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

824,494

880,472

CURRENT ASSETS

Stocks

400,596

683,872

Debtors

5

2,872,031

1,705,344

Cash at bank and in hand

764,548

281,894

4,037,175

2,671,110

CREDITORS

Amounts falling due within one year

6

2,815,624

2,073,889

NET CURRENT ASSETS

1,221,551

597,221

TOTAL ASSETS LESS CURRENT LIABILITIES

2,046,045

1,477,693

CREDITORS

Amounts falling due after more than one year

7

(558,453

)

(410,605

)

PROVISIONS FOR LIABILITIES

(15,972

)

(18,370

)

NET ASSETS

1,471,620

1,048,718

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,471,520

1,048,618

SHAREHOLDERS' FUNDS

1,471,620

1,048,718

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2022 and were signed on its behalf by:

Mr R J Johnson - Director

Mr G Edwards - Director

1.	STATUTORY INFORMATION

Xtrutech Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04495190

Registered office:

Unit 5 Crown Road

Festival Park

Stoke-On-Trent

Staffordshire

ST1 5NJ

The presentation 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.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the financial statements have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods and services supplied. Therefore, turnover also includes the element of work completed but not yet invoiced on service contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Short leasehold

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 38 (2020 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 August 2020

701,907

295,551

239,095

Additions

-

-

2,378

At 31 July 2021

701,907

295,551

241,473

DEPRECIATION

At 1 August 2020

131,986

86,659

216,496

Charge for year

14,037

29,560

10,548

At 31 July 2021

146,023

116,219

227,044

NET BOOK VALUE

At 31 July 2021

555,884

179,332

14,429

At 31 July 2020

569,921

208,892

22,599

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 August 2020

141,692

8,884

184,452

1,571,581

Additions

14,858

-

11,806

29,042

At 31 July 2021

156,550

8,884

196,258

1,600,623

DEPRECIATION

At 1 August 2020

90,960

8,884

156,124

691,109

Charge for year

9,840

-

21,035

85,020

At 31 July 2021

100,800

8,884

177,159

776,129

NET BOOK VALUE

At 31 July 2021

55,750

-

19,099

824,494

At 31 July 2020

50,732

-

28,328

880,472

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Computer

equipment

£

COST

At 1 August 2020

and 31 July 2021

19,229

DEPRECIATION

At 1 August 2020

6,410

Charge for year

6,410

At 31 July 2021

12,820

NET BOOK VALUE

At 31 July 2021

6,409

At 31 July 2020

12,819

5.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

1,540,678

1,034,462

Other debtors

1,323,325

662,855

2,864,003

1,697,317

Amounts falling due after more than one year:

Other debtors

8,028

8,027

Aggregate amounts

2,872,031

1,705,344

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

580,623

363,630

Hire purchase contracts (see note 8)

6,301

5,802

Trade creditors

1,282,663

1,043,206

Taxation and social security

164,221

128,725

Other creditors

781,816

532,526

2,815,624

2,073,889

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

505,079

336,626

Hire purchase contracts (see note 8)

1,198

8,048

Other creditors

52,176

65,931

558,453

410,605

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

148,495

163,246

Included within other creditors, both due within one year and due after more than one year, is a combined balance of £56,331 (2020: £70,633) which represents government grants, that are being amortised in line with the depreciation policy of the fixed assets the grants relates to.

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2021

2020

£

£

Net obligations repayable:

Within one year

6,301

5,802

Between one and five years

1,198

8,048

7,499

13,850

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

7,499

13,850

Bank loans

840,702

700,256

848,201

714,106

Bank loans are secured by a legal charge over the land and buildings held within the company, along with all the undertakings of the company.

Hire purchase balances are secured upon the assets to which they relate.

10.	FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £647,327 (2020 - £667,241)

Included in this figure is a lease of £570,000 (2020 - £660,000) relating to property, which represents the total amount of payments remaining on the lease ending in 2027.

The remaining financial commitments represent the total amount of payments remaining on leases ending on or before 2024.