X1 Salford Quays (Phase 2) Limited - Accounts to registrar (filleted) - small 23.2.5

X1 Salford Quays (Phase 2) Limited - Accounts to registrar (filleted) - small 23.2.5

X1 SALFORD QUAYS (PHASE 2) LIMITED - Company Information

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REGISTERED NUMBER: 08758324 (England and Wales)















Financial Statements for the Year Ended 28 February 2023

for

X1 Salford Quays (Phase 2) Limited
X1 Salford Quays (Phase 2) Limited (Registered number: 08758324)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


X1 Salford Quays (Phase 2) Limited

Company Information
for the Year Ended 28 February 2023







DIRECTOR: Mrs L Smith





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 08758324 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW
Page 1
X1 Salford Quays (Phase 2) Limited (Registered number: 08758324)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £   
CURRENT ASSETS
Debtors 5 996,193 996,193
Prepayments and accrued income 1 1
996,194 996,194
CREDITORS
Amounts falling due within one year 6 1,005,766 1,005,766
NET CURRENT LIABILITIES (9,572 ) (9,572 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(9,572
)
(9,572
)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (9,573 ) (9,573 )
SHAREHOLDERS' FUNDS (9,572 ) (9,572 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 28 November 2023 and were signed by:





Mrs L Smith - Director


The notes form part of these financial statements

Page 2
X1 Salford Quays (Phase 2) Limited (Registered number: 08758324)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

X1 Salford Quays (Phase 2) 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.

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.

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.

Turnover
Turnover derived from ordinary activities represents sales of apartments, recognised when the sale is completed and rental income recognised on a receivable basis.

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

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.

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.

Page 3 continued...
X1 Salford Quays (Phase 2) Limited (Registered number: 08758324)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 9,508
DEPRECIATION
At 1 March 2022
and 28 February 2023 9,508
NET BOOK VALUE
At 28 February 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Amounts owed by group undertakings 103,491 103,491
Other debtors 892,702 892,702
996,193 996,193

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 1 1
Amounts owed to group undertakings 11,764 11,764
Other creditors 994,001 994,001
1,005,766 1,005,766

7. RELATED PARTY DISCLOSURES

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.

Included in debtors at 28th February 2023 is £102,258 (2022 £102,258) owing from group undertakings and £243,978 (2022 £237,554) included in other creditors owing from group undertakings.The loans are interest free and repayable on demand.

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs L Smith.

The parent company is X1 Management Limited, group accounts are not required.

Page 4