XL Pools Limited - Period Ending 2013-12-30

Registration number: 05300994

XL Pools Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 December 2013
 

XL Pools Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

XL Pools Limited
(Registration number: 05300994)
Abbreviated Balance Sheet at 30 December 2013

		Note			2013 £			2012 £
Fixed assets
Intangible fixed assets					5,000			10,000
Tangible fixed assets					24,368			17,873
		2			29,368			27,873
Current assets
Stocks					11,833			17,052
Debtors					122,924			51,845
Cash at bank and in hand					167,309			149,343
					302,066			218,240
Creditors: Amounts falling due within one year		3			(109,689)			(158,963)
Net current assets					192,377			59,277
Total assets less current liabilities					221,745			87,150
Provisions for liabilities					(20,000)			-
Net assets					201,745			87,150
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					201,645			87,050
Shareholders' funds					201,745			87,150

For the year ending 30 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 24 September 2014 and signed on its behalf by:
 
 

.........................................
H E Smith
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

XL Pools Limited
Notes to the Abbreviated Accounts for the Year Ended 30 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents the value of goods and services provided, net of value added tax.

Revenue recognition

The company recognises revenue under an assignment for a client when and to the extent that it obtains the right to consideration in exchange for its performance. At that time, the company recognises a new asset in the form of a debtor.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Goodwill	10% per annum

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Plant and machinery	25% per annum, straight line basis
Motor vehicles	25% per annum, reducing balance basis
Office equipment	20% per annum, straight line basis

Stocks and work in progress

Stocks and work in progress on short-term contracts are valued at the lower of cost and net realisable value, less payments received on account in respect of work in progress. Cost includes all expenditure incurred in bringing the stocks and work in progress to their condition at the balance sheet date. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Where for a short-term contract in progress at the balance sheet date the payments on account by then received exceed its value, the excess is shown within ‘Payments received on account’ within creditors falling due within one year.

Provisions

Provisions are recognised by the company when:

- it has a present obligation (legal or constructive) as a result of a past event

- it is probable that a transfer of economic benefits will be required to settle the obligation; and

- a reliable estimate can be made of the amount of the obligation.

Deferred tax

Deferred tax is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised only to the extent that it is likely that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax liabilities and, where recognised, assets are not discounted.

Page 2

XL Pools Limited
Notes to the Abbreviated Accounts for the Year Ended 30 December 2013
......... continued

Operating leases

Rentals payable under operating leases are charged to the profit and loss account as incurred.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 31 December 2012		50,000			113,805			163,805
Additions		-			18,832			18,832
Disposals		-			(9,605)			(9,605)
At 30 December 2013		50,000			123,032			173,032
Depreciation
At 31 December 2012		40,000			95,932			135,932
Charge for the year		5,000			9,893			14,893
Eliminated on disposals		-			(7,161)			(7,161)
At 30 December 2013		45,000			98,664			143,664
Net book value
At 30 December 2013		5,000			24,368			29,368
At 30 December 2012		10,000			17,873			27,873

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2013 £			2012 £
Amounts falling due within one year		1,107			1,867

4	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary Shares of £ 1 each		100			100			100			100

Page 3