X1 Manchester Waters Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 10423395 (England and Wales)

Financial Statements

for the Period 12 October 2016 to 31 December 2017

for

X1 Manchester Waters Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs L Smith

REGISTERED OFFICE:

116 Duke Street

Liverpool

Merseyside

L1 5JW

REGISTERED NUMBER:

10423395 (England and Wales)

AUDITORS:

Cobham Murphy Limited

Statutory Auditors

116 Duke Street

Liverpool

Merseyside

L1 5JW

CURRENT ASSETS

Stocks

3,192,288

Debtors

3

4,558,828

Cash at bank and in hand

814,131

8,565,247

CREDITORS

Amounts falling due within one year

4

8,567,497

NET CURRENT LIABILITIES

(2,250

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,250

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(2,350

)

SHAREHOLDERS' FUNDS

(2,250

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 10 July 2018 and were signed by:

Mrs L Smith - Director

1.	STATUTORY INFORMATION

X1 Manchester Waters 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have prepared the financial statements on a going concern basis despite the net liability position at

the balance sheet date, the sale of the development post year end will create a profit and a net asset position.

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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

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 period 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 period 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.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

4,558,828

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Payments on account

7,792,177

Trade creditors

709,320

Other creditors

66,000

8,567,497

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rebecca Foster (Senior Statutory Auditor)

for and on behalf of Cobham Murphy Limited

6.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs L Smith.