Registration number:
XL Pools Limited
for the Year Ended 31 December 2020
XL Pools Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
XL Pools Limited
Company Information
Directors |
A A Exell H E Smith |
Company secretary |
H E Smith |
Registered office |
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XL Pools Limited
(Registration number: 05300994)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
- |
- |
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Tangible assets |
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Other financial assets |
300,498 |
- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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XL Pools Limited
(Registration number: 05300994)
Balance Sheet as at 31 December 2020 (continued)
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
A A Exell
Director
XL Pools Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Unit 5
The Glenmore Centre
Moat Way, Orbital Park
Ashford
Kent
TN24 0TL
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are presented in pounds sterling, which is the company’s functional currency, rounded to the nearest whole pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Where the outcome of a transaction involving the rendering of services can be estimated reliably, the company recognises revenue associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period (the percentage of completion method). Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Construction contract revenue recognition
Where the outcome of a construction contract can be estimated reliably, the company recognises contract revenue and costs relating to the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period (the percentage of completion method).
Where the outcome of a construction contract cannot be estimated reliably, revenue is recognised only to the extent of contract costs incurred that it is probable will be recoverable and contract costs are recognised as an expense in the period in which they are incurred.
Where it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense immediately, with a corresponding provision made for an onerous contract.
XL Pools Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Government grants
The company applies the accrual model for accounting for government grants. A grant is classified either as a grant relating to revenue or a grant relating to assets.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset.
Taxation
The tax expense for the period consists of current tax and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit or loss. The carrying amount of deferred tax assets (if any) is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
20% per annum, straight line basis |
Motor vehicles |
25% per annum, reducing balance basis |
Plant and machinery |
25% per annum, straight line basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% per annum |
Impairment of fixed assets
At the end of each reporting period, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset concerned is estimated in order to determine the extent of the impairment loss and the impairment loss is provided for in arriving at the carrying value of the asset.
XL Pools Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Operating leases
Rentals payable under operating leases are charged to the profit and loss account as incurred.
Defined contribution pension obligations
The company operates defined contribution pension schemes for the directors and certain employees. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the schemes.
Financial instruments
Basic financial instruments are recognised at amortised cost. The company does not have any financial instruments which are not basic financial instruments, apart from its other non-current financial assets.
The other non-current financial assets consist of listed investments and are not considered to be basic financial instruments. They are therefore stated in the balance sheet at fair value, and adjustments to fair value are made each year through the profit and loss account.
The fair value of the other non-current financial assets is eatablsihed by the company's brokers at the balance sheet date with reference to the market value of each investment at that date.
Staff numbers |
The average number of persons employed by the company during the year, including directors, was
XL Pools Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Intangible assets |
Goodwill |
Total |
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Cost |
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At 1 January 2020 |
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At 31 December 2020 |
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Amortisation |
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At 1 January 2020 |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
- |
- |
At 31 December 2019 |
- |
- |
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost |
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At 1 January 2020 |
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Additions |
- |
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- |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
- |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
- |
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At 31 December 2019 |
- |
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XL Pools Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Other non-current financial assets |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2020 |
- |
- |
Additions |
323,528 |
323,528 |
Disposals |
(38,953) |
(38,953) |
Fair value adjustments |
15,923 |
15,923 |
At 31 December 2020 |
300,498 |
300,498 |
Carrying amount |
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At 31 December 2020 |
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300,498 |
At 31 December 2019 |
- |
- |
The other non-current financial assets represent listed investments. The historical cost of these was £284,575 at the balance sheet date (2019 £nil).
XL Pools Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors falling due within one year include £3,601 (2019 - £2,822), which is secured by fixed and floating charges over the company's assets and undertaking.
XL Pools Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
8 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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- |
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £