Registration number:
Xentair International Limited
for the Year Ended 31 October 2020
Xentair International Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Xentair International Limited
Company Information
Directors |
Mr P R Miles Mrs E L Miles Mr H Piggot |
Registered office |
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Accountants |
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Xentair International Limited
(Registration number: 05608092)
Balance Sheet as at 31 October 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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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 |
100 |
100 |
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Profit and loss account |
310,159 |
389,910 |
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Shareholders' funds |
310,259 |
390,010 |
For the financial year ending 31 October 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.
Xentair International Limited
(Registration number: 05608092)
Balance Sheet as at 31 October 2020
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
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Xentair International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
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 Financial Reporting Standard 102 Section 1A - '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 except that as disclosed in the accounting policies certain items are shown at fair value.
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 sales/value added tax, returns, rebates and discounts.
Government grants
Coronovirus Job Retention Grants and associated covid support grants are credited to profit and loss as received.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Xentair International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
10% on cost |
Motor vehicles |
20% on cost |
Office equipment |
33% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Xentair International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Xentair International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2020 |
2019 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
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Tax expense in the income statement |
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Xentair International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 November 2019 |
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Additions |
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- |
- |
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At 31 October 2020 |
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Depreciation |
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At 1 November 2019 |
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Charge for the year |
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At 31 October 2020 |
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Carrying amount |
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At 31 October 2020 |
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At 31 October 2019 |
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Stocks |
2020 |
2019 |
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Other inventories |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Xentair International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
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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Social security and other taxes |
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Other payables |
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- |
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Accruals |
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Corporation tax liability |
11,047 |
28,206 |
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Due after one year |
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Loans and borrowings |
- |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £6584 (2019 - £5,411).
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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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2019 - £9890).
Xentair International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Hire purchase contracts |
- |
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2020 |
2019 |
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Current loans and borrowings |
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Hire purchase contracts |
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Related party transactions |
The loans to the directors are interest free and repayable on demand.
Transactions with directors |
2020 |
At 1 November 2019 |
Repayments by director |
At 31 October 2020 |
Mr P R Miles |
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Loan to the director |
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( |
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Mrs E L Miles |
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Loan to the director |
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( |
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2019 |
At 1 November 2018 |
Repayments by director |
At 31 October 2019 |
Mr P R Miles |
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Loan to the director |
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( |
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Mrs E L Miles |
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Loan to the director |
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( |
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Xentair International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Summary of transactions with entities with joint control or significant interest
The company received rent of £1,200 from Industrial Control Components Limited a company of which P A Miles is a director and shareholder.
Rental committments |
The company occupies premises on the basis of a monthly rolling licence with no fixed term, the current rental committment is £1,400 per month.