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Registration number: 10671209

Xscape Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

Pages for filing with Registrar

 

Xscape Holdings Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Xscape Holdings Limited

Company Information


 

Director

Mr M Hardicker

Registered office

72 Roman Way
Longridge Road
Preston
Lancashire
PR2 5BB

 

Xscape Holdings Limited

(Registration number: 10671209)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,781

3,595

Tangible assets

5

770,635

582,611

Investments

6

1,522,530

1,522,530

 

2,295,946

2,108,736

Current assets

 

Stocks

20,500

76,749

Debtors

7

156,581

126,992

Cash at bank and in hand

 

1,572

5,349

 

178,653

209,090

Creditors: Amounts falling due within one year

8

(1,952,792)

(1,910,806)

Net current liabilities

 

(1,774,139)

(1,701,716)

Total assets less current liabilities

 

521,807

407,020

Creditors: Amounts falling due after more than one year

8

(128,599)

(170,448)

Provisions for liabilities

(35,552)

-

Net assets

 

357,656

236,572

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

116,921

10,267

Retained earnings

240,734

226,304

Shareholders' funds

 

357,656

236,572

 

Xscape Holdings Limited

(Registration number: 10671209)
Balance Sheet as at 31 August 2023 (continued)

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 February 2024
 

.........................................
Mr M Hardicker
Director

 

Xscape Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
72 Roman Way
Longridge Road
Preston
Lancashire
PR2 5BB
England

These financial statements were authorised for issue by the director on 15 February 2024.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Group accounts not prepared

The financial statements contain information about Xscape Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

 

Xscape Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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.

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.

Tax

The tax expense for the period comprises current 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.

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

Freehold property

2% Straight line

Improvements

20% Straight line

Motor vehicles

20% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

 

Xscape Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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

Website

20% Straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Xscape Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Xscape Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Xscape Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

4,070

4,070

At 31 August 2023

4,070

4,070

Amortisation

At 1 September 2022

475

475

Amortisation charge

814

814

At 31 August 2023

1,289

1,289

Carrying amount

At 31 August 2023

2,781

2,781

At 31 August 2022

3,595

3,595

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

610,014

1,000

611,014

Revaluations

142,206

-

142,206

Additions

-

63,549

63,549

Disposals

(7,800)

(1,000)

(8,800)

At 31 August 2023

744,420

63,549

807,969

Depreciation

At 1 September 2022

27,947

456

28,403

Charge for the year

4,444

12,910

17,354

Eliminated on disposal

(7,767)

(656)

(8,423)

At 31 August 2023

24,624

12,710

37,334

Carrying amount

At 31 August 2023

719,796

50,839

770,635

At 31 August 2022

582,067

544

582,611

 

Xscape Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £719,796 (2022 - £582,067) in respect of freehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in subsidiaries

1,522,530

1,522,530

Subsidiaries

£

Cost or valuation

At 1 September 2022

1,522,530

Provision

Carrying amount

At 31 August 2023

1,522,530

At 31 August 2022

1,522,530

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

5,089

Amounts owed by related parties

155,013

121,154

Prepayments

 

1,568

749

   

156,581

126,992

 

Xscape Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

42,973

54,487

Trade creditors

 

843

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,905,612

1,839,921

Taxation and social security

 

1,978

9,319

Accruals and deferred income

 

1,386

1,560

Other creditors

 

-

5,519

 

1,952,792

1,910,806

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

128,599

170,448