IRIS Accounts Production v23.2.0.158 08617887 Board of Directors 1.11.21 31.10.22 31.10.22 property development and management. 0 0 true false true true false false true false 0 0 Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure086178872021-10-31086178872022-10-31086178872021-11-012022-10-31086178872020-04-30086178872020-05-012021-10-31086178872021-10-3108617887ns16:EnglandWales2021-11-012022-10-3108617887ns15:PoundSterling2021-11-012022-10-3108617887ns11:Director12021-11-012022-10-3108617887ns11:PrivateLimitedCompanyLtd2021-11-012022-10-3108617887ns11:FRS1022021-11-012022-10-3108617887ns11:Audited2021-11-012022-10-3108617887ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2021-11-012022-10-3108617887ns11:LargeMedium-sizedCompaniesRegimeForAccounts2021-11-012022-10-3108617887ns11:FullAccounts2021-11-012022-10-3108617887ns11:OrdinaryShareClass12021-11-012022-10-3108617887ns11:Director22021-11-012022-10-3108617887ns11:RegisteredOffice2021-11-012022-10-3108617887ns6:CurrentFinancialInstruments2022-10-3108617887ns6:CurrentFinancialInstruments2021-10-3108617887ns6:ShareCapital2022-10-3108617887ns6:ShareCapital2021-10-3108617887ns6:RetainedEarningsAccumulatedLosses2022-10-3108617887ns6:RetainedEarningsAccumulatedLosses2021-10-3108617887ns6:ShareCapital2020-04-3008617887ns6:RetainedEarningsAccumulatedLosses2020-04-3008617887ns6:RetainedEarningsAccumulatedLosses2020-05-012021-10-3108617887ns6:RetainedEarningsAccumulatedLosses2021-11-012022-10-310861788742021-11-012022-10-310861788742020-05-012021-10-3108617887ns6:WithinOneYearns6:CurrentFinancialInstruments2022-10-3108617887ns6:WithinOneYearns6:CurrentFinancialInstruments2021-10-3108617887ns6:Secured2022-10-3108617887ns6:Secured2021-10-3108617887ns11:OrdinaryShareClass12022-10-3108617887ns6:RetainedEarningsAccumulatedLosses2021-10-3108617887ns11:Director112021-10-3108617887ns11:Director112020-04-3008617887ns11:Director112021-11-012022-10-3108617887ns11:Director112020-05-012021-10-3108617887ns11:Director112022-10-3108617887ns11:Director112021-10-3108617887ns6:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2021-11-012022-10-3108617887ns6:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-10-3108617887ns6:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2021-10-3108617887ns6:OtherRelatedParties2021-11-012022-10-3108617887ns6:OtherRelatedParties2022-10-3108617887ns6:OtherRelatedParties2021-10-31
REGISTERED NUMBER: 08617887 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2022

for

X1 Media City Limited

X1 Media City Limited (Registered number: 08617887)






Contents of the Financial Statements
for the Year Ended 31 October 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


X1 Media City Limited

Company Information
for the Year Ended 31 October 2022







DIRECTORS: Mrs L Smith
Stoneoak Investments Limited





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 08617887 (England and Wales)





AUDITORS: Xeinadin Audit Limited
116 Duke Street
Liverpool
England
L1 5JW

X1 Media City Limited (Registered number: 08617887)

Strategic Report
for the Year Ended 31 October 2022

The directors present their strategic report for the year ended 31 October 2022.

REVIEW OF BUSINESS
The company, X1 Media City Limited develops and sells apartments that are mainly purchased by overseas investors. The wider X1 group has attracted extensive investment in the UK and around the world and established an outstanding track record for high end buy to let properties.

The company is developing six different towers, X1 Eastbank, X1 The Plaza and X1 Media City Towers 1 to 4. At 31st October 2022 four of the six towers have completed. The most recent completed development prior to 31st October 2022 was 2020, since then the company has been incurring interest charges resulting in a significant loss in 2022. The company does not adopt a policy of capitalising finance costs and as such this loss is only recovered as each development completes. In 2023 the fifth tower completed has completed generating revenue of over £50m and the company has returned to a net asset position.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks that are faced by the company are the availability of finance and the continued interest from investors. Financial risk is minimised by ensuring a high demand for our developments and investor satisfaction. The company has support from within the group and several third party lenders as well as investors. The company ensures it meets its liabilities as they fall due.

2023 has been a successful year for this company and the wider group with further developments completing and generating cash for the wider group. The wider group also has new developments where contractors are now on site.

ON BEHALF OF THE BOARD:





Mrs L Smith - Director


21 February 2024

X1 Media City Limited (Registered number: 08617887)

Report of the Directors
for the Year Ended 31 October 2022

The directors present their report with the financial statements of the company for the year ended 31 October 2022.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2022.

FUTURE DEVELOPMENTS
Information regarding future developments is included in the strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2021 to the date of this report.

Mrs L Smith
Stoneoak Investments Limited

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs L Smith - Director


21 February 2024

Report of the Independent Auditors to the Members of
X1 Media City Limited

Opinion
We have audited the financial statements of X1 Media City Limited (the 'company') for the year ended 31 October 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2022 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
X1 Media City Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
X1 Media City Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and Assessing Potential Risks Related to Irregularities
- Enquiring of management, including obtaining and reviewing supporting documentation concerning the company’s policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations
- discussing among the engagement team including significant component audit teams and involving relevant internal specialists, including tax, valuations, pensions and IT regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006, Pension legislation, Tax legislation, and Health and Safety requirements.


Audit Response to Risks Identified
In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
X1 Media City Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Philip Harrison (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
116 Duke Street
Liverpool
England
L1 5JW

21 February 2024

X1 Media City Limited (Registered number: 08617887)

Income Statement
for the Year Ended 31 October 2022

Period
1.5.20
Year Ended to
31.10.22 31.10.21
Notes £    £   

TURNOVER 290,252 41,196,272

Cost of sales 204,829 40,597,457
GROSS PROFIT 85,423 598,815

Administrative expenses 533,179 1,998,034
(447,756 ) (1,399,219 )

Other operating income 566,068 1,868,089
OPERATING PROFIT 4 118,312 468,870

Interest receivable and similar income 56,884 669,143
175,196 1,138,013

Interest payable and similar expenses 6 2,293,065 1,744,678
LOSS BEFORE TAXATION (2,117,869 ) (606,665 )

Tax on loss 7 - -
LOSS FOR THE FINANCIAL YEAR (2,117,869 ) (606,665 )

X1 Media City Limited (Registered number: 08617887)

Other Comprehensive Income
for the Year Ended 31 October 2022

Period
1.5.20
Year Ended to
31.10.22 31.10.21
Notes £    £   

LOSS FOR THE YEAR (2,117,869 ) (606,665 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(2,117,869

)

(606,665

)

X1 Media City Limited (Registered number: 08617887)

Balance Sheet
31 October 2022

31.10.22 31.10.21
Notes £    £   
CURRENT ASSETS
Stocks 8 48,166,838 21,813,575
Debtors 9 31,471,047 38,479,609
Cash at bank 175,907 270,122
79,813,792 60,563,306
CREDITORS
Amounts falling due within one year 10 81,859,790 60,491,435
NET CURRENT (LIABILITIES)/ASSETS (2,045,998 ) 71,871
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,045,998

)

71,871

CAPITAL AND RESERVES
Called up share capital 13 1 1
Retained earnings 14 (2,045,999 ) 71,870
SHAREHOLDERS' FUNDS (2,045,998 ) 71,871

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





Mrs L Smith - Director


X1 Media City Limited (Registered number: 08617887)

Statement of Changes in Equity
for the Year Ended 31 October 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 May 2020 1 678,535 678,536

Changes in equity
Total comprehensive income - (606,665 ) (606,665 )
Balance at 31 October 2021 1 71,870 71,871

Changes in equity
Total comprehensive income - (2,117,869 ) (2,117,869 )
Balance at 31 October 2022 1 (2,045,999 ) (2,045,998 )

X1 Media City Limited (Registered number: 08617887)

Cash Flow Statement
for the Year Ended 31 October 2022

Period
1.5.20
Year Ended to
31.10.22 31.10.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (26,304,595 ) 35,205,735
Interest paid (2,293,065 ) (1,744,678 )
Net cash from operating activities (28,597,660 ) 33,461,057

Cash flows from investing activities
Interest received 56,884 669,143
Net cash from investing activities 56,884 669,143

Cash flows from financing activities
New loans in year 6,811,023 10,586,630
Loan repayments in year - (7,796,768 )
Intercompany loans 22,281,097 (23,347,399 )
Payments on account 66,405 (12,628,944 )
Amount withdrawn by directors (711,964 ) (691,799 )
Net cash from financing activities 28,446,561 (33,878,280 )

(Decrease)/increase in cash and cash equivalents (94,215 ) 251,920
Cash and cash equivalents at beginning of
year

2

270,122

18,202

Cash and cash equivalents at end of year 2 175,907 270,122

X1 Media City Limited (Registered number: 08617887)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2022

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.5.20
Year Ended to
31.10.22 31.10.21
£    £   
Loss before taxation (2,117,869 ) (606,665 )
Government grants - (1 )
Finance costs 2,293,065 1,744,678
Finance income (56,884 ) (669,143 )
118,312 468,869
(Increase)/decrease in stocks (26,353,263 ) 26,102,193
Decrease in trade and other debtors 593,381 7,572,045
(Decrease)/increase in trade and other creditors (663,025 ) 1,062,628
Cash generated from operations (26,304,595 ) 35,205,735

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 175,907 270,122
Period ended 31 October 2021
31.10.21 1.5.20
£    £   
Cash and cash equivalents 270,122 18,202


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.21 Cash flow At 31.10.22
£    £    £   
Net cash
Cash at bank 270,122 (94,215 ) 175,907
270,122 (94,215 ) 175,907
Debt
Debts falling due within 1 year (11,511,874 ) (6,811,023 ) (18,322,897 )
(11,511,874 ) (6,811,023 ) (18,322,897 )
Total (11,241,752 ) (6,905,238 ) (18,146,990 )

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements
for the Year Ended 31 October 2022

1. STATUTORY INFORMATION

X1 Media City 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 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. At the time of signing the company has returned to a net asset position following the completion of the development known as Tower 3.

The company is able to pay its debts as they fall due and has the financial support from its parent company and group.

Significant judgements and estimates
The judgements that have had a significant effect on amounts recognised in the financial statements are set out below:

Debtor balances

The directors have made a judgement that a significant amount due from a connected party is recoverable.

Turnover
The company's turnover, derived from ordinary activities and excluding VAT where applicable, represents property income from the sale of developed properties. Income from property sales is recognised when the sale completes.

Stocks
Stock and work in progress represents real estate inventory held for short term sale. The total value represents four different developments and amounts to over 1,000 property units.

Work in progress in recorded at the lower of cost and net realisable value. Sale completion occurs as soon as the construction is complete. Any deposits that are held on exchange of the units are recorded in creditors due within one year as payments on account. Income is not recognised in the financial statement until the sale completes and the title passes to the buyer.

The company develop this property for short term sale rather than for long term capital appreciation or rental income.

Work in progressed is assessed at the end of the reporting date for any signs of impairment.

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.

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year 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 year 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.

Financial instruments
Deep discounted bonds
The company has issued several deep discounted bonds that have redemption dates varying from within one year to more that one year. The bonds attract interest at 12%, 11% and 10% through the profit and loss account. The bonds are stated at ammortised cost.

Loans
Loans are initially recognised at the fair value of the proceeds, net of related transaction costs. The loans are then stated at amortised cost using the effective interest method.

Payments on account
Prior to sale completion the buyer will place a reservation fee and a deposit on the property and this is deferred until the sale completes. The funds are then used to fund the development and also other developments within the group.

Inter company balances
Balances due from/to related parties are recorded at cost less impairment. All balances are repayable on demand and are interest free. Any impairment losses would be taken to the profit and loss account. There are no impairment losses in the year.

Other debtors
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.

3. EMPLOYEES AND DIRECTORS
Period
1.5.20
Year Ended to
31.10.22 31.10.21
£    £   
Wages and salaries - 1

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was NIL (2021 - NIL).

Period
1.5.20
Year Ended to
31.10.22 31.10.21
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.5.20
Year Ended to
31.10.22 31.10.21
£    £   
Auditors' remuneration 5,000 -
The auditing of accounts of any associate of the company - 15,000
Other non- audit services 14,190 113,323

5. EXCEPTIONAL ITEMS
Period
1.5.20
Year Ended to
31.10.22 31.10.21
£    £   
Exceptional items (401,829 ) (1,868,088 )

Exceptional items in the current and previous year relate to costs that have been incurred in relation to cladding repairs on a development that was completed in 2017. During the year the company has received a grant from Homes England in respect of these cladding costs. The grant is included in other operating income and is equal to the costs incurred during the year.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.20
Year Ended to
31.10.22 31.10.21
£    £   
Deep discount bond interest 1,379,717 1,703,514
Loan 913,348 41,164
2,293,065 1,744,678

Interest payable to the parent company amounts to £466,984 for the year.

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 October 2022 nor for the period ended 31 October 2021.

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022

7. TAXATION - continued

The company has no corporation tax liability as losses within the group have eliminated any profits for the year. Previous corporation tax losses have been surrendered to other companies within the group.

8. STOCKS
31.10.22 31.10.21
£    £   
Work-in-progress 48,166,838 21,813,575

Work in progress relates to the development of property. The secured loans are secured on land and buildings included in work in progress.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Amounts owed by group undertakings 1,739,187 8,866,332
Other debtors 24,436,333 22,991,198
Payments on account 1,045,374 3,229,921
Directors' current accounts 2,280,565 1,568,601
VAT 136,910 69,017
Prepayments and accrued income 1,832,678 1,754,540
31,471,047 38,479,609

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Deep discounted bonds (see note 11) 14,939,429 11,511,874
Other loans (see note 11) 3,383,468 -
Payments on account 38,452,073 38,385,668
Trade creditors 841,794 895,703
Amounts owed to group undertakings 22,678,282 7,524,330
Other creditors 1,361,728 1,881,589
Accruals and deferred income 203,016 292,271
81,859,790 60,491,435

11. LOANS

An analysis of the maturity of loans is given below:

31.10.22 31.10.21
£    £   
Amounts falling due within one year or on demand:
Deep discounted bond 14,939,429 11,511,874
Other loans 3,383,468 -
18,322,897 11,511,874

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022

12. SECURED DEBTS

The following secured debts are included within creditors:

31.10.22 31.10.21
£    £   
Other loans 3,383,468 -
Inter company account 13,613,784 -
16,997,252 -

Oakmore Investments Limited hold a charge on land included in work in progress in relation to a loan that is classified as an intercompany account.

District and County Investments Limited hold a charge over land and buildings included in work in progress in relation to "other loans".

Together Commercial Finance Limited holds a charge over land and buildings included in work in progress in respect of loans that are included in the balance sheet of an associated company, X1 Michigan Towers Limited. X1 Media City Limited does not have a liability in respect of this charge.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.22 31.10.21
value: £    £   
1 Ordinary £1 1 1

14. RESERVES
Retained
earnings
£   

At 1 November 2021 71,870
Deficit for the year (2,117,869 )
At 31 October 2022 (2,045,999 )

15. ULTIMATE PARENT COMPANY

The immediate parent company is Stoneoak Investments Limited a company registered in Gibraltar, registered office No.1 Grand Ocean Plaza, Ocean Village, Gibraltar.

The ultimate parent company is Quartz Holdings Limited, a company registered in Guernsey, registered office Roseneath, The Grange, St Peter Port, Guernsey, GY1 2QJ.

The results of this company are not included in the consolidation of Quartz Holdings Limited as Quartz Holdings Limited does not exercise control over X1 Media City Limited.

16. OTHER FINANCIAL COMMITMENTS

Together Commercial Finance Limited and Charles Street Commercial Investments Limited hold charges over land and property included in work in progress in respect of loans that has been provided to X1 Manchester Waters Limited and X1 Michigan Towers Limited, companies that are controlled by the director of X1 Media City Limited.

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2022

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 October 2022 and the period ended 31 October 2021:

31.10.22 31.10.21
£    £   
Mrs L Smith
Balance outstanding at start of year 1,568,601 876,802
Amounts advanced 711,964 691,799
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,280,565 1,568,601

Interest has been charged at 3% . The loan is repayable on demand.

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Entities with control, joint control or significant influence over the entity
31.10.22 31.10.21
£    £   
Interest (466,984 ) -
Amount due to related party (13,613,784 ) -

Other related parties
31.10.22 31.10.21
£    £   
Amount due from related party 24,303,227 18,816,024
Amount due to related party (10,213,084 ) (659,141 )

Together Commercial Finance Limited and Charles Street Commercial Investments Limited hold a charge over land and property included in work in progress in respect of a loan that has been provided to X1 Manchester Waters Limited, a company that is controlled by the director of X1 Media City Limited.

19. ULTIMATE CONTROLLING PARTY

The immediate parent company is Stoneoak Investments Limited. The ultimate parent company is Quartz Holdings Limited, a company registered in Guernsey. Registered office address is Roseneath, The Grange, St Peter Port, Guernsey, GY1 2QJ.

In the opinion of the directors there is no ultimate controlling party.