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Registration number: 12253210

Xscape Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

Pages for filing with Registrar

 

Xscape Investments Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Xscape Investments Limited

Company Information


 

Director

Mr M Hardicker

Registered office

72 Roman Way
Longridge Road
Preston
Lancashire
PR2 5BB

 

Xscape Investments Limited

(Registration number: 12253210)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

83,054

Investment property

5

83,054

-

 

83,054

83,054

Creditors: Amounts falling due within one year

6

(3,252)

(2,848)

Total assets less current liabilities

 

79,802

80,206

Creditors: Amounts falling due after more than one year

6

(54,762)

(61,194)

Net assets

 

25,040

19,012

Capital and reserves

 

Called up share capital

10

10

Retained earnings

25,030

19,002

Shareholders' funds

 

25,040

19,012

 

Xscape Investments Limited

(Registration number: 12253210)
Balance Sheet as at 31 October 2023 (continued)

For the financial year ending 31 October 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 26 July 2024
 

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

 

Xscape Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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 26 July 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 £.

 

Xscape Investments Limited

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

2

Accounting policies (continued)

Changes in accounting policy

The following have been applied for the first time from 1 November 2022 and have had an effect on the financial statements:

Property

In previous years, the property held by the company was disclosed as a Tangible asset but no depreciation was charged.
During the year, it was deemed more appropriate to reclassify this as an Investment property as the company receives rental income and is not a trading company.

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

Not depreciated

 

Xscape Investments Limited

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

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

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.

 

 

Xscape Investments Limited

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

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 November 2022

83,054

83,054

Transfers to/from investment property

(83,054)

(83,054)

At 31 October 2023

-

-

Depreciation

Carrying amount

At 31 October 2023

-

-

At 31 October 2022

83,054

83,054

Included within the net book value of land and buildings above is £Nil (2022 - £83,054) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

Transfers from Tangible assets

83,054

At 31 October

83,054

There has been no valuation of investment property by an independent valuer.

 

Xscape Investments Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,752

1,466

Accruals and deferred income

1,500

1,380

Other creditors

-

2

3,252

2,848

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

54,762

61,194