Registration number:
Xercise2 Limited
for the Year Ended 30 November 2023
Xercise2 Limited
(Registration number: 07259361)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
|
Fixed assets |
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Tangible assets |
|
|
|
Other financial assets |
23,650,513 |
25,063,075 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
39,649 |
39,649 |
|
Capital redemption reserve |
6 |
6 |
|
Other reserves |
9,339,585 |
9,339,585 |
|
Retained earnings |
24,540,357 |
31,414,458 |
|
Shareholders' funds |
33,919,597 |
40,793,698 |
Xercise2 Limited
(Registration number: 07259361)
Balance Sheet as at 30 November 2023
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Xercise2 Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable, shown net of sales/value added tax, returns, rebates and discounts.
Revenue represents dividends received from fixed asset investments and commissions receivable. Dividends are included in turnover on the date that the right to receive payment is unconditional.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable.
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.
Xercise2 Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
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 |
Motor vehicles |
25% Reducing balance |
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.
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
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.
Taxation |
2023 |
2022 |
||
£ |
£ |
||
Corporation tax |
61,020 |
589,814 |
|
61,020 |
589,814 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Xercise2 Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Motor vehicles |
Total |
|
Cost or valuation |
||
At 1 December 2022 |
|
|
At 30 November 2023 |
|
|
Depreciation |
||
At 1 December 2022 |
|
|
Charge for the year |
|
|
At 30 November 2023 |
|
|
Carrying amount |
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At 30 November 2023 |
|
|
At 30 November 2022 |
|
|
Other financial assets (All non current) |
Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
|||
Cost or valuation |
|||
At 1 December 2022 |
12,091,602 |
12,971,473 |
25,063,075 |
Additions |
211,864 |
5,451,789 |
5,663,653 |
Disposals |
(1,690,496) |
(5,385,719) |
(7,076,215) |
At 30 November 2023 |
|
|
23,650,513 |
At 30 November 2022 |
|
|
25,063,075 |
Xercise2 Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Debtors |
Current |
2023 |
2022 |
Other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Related party transactions |
Included within other debtors is £697,032 (2022: £660,215) due from Devonshire Place Holdings Limited, a company of which A P Bradshaw and H E M Osmond are directors. This is offset by the amount owed to Devonshire Place Holdings Limited, included within other creditors of £24,934 (2022: £24,934). This gives a net balance due from Devonshire Place Holdings Limited of £672,098 (2022: £635,281).
Included within other debtors is £410,931 (2022: £314,931) due from Osmond Capital Limited, a company of which A P Bradshaw and H E M Osmond are directors.
Included within other creditors is £7,583 (2022: £7,583) due to Devonshire Place Investments Limited, a company of which A P Bradshaw is a director.