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Registration number: 07259361

Xercise2 Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Xercise2 Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Xercise2 Limited

(Registration number: 07259361)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

74,768

99,690

Other financial assets

6

23,650,513

25,063,075

 

23,725,281

25,162,765

Current assets

 

Debtors

7

1,112,966

979,282

Cash at bank and in hand

 

9,181,343

15,275,988

 

10,294,309

16,255,270

Creditors: Amounts falling due within one year

8

(99,993)

(624,337)

Net current assets

 

10,194,316

15,630,933

Net assets

 

33,919,597

40,793,698

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 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 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 Board on 6 August 2024 and signed on its behalf by:
 

.........................................
A P Bradshaw
Company secretary and director

 

Xercise2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
First Floor
23 Beaumont Mews
London
W1G 6EN
England

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.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Taxation

2023

2022

£

£

Corporation tax

61,020

589,814

61,020

589,814

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Xercise2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

132,920

132,920

At 30 November 2023

132,920

132,920

Depreciation

At 1 December 2022

33,230

33,230

Charge for the year

24,922

24,922

At 30 November 2023

58,152

58,152

Carrying amount

At 30 November 2023

74,768

74,768

At 30 November 2022

99,690

99,690

6

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

10,612,970

13,037,543

23,650,513

At 30 November 2022

12,091,602

12,971,473

25,063,075

 

Xercise2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

Current

2023
£

2022
£

Other debtors

1,112,966

979,282

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

61,476

589,777

Other creditors

38,517

34,560

99,993

624,337

9

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.