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Registration number: 12666532

XIV8 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

XIV8 Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 9

 

XIV8 Limited

(Registration number: 12666532)
Balance Sheet as at 30 September 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investments

4

903

902

Current assets

 

Debtors

5

23,612

10,575

Cash at bank and in hand

 

972

1,476

 

24,584

12,051

Creditors: Amounts falling due within one year

6

(16,820)

(2,149)

Net current assets

 

7,764

9,902

Net assets

 

8,667

10,804

Capital and reserves

 

Called up share capital

2

2

Retained earnings

8,665

10,802

Shareholders' funds

 

8,667

10,804

For the financial year ending 30 September 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 27 August 2024 and signed on its behalf by:
 

N Connolly
Director

   
     
 

XIV8 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
C/o Milsted Langdon LLP
Freshford House
Redcliffe Way
Bristol
BS1 6NL
UK

These financial statements were authorised for issue by the Board on 27 August 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, and rounded to the nearest £.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future despite the ongoing energy and cost of living increases. Thus, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

 

XIV8 Limited

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

Prior period errors

It was noted during the preparation of the 2023 financial statements that loans to subsidiaries had been incorrectly classified as fixed asset investments in the 2022 balance sheet. The comparative balance sheet has therefore been restated to correctly classify these as current assets. The impact of this error has been disclosed below.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Fixed asset investments

-

(9,999)

-

Current assets

-

9,999

-

   


It was also noted that an investment in an associate company was incorrectly recognised as an investment in a subsidiary company. Additionally, further shares at a nominal value of £899 were issued to the comany during the prior year that were not recognised. The balance sheet has therefore been restated to reclassify the investment as one in an associate company and recognise the additional shares issued. The impact of this error has been disclosed below.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Fixed asset investments

-

899

-

Current liabilities

-

(899)

-

   

 

XIV8 Limited

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

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.

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

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

Tax is recognised in profit or loss, except that a charge 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.

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.

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.

 

XIV8 Limited

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

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 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

3

Staff numbers

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

4

Investments

2023
£

(As restated)

2022
£

Investments in subsidiaries

3

2

Investments in associates

900

900

903

902

 

XIV8 Limited

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

Subsidiaries

£

Cost or valuation

At 1 October 2022

2

Additions

1

At 30 September 2023

3

Provision

Carrying amount

At 30 September 2023

3

At 30 September 2022

2

Associates

£

Cost

At 1 October 2022

900

Provision

Carrying amount

At 30 September 2023

900

At 30 September 2022

900

 

XIV8 Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Fourteen Eight Limited

C/o Milsted Langdon LLP
Freshford House
Redcliffe Way
Bristol
BS1 6NL

England and Wales

Ordinary shares

100%

100%

Clifton Outdoor Kitchens Ltd

C/o Milsted Langdon LLP
Freshford House
Redcliffe Way
Bristol
BS1 6NL

England and Wales

Ordinary shares

100%

100%

BBQ Map Ltd

C/o Milsted Langdon LLP
Freshford House
Redcliffe Way
Bristol
BS1 6NL

England and Wales

Ordinary shares

100%

0%

Associates

Navado Talent Limited

6 Merton Road
Frenchay
BS16 2FY
 

Ordinary shares

45%

45%

England and Wales

5

Debtors

Note

2023
£

(As restated)

2022
£

Amounts owed by related parties

7

22,900

10,575

Accrued income

 

712

-

 

23,612

10,575

 

XIV8 Limited

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

6

Creditors

Due within one year

Note

2023
£

(As restated)

2022
£

 

Amounts due to related parties

7

11,000

899

Accruals

 

5,820

1,250

 

16,820

2,149

 

XIV8 Limited

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

7

Related party transactions

Loans to related parties

2023

Subsidiary
£

Key management
£

Total
£

At start of period

9,999

576

10,575

Advanced

12,901

-

12,901

Repaid

-

(576)

(576)

At end of period

22,900

-

22,900

2022

Subsidiary
£

Key management
£

(As restated)

Total
£

Advanced

9,999

576

10,575

At end of period

9,999

576

10,575

Terms of loans to related parties

Loans to subsidiaries are interest free and repayable on demand.
 Loans to key management are interest free and repayable on demand.
 

Loans from related parties

2023

Subsidiary
£

Associates
£

Key management
£

Total
£

At start of period

-

899

-

899

Advanced

10,002

-

99

10,101

At end of period

10,002

899

99

11,000

2022

Associates
£

(As restated)

Total
£

Advanced

899

899

At end of period

899

899

Terms of loans from related parties

Loans from subsidiaries are interest free and repayable on demand.
 Loans from associates are interest free and repayable on demand.
 Loans from key management are interest free and repayable on demand.