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Company No: 11051974 (England and Wales)

XL PROPERTY VENTURES LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

XL PROPERTY VENTURES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

XL PROPERTY VENTURES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
XL PROPERTY VENTURES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 520,000 520,000
Investments 75,000 0
595,000 520,000
Current assets
Debtors 4 3,050 4,244
Cash at bank and in hand 87,419 13,959
90,469 18,203
Creditors: amounts falling due within one year 5 ( 280,792) ( 297,537)
Net current liabilities (190,323) (279,334)
Total assets less current liabilities 404,677 240,666
Creditors: amounts falling due after more than one year 6 ( 154,500) 0
Net assets 250,177 240,666
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 250,077 240,566
Total shareholders' funds 250,177 240,666

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 financial statements of XL Property Ventures Limited (registered number: 11051974) were approved and authorised for issue by the Director on 26 April 2024. They were signed on its behalf by:

N Forsyth
Director
XL PROPERTY VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
XL PROPERTY VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

XL Property Ventures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Belvoir Lodge, Upper Oldfield Park, Bath, BA2 3JX, United Kingdom and the registered number is 11051974.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of XL Property Ventures Limited it considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by either external valuers or the directors, and derived on a current market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 520,000
As at 30 November 2023 520,000

Valuation

The 2022 valuation was made by an external valuer, Kent Reliance, on a open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 539,291 528,024

4. Debtors

2023 2022
£ £
Other debtors 3,050 4,244

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 269,502 291,127
Accruals 3,600 3,360
Taxation and social security 4,640 0
Other creditors 3,050 3,050
280,792 297,537

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 154,500 0

The bank loans are secured on Investment properties of the Company with a carrying value of £520,000 (2022: £520,000).

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's directors

During the year the directors maintained a loan account with the company. At year end, the company owed the directors £269,502 (2022: £291,127). No interest has been charged and there are no fixed dates for repayment.