Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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Investments |
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595,000 | 520,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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90,469 | 18,203 | |||
Creditors: amounts falling due within one year | 5 | (
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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 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of XL Property Ventures Limited (registered number:
N Forsyth
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
The fair value is determined annually by either external valuers or the directors, and derived on a current market value for existing use basis.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 December 2022 |
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As at 30 November 2023 |
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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 |
2023 | 2022 | ||
£ | £ | ||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to directors |
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Accruals |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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.