REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
2X GLOBAL LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
2X GLOBAL LIMITED |
2X GLOBAL LIMITED (REGISTERED NUMBER: 13697512) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
2X GLOBAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: |
34 High Street |
Aldridge |
Walsall |
West Midlands |
WS9 8LZ |
2X GLOBAL LIMITED (REGISTERED NUMBER: 13697512) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
2X GLOBAL LIMITED (REGISTERED NUMBER: 13697512) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
2X Global Limited is a |
On 3rd January 2023, the company changed its name from 2X Collaborative Limited to 2X Global Limited. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Membership income is recognised in the period to which the supply relates. Any deferred income at the period end is recognised in Accruals and deferred income. |
Grants relating to revenue expenditure are recognised in turnover on a systematic basis over the periods in which the entity recognised the related costs for which the grant is intended to compensate. Any deferred income at the period end is recognised in Accruals and deferred income, and any accrued income at the period end is recognised in Prepayments and accrued income. |
Tangible fixed assets |
Plant and machinery etc | - |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties. |
Short term debtors are measured at the transaction price, less any impairment. |
Short term creditors are measured at the transaction price. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
The main activities of 2X Global Limited comprise the provision of a global membership network and as a field-building organisation for investors, these are non-trading activities and not subject to Corporation Tax. |
2X GLOBAL LIMITED (REGISTERED NUMBER: 13697512) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
The Company's functional and presentational currency is GBP. |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The company has cash resources to meet its day to day working capital requirements, Current forecasts indicate the company expects to operate within these facilities for the foreseeable future. Accordingly, the directors believe it is appropriate to prepare the annual financial statements on the going concern basis. |
Cash at bank and in hand |
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Value added tax |
Turnover shown in profit or loss shall exclude VAT and other similar sales taxes on taxable outputs. Expenses shall exclude recoverable VAT and other similar recoverable sales taxes. |
The Company provides both business and non-business supplies, therefore VAT recovery on input VAT is restricted on a proportionate basis to the business activities of the Company. The non-business proportion is recognised under Irrecoverable VAT in the profit and loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
2X GLOBAL LIMITED (REGISTERED NUMBER: 13697512) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 18,572 | - |
Other creditors |
Accruals and deferred income |
At the year end $5,564,545 (£4,370,842) was held in other creditors for pass-through grant funds in relation to the Climate Gender Equity Fund (CGEF). |
2X GLOBAL LIMITED (REGISTERED NUMBER: 13697512) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY TRANSACTIONS |
During the year, two members of the board of directors who are acting in a non-executive capacity received compensation totalling £20,000 (2022 - £20,000). |
9. | MEMBER'S LIABILITY |
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1. |