Registered number
07503285
Xplore Local Limited
Unaudited Filleted Accounts
31 January 2024
Xplore Local Limited
Registered number: 07503285
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 734,609 669,388
Current assets
Debtors 4 43,992 21,016
Cash at bank and in hand 1,229 4,695
45,221 25,711
Creditors: amounts falling due within one year 5 (1,464,268) (1,370,338)
Net current liabilities (1,419,047) (1,344,627)
Total assets less current liabilities (684,438) (675,239)
Creditors: amounts falling due after more than one year 6 (451,619) (23,033)
Net liabilities (1,136,057) (698,272)
Capital and reserves
Called up share capital 2,100,100 2,100,100
Profit and loss account (3,236,157) (2,798,372)
Shareholder's funds (1,136,057) (698,272)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G.H. Barden
Director
Approved by the board on 31 October 2024
Xplore Local Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Software over 10 years from the date brought into use
Office equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 7
3 Tangible fixed assets
Software Office equipment Total
£ £ £
Cost
At 1 February 2023 691,161 7,113 698,274
Additions 142,645 653 143,298
At 31 January 2024 833,806 7,766 841,572
Depreciation
At 1 February 2023 22,073 6,813 28,886
Charge for the year 77,855 222 78,077
At 31 January 2024 99,928 7,035 106,963
Net book value
At 31 January 2024 733,878 731 734,609
At 31 January 2023 669,088 300 669,388
4 Debtors 2024 2023
£ £
Other debtors 43,992 21,016
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 29,086 28,709
Trade creditors 193,279 130,761
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,112,351 64,055
Taxation and social security costs 31,428 113,991
Director's current account 1,339 -
Other creditors 96,785 1,032,822
1,464,268 1,370,338
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,649 23,033
Other creditors 430,970 -
451,619 23,033
7 Prior year adjustment
The prior year adjustment noted in the previous year's accounts related to software that had previously been incorrectly categorised as an intangible asset due to a misunderstanding by the director of the appropriate accounting treatment. The software was transferred to tangible fixed assets and the related depreciation was written back as a prior year adjustment.
8 Events after the reporting date
The company is dependent upon the continued support of its holding company and its director, without which the company would not be a going concern.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
G.H. Barden
Overdrawn director's loan account 1,320 - (1,320) -
1,320 - (1,320) -
10 Controlling party
The company is a wholly owned subsidiary of Xplore Local World Limited. G H Barden is the untimate controlling party of Xplore Local World Limited.
11 Other information
Xplore Local Limited is a private company limited by shares and incorporated in England. Its registered office is:
Newark Works 2 Foundry Way
South Quays
Bath
Avon
BA2 3DZ
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