Registered number
06790809
Xplore Local World Limited
Unaudited Filleted Accounts
31 January 2024
Xplore Local World Limited
Registered number: 06790809
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 2,100,100 2,100,200
Current assets
Debtors 4 1,112,351 64,104
Creditors: amounts falling due within one year 5 (1,402,247) (354,100)
Net current liabilities (289,896) (289,996)
Net assets 1,810,204 1,810,204
Capital and reserves
Called up share capital 1,273 1,273
Share premium 1,808,931 1,808,931
Shareholders' funds 1,810,204 1,810,204
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 members have 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 World 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).
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 February 2023 2,100,200
Disposals (100)
At 31 January 2024 2,100,100
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,112,351 64,054
Other debtors - 50
1,112,351 64,104
5 Creditors: amounts falling due within one year 2024 2023
£ £
Convertible loan - 28/10/2023 - 300,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 100
Other creditors 1,402,247 54,000
1,402,247 354,100
The Convertible Loan of £300,000 was for a term of 36 months, repayable by 28/10/2023. Interest is payable at 8% per annum and has been accrued in the Accounts. The Loan, together with accrued interest was not repaid by the due date and hence was converted into shares on 21/03/2024 and is included in Other Creditors at the year end.
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
G.H. Barden
Overdrawn director's loan account 50 - (50) -
50 - (50) -
7 Controlling party
The company is ultimately controlled by G. H. Barden.
8 Other information
Xplore Local World 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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