On 27 June 2022, there was a reclassification of 10,000 ordinary shares with a nominal value of £0.000001 each which were changed to 10,000 deferred shares with a nominal value of £0.000001 each.
To the passing of the resolution noted above, the directors of the Company, having made a solvency statement on 27 June 2022 in accordance with Section 643 of the Companies Act 2006, shall reduce the issued capital of the Company from an aggregate nominal value of £0.1258 to an aggregate nominal value of £0.1158 by cancelling and extinguishing 10,000 deferred shares with a nominal value of £0.000001 each in issue and that the amount arising from such cancellation of share capital be carried to the distribitable reserves of the Company.
As at 31 December 2024, there were 115,800 ordinary shares in issue with a nominal value of £0.000001 each.
Capital contribution reserve
Capital contributions are not recognised under the Companies Act 2006.
Xploro Ltd received a capital contribution from Xploro Inc of £639,223 ($800,000) (2023 £1,138,934, $1,450,000 USD) during the year.
Further to the above, the Boards of Xploro Inc and Xploro Limited agreed that:
I.Xploro Inc would make a capital contribution of $800,000 to Xploro Limited which is intended to be a contribution to the non-distributable capital of Xploro Limited.
II.The contribution is not intended to be repayable and is not intended to be interest-bearing
III.The contribution is not to be regarded as a contribution to the Profit and Loss Account reserves or any other distributable reserves of Xploro Limited.
IV.The contribution should be accounted for by Xploro Limited as a capital contribution reserve in the bottom half of the balance sheet.