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Registration number: 05572017

Xadus Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Xadus Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Xadus Holdings Limited

(Registration number: 05572017)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

219,594

292,792

Tangible assets

5

57,509

69,882

Investments

6

2,425,295

2,425,295

Other financial assets

7

34,823

34,823

 

2,737,221

2,822,792

Current assets

 

Debtors

8

20,370

20,370

Investments

9

217,640

217,640

Cash at bank and in hand

 

345,702

1,034,614

 

583,712

1,272,624

Creditors: Amounts falling due within one year

10

(1,781,431)

(2,007,316)

Net current liabilities

 

(1,197,719)

(734,692)

Total assets less current liabilities

 

1,539,502

2,088,100

Creditors: Amounts falling due after more than one year

10

(390,172)

(623,496)

Net assets

 

1,149,330

1,464,604

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,149,230

1,464,504

Shareholders' funds

 

1,149,330

1,464,604

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Xadus Holdings Limited

(Registration number: 05572017)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 14 February 2025 and signed on its behalf by:
 

.........................................
Mr I Mehdi
Company secretary and director

   
 

Xadus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
125 London Road
Loughton
Milton Keynes
Buckinghamshire
MK5 8AG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings, tools and equipment

20% on cost

Leasehold improvements

10% on cost

Motor vehicles

25% reducing balance

 

Xadus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

5 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Xadus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Xadus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Xadus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

365,990

365,990

At 31 December 2023

365,990

365,990

Amortisation

At 1 January 2023

73,198

73,198

Amortisation charge

73,198

73,198

At 31 December 2023

146,396

146,396

Carrying amount

At 31 December 2023

219,594

219,594

At 31 December 2022

292,792

292,792

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

58,479

4,393

50,680

113,552

Additions

-

625

-

625

At 31 December 2023

58,479

5,018

50,680

114,177

Depreciation

At 1 January 2023

16,569

4,393

22,708

43,670

Charge for the year

5,848

156

6,994

12,998

At 31 December 2023

22,417

4,549

29,702

56,668

Carrying amount

At 31 December 2023

36,062

469

20,978

57,509

At 31 December 2022

41,910

-

27,972

69,882

 

Xadus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

2,425,295

2,425,295

Subsidiaries

£

Cost or valuation

At 1 January 2023

2,978,033

Provision

At 1 January 2023

552,738

Carrying amount

At 31 December 2023

2,425,295

At 31 December 2022

2,425,295

 

Xadus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

34,823

34,823

At 31 December 2023

34,823

34,823

Carrying amount

At 31 December 2023

34,823

34,823

8

Debtors

Current

2023
£

2022
£

Other debtors

20,370

20,370

9

Current asset investments

2023
£

2022
£

Other investments

217,640

217,640

10

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

311,195

266,544

Amounts owed to related parties

1,442,847

1,732,260

Other creditors

 

27,389

8,512

 

1,781,431

2,007,316

Due after one year

 

Loans and borrowings

11

390,172

623,496

 

Xadus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

236,045

440,091

Hire purchase contracts

104,127

98,405

Other borrowings

50,000

85,000

390,172

623,496

2023
£

2022
£

Current loans and borrowings

Bank borrowings

211,046

196,655

Hire purchase contracts

5,149

9,889

Other borrowings

95,000

60,000

311,195

266,544

12

Non adjusting events after the financial period

The 100% controlled subsidiary company, Ashbourne Day Nurseries Limited, declared an interim dividend of £3,200 per Ordinary Share (£320,000) on 31 December 2024.

The directors have advanced £350,000 to Xadus Holdings Limited in the year ended 31 December 2024 to provide extra liquidity for potential future acquisitions.