Silverfin false false 31/03/2024 01/04/2023 31/03/2024 R J Blackwell 29/04/2022 M E Hunter 24/01/2025 23/11/2018 P D Rostas 24/01/2025 13/07/2018 J O Taylor 29/04/2022 24 March 2025 The principal activity of the company is to create work spaces that unlock potential, driving business growth and innovation, community collaboration and positive social impact. The company is also the holding company for a group of companies. 11462530 2024-03-31 11462530 bus:Director1 2024-03-31 11462530 bus:Director2 2024-03-31 11462530 bus:Director3 2024-03-31 11462530 bus:Director4 2024-03-31 11462530 2023-03-31 11462530 core:CurrentFinancialInstruments 2024-03-31 11462530 core:CurrentFinancialInstruments 2023-03-31 11462530 core:Non-currentFinancialInstruments 2024-03-31 11462530 core:Non-currentFinancialInstruments 2023-03-31 11462530 core:ShareCapital 2024-03-31 11462530 core:ShareCapital 2023-03-31 11462530 core:SharePremium 2024-03-31 11462530 core:SharePremium 2023-03-31 11462530 core:RetainedEarningsAccumulatedLosses 2024-03-31 11462530 core:RetainedEarningsAccumulatedLosses 2023-03-31 11462530 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 11462530 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 11462530 core:ComputerEquipment 2023-03-31 11462530 core:ComputerEquipment 2024-03-31 11462530 core:CostValuation 2023-03-31 11462530 core:CostValuation 2024-03-31 11462530 bus:OrdinaryShareClass1 2024-03-31 11462530 bus:OrdinaryShareClass2 2024-03-31 11462530 bus:OrdinaryShareClass3 2024-03-31 11462530 bus:PreferenceShareClass1 2024-03-31 11462530 2023-04-01 2024-03-31 11462530 bus:FilletedAccounts 2023-04-01 2024-03-31 11462530 bus:SmallEntities 2023-04-01 2024-03-31 11462530 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11462530 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11462530 bus:Director1 2023-04-01 2024-03-31 11462530 bus:Director2 2023-04-01 2024-03-31 11462530 bus:Director3 2023-04-01 2024-03-31 11462530 bus:Director4 2023-04-01 2024-03-31 11462530 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-04-01 2024-03-31 11462530 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 11462530 2022-04-01 2023-03-31 11462530 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 11462530 core:ComputerEquipment 2023-04-01 2024-03-31 11462530 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 11462530 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 11462530 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 11462530 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 11462530 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 11462530 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 11462530 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 11462530 bus:PreferenceShareClass1 2023-04-01 2024-03-31 11462530 bus:PreferenceShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11462530 (England and Wales)

PLUS X HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PLUS X HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PLUS X HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PLUS X HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 92,557 43,025
Tangible assets 5 23,177 32,120
Investments 6 201 201
115,935 75,346
Current assets
Debtors 7 762,231 460,507
Cash at bank and in hand 491,901 1,244,499
1,254,132 1,705,006
Creditors: amounts falling due within one year 8 ( 766,699) ( 735,857)
Net current assets 487,433 969,149
Total assets less current liabilities 603,368 1,044,495
Creditors: amounts falling due after more than one year 9 ( 5,088,921) ( 2,544,419)
Net liabilities ( 4,485,553) ( 1,499,924)
Capital and reserves
Called-up share capital 10 1,800 1,800
Share premium account 2,598,700 2,598,700
Profit and loss account ( 7,086,053 ) ( 4,100,424 )
Total shareholder's deficit ( 4,485,553) ( 1,499,924)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Plus X Holdings Limited (registered number: 11462530) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R J Blackwell
Director

24 March 2025

PLUS X HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PLUS X HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Plus X Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 100 Victoria Street, London, SW1E 5JL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

U and I Group Limited, the JV partner and funder of the company, have confirmed that they will provide sufficient funds to cover at least 12 months of trading, from the date of signing the accounts.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Prior year adjustment

A prior year adjustment has been recognised to correct the capital accounts. There has been no affect on reserves.

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Called-up share capital 2,300 (500) 1,800
Share premium account 3,098,200 (499,500) 2,598,700
Creditors: amounts falling due after more than one year 2,044,419 500,000 2,544,419

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 25 21

4. Intangible assets

Website costs Total
£ £
Cost
At 01 April 2023 95,278 95,278
Additions 77,100 77,100
At 31 March 2024 172,378 172,378
Accumulated amortisation
At 01 April 2023 52,253 52,253
Charge for the financial year 27,568 27,568
At 31 March 2024 79,821 79,821
Net book value
At 31 March 2024 92,557 92,557
At 31 March 2023 43,025 43,025

5. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 48,263 48,263
Additions 1,004 1,004
At 31 March 2024 49,267 49,267
Accumulated depreciation
At 01 April 2023 16,143 16,143
Charge for the financial year 9,947 9,947
At 31 March 2024 26,090 26,090
Net book value
At 31 March 2024 23,177 23,177
At 31 March 2023 32,120 32,120

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 201
At 31 March 2024 201
Carrying value at 31 March 2024 201
Carrying value at 31 March 2023 201

7. Debtors

2024 2023
£ £
Trade debtors 121,303 68,856
Prepayments and accrued income 110,003 169,075
VAT recoverable 0 7,591
Other debtors 530,925 214,985
762,231 460,507

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 120,112 81,351
Accruals and deferred income 121,602 94,763
Other taxation and social security 48,766 50,129
Other creditors 476,219 509,614
766,699 735,857

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 5,088,921 2,544,419

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
25,000 Ordinary A shares of £ 0.01 each 250 250
25,000 Ordinary B shares of £ 0.01 each 250 250
50,000 Ordinary C shares of £ 0.01 each 500 500
1,000 1,000
80,000 Redeemable preference shares of £ 0.01 each 800 800
1,800 1,800

11. Related party transactions

Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with wholly owned group undertakings.