Silverfin false false 31/03/2024 01/04/2023 31/03/2024 M J Hood 24/01/2025 M E Hunter 24/01/2025 12/06/2019 P D Rostas 24/01/2025 12/06/2019 U And I Director 1 Limited 24/01/2025 U And I Director 2 Limited 24/01/2025 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. 12047380 2024-03-31 12047380 bus:Director1 2024-03-31 12047380 bus:Director2 2024-03-31 12047380 bus:Director3 2024-03-31 12047380 bus:Director4 2024-03-31 12047380 bus:Director5 2024-03-31 12047380 2023-03-31 12047380 core:CurrentFinancialInstruments 2024-03-31 12047380 core:CurrentFinancialInstruments 2023-03-31 12047380 core:Non-currentFinancialInstruments 2024-03-31 12047380 core:Non-currentFinancialInstruments 2023-03-31 12047380 core:ShareCapital 2024-03-31 12047380 core:ShareCapital 2023-03-31 12047380 core:RetainedEarningsAccumulatedLosses 2024-03-31 12047380 core:RetainedEarningsAccumulatedLosses 2023-03-31 12047380 core:PlantMachinery 2023-03-31 12047380 core:OfficeEquipment 2023-03-31 12047380 core:ComputerEquipment 2023-03-31 12047380 core:PlantMachinery 2024-03-31 12047380 core:OfficeEquipment 2024-03-31 12047380 core:ComputerEquipment 2024-03-31 12047380 bus:OrdinaryShareClass1 2024-03-31 12047380 2023-04-01 2024-03-31 12047380 bus:FilletedAccounts 2023-04-01 2024-03-31 12047380 bus:SmallEntities 2023-04-01 2024-03-31 12047380 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12047380 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12047380 bus:Director1 2023-04-01 2024-03-31 12047380 bus:Director2 2023-04-01 2024-03-31 12047380 bus:Director3 2023-04-01 2024-03-31 12047380 bus:Director4 2023-04-01 2024-03-31 12047380 bus:Director5 2023-04-01 2024-03-31 12047380 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 12047380 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 12047380 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 12047380 2022-04-01 2023-03-31 12047380 core:PlantMachinery 2023-04-01 2024-03-31 12047380 core:OfficeEquipment 2023-04-01 2024-03-31 12047380 core:ComputerEquipment 2023-04-01 2024-03-31 12047380 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 12047380 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12047380 (England and Wales)

PLUS X BRIGHTON LIMITED

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

PLUS X BRIGHTON LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PLUS X BRIGHTON LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PLUS X BRIGHTON LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 492,535 875,822
492,535 875,822
Current assets
Debtors 4 638,225 696,557
Cash at bank and in hand 129,531 240,279
767,756 936,836
Creditors: amounts falling due within one year 5 ( 227,644) ( 555,209)
Net current assets 540,112 381,627
Total assets less current liabilities 1,032,647 1,257,449
Creditors: amounts falling due after more than one year 6 ( 872,377) ( 1,192,095)
Net assets 160,270 65,354
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 160,170 65,254
Total shareholder's funds 160,270 65,354

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 Brighton Limited (registered number: 12047380) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M J Hood
Director

24 March 2025

PLUS X BRIGHTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PLUS X BRIGHTON 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 Brighton 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 85 Great Portland Street, First Floor, London, W1W 7LT, 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 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 financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 goods and 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.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Interest income

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

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:

Plant and machinery 4 years straight line
Office equipment 5 years straight line
Computer equipment 3 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 and loans to and from related parties.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 14 22

3. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 50,462 1,928,691 50,493 2,029,646
Additions 11,455 9,764 0 21,219
At 31 March 2024 61,917 1,938,455 50,493 2,050,865
Accumulated depreciation
At 01 April 2023 24,286 1,096,183 33,355 1,153,824
Charge for the financial year 12,574 382,920 9,012 404,506
At 31 March 2024 36,860 1,479,103 42,367 1,558,330
Net book value
At 31 March 2024 25,057 459,352 8,126 492,535
At 31 March 2023 26,176 832,508 17,138 875,822

4. Debtors

2024 2023
£ £
Trade debtors 65,482 14,662
Prepayments and accrued income 74,047 172,282
VAT recoverable 26,213 0
Other debtors 472,483 509,613
638,225 696,557

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 63,562 85,349
Accruals and deferred income 75,315 226,005
Other taxation and social security 5,385 40,784
Other creditors 83,382 203,071
227,644 555,209

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

2024 2023
£ £
Other creditors 872,377 1,192,095

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. 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 other wholly owned group undertakings.

9. Ultimate controlling party

Parent Company:

Plus X Holdings Ltd
100 Victoria Street, London, England, SW1E 5JL