Company registration number 14516836 (England and Wales)
XCELSIOR CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
XCELSIOR CAPITAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
XCELSIOR CAPITAL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
$
$
$
$
Fixed assets
Tangible assets
3
1,296
973
Investments
4
11
1,307
973
Current assets
Debtors
5
47,984
29,671
Cash at bank and in hand
691,850
1,037,628
739,834
1,067,299
Creditors: amounts falling due within one year
6
(34,905)
(7,429)
Net current assets
704,929
1,059,870
Net assets
706,236
1,060,843
Capital and reserves
Called up share capital
12
12
Share premium account
1,174,988
1,174,988
Profit and loss reserves
(468,764)
(114,157)
Total equity
706,236
1,060,843
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
L Farley
J A H Macfarlane
Director
Director
Company registration number 14516836 (England and Wales)
XCELSIOR CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Xcelsior Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN. The principal place of business is 4 The Sanctuary, Westminster, London, SW1P 3JS.
1.1
Reporting period
The comparatives in these financial statements cover the period from the date of incorporation on 30 November 2022 to 30 September 2023, and therefore are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in the US Dollar, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% Straight Line
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
XCELSIOR CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
2
1
XCELSIOR CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
$
Cost
At 1 October 2023
1,038
Additions
666
At 30 September 2024
1,704
Depreciation and impairment
At 1 October 2023
65
Depreciation charged in the year
343
At 30 September 2024
408
Carrying amount
At 30 September 2024
1,296
At 30 September 2023
973
4
Fixed asset investments
2024
2023
$
$
Shares in group undertakings and participating interests
11
Movements in fixed asset investments
Shares in subsidiaries
$
Cost or valuation
At 1 October 2023
-
Additions
11
At 30 September 2024
11
Carrying amount
At 30 September 2024
11
At 30 September 2023
-
XCELSIOR CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
275
Other debtors
47,709
29,671
47,984
29,671
6
Creditors: amounts falling due within one year
2024
2023
$
$
Amounts owed to group undertakings
10
Taxation and social security
4,882
Other creditors
34,895
2,547
34,905
7,429
7
Related party transactions
In the prior year the company advanced $3,586 to a director. During the year the company advanced a further $1,222 and received repayments of $4,552. The balance outstanding at the balance sheet date was $255. The balance is unsecured, interest free and repayable on demand.
During the year the company advanced $700,000 to an associate company. The amount was fully repaid in the year. The company charged interest on the loan of $44,426, of which $3,146 was outstanding at the balance sheet date.
During the year the company advanced $6,123 to a subsidiary, of which $154 remained outstanding at the balance sheet date. The balance is unsecured, interest free and repayable on demand.
During the year the company incurred management fees from an associate of $18,000, which remained outstanding at the balance sheet date.
XCELSIOR CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
8
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Xcelsior Capital Advisors Limited
England
Investment Holding Company
Ordinary
100.00
Xcelsior Capital Managment Limited
England
Investment Holding Company
Ordinary
100.00
Both subsidiaries were dormant for the period covered by the financial statements, and as a result, no profit or loss is shown.