IRIS Accounts Production v25.1.0.734 08617887 Board of Directors 1.11.22 31.10.23 31.10.23 property development and management. 0 0 true false true true false false true false 0 0 Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh086178872022-10-31086178872023-10-31086178872022-11-012023-10-31086178872021-10-31086178872021-11-012022-10-31086178872022-10-3108617887ns15:EnglandWales2022-11-012023-10-3108617887ns14:PoundSterling2022-11-012023-10-3108617887ns10:Director12022-11-012023-10-3108617887ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3108617887ns10:FRS1022022-11-012023-10-3108617887ns10:Audited2022-11-012023-10-3108617887ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-11-012023-10-3108617887ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-11-012023-10-3108617887ns10:FullAccounts2022-11-012023-10-3108617887ns10:OrdinaryShareClass12022-11-012023-10-3108617887ns10:Director22022-11-012023-10-3108617887ns10:RegisteredOffice2022-11-012023-10-3108617887ns5:CurrentFinancialInstruments2023-10-3108617887ns5:CurrentFinancialInstruments2022-10-3108617887ns5:Non-currentFinancialInstruments2023-10-3108617887ns5:Non-currentFinancialInstruments2022-10-3108617887ns5:ShareCapital2023-10-3108617887ns5:ShareCapital2022-10-3108617887ns5:RetainedEarningsAccumulatedLosses2023-10-3108617887ns5:RetainedEarningsAccumulatedLosses2022-10-3108617887ns5:ShareCapital2021-10-3108617887ns5:RetainedEarningsAccumulatedLosses2021-10-3108617887ns5:RetainedEarningsAccumulatedLosses2021-11-012022-10-3108617887ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3108617887ns5:ReportableOperatingSegment12022-11-012023-10-3108617887ns5:ReportableOperatingSegment12021-11-012022-10-3108617887ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-11-012023-10-3108617887ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2021-11-012022-10-310861788742022-11-012023-10-310861788742021-11-012022-10-3108617887132022-11-012023-10-3108617887132021-11-012022-10-3108617887ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3108617887ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3108617887ns5:Non-currentFinancialInstruments2022-11-012023-10-3108617887ns5:Secured2023-10-3108617887ns5:Secured2022-10-3108617887ns5:OtherProvisionsContingentLiabilities2022-11-012023-10-3108617887ns5:OtherProvisionsContingentLiabilities2023-10-3108617887ns10:OrdinaryShareClass12023-10-3108617887ns5:RetainedEarningsAccumulatedLosses2022-10-31086178871ns10:Director12022-10-31086178871ns10:Director12021-10-31086178871ns10:Director12022-11-012023-10-31086178871ns10:Director12021-11-012022-10-31086178871ns10:Director12023-10-31086178871ns10:Director12022-10-3108617887ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-11-012023-10-3108617887ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-10-3108617887ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-10-3108617887ns5:OtherRelatedParties2022-11-012023-10-3108617887ns5:OtherRelatedParties2023-10-3108617887ns5:OtherRelatedParties2022-10-31
REGISTERED NUMBER: 08617887 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2023

for

X1 Media City Limited

X1 Media City Limited (Registered number: 08617887)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


X1 Media City Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mrs L Smith
Stoneoak Investments Limited





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 08617887 (England and Wales)





AUDITORS: Xeinadin Audit Limited
116 Duke Street
Liverpool
England
L1 5JW

X1 Media City Limited (Registered number: 08617887)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
The company, X1 Media City Limited acquires land to develop into high specification apartments that are mainly purchased by overseas investors. The wider X1 group has attracted extensive investment in the UK and around the world and established an outstanding track record for high end buy to let properties.

The results for the year show sales revenue of £48m and a gross profit margin of 12%.

Whilst the company does not have any direct employees the construction of the developments generates high levels of local employment through the main contractor on site.

The company is developing six different towers, X1 Eastbank, X1 The Plaza and X1 Media City Towers 1 to 4. At 31st October 2023 five of the six towers have completed. In the year to 31 October 2024 a further £9m of sales have completed in respect of Media City Tower 3. At the date of this report construction has begun on Tower 4 with completion expected in 2026. As each tower completes the net asset position of the company improves and at 31 October 2023 the company is in a net asset position.

The company is now focused on delivering the final tower at Media City. We expect both year end 2023 and 2024 to be another successful year for this company and the wider group with further developments now in the planning stages.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks that are faced by the company are the availability of finance and the continued interest from investors. Financial risk is minimised by ensuring a high demand for our developments and investor satisfaction. The company has support from within the group and several third party lenders as well as investors. The company ensures it meets its liabilities as they fall due.

The Company has had the availability of profits from the wider group to generate cash and reduce the requirement for external funding and increased interest rates. 2024-25 has seen a reduction in the Bank of England base rate that is being passed on to consumers with lower rates for funding required.

The company ensures that the pricing applied to off plan sales is sufficient to cover any potential price increases that may occur on contract variations. The business model of off plan sales and staged deposits reduces cash flow risk and the requirement for funding.

ON BEHALF OF THE BOARD:





Mrs L Smith - Director


11 June 2025

X1 Media City Limited (Registered number: 08617887)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2023.

FUTURE DEVELOPMENTS
Information regarding future developments is included in the strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Mrs L Smith
Stoneoak Investments Limited

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs L Smith - Director


11 June 2025

Report of the Independent Auditors to the Members of
X1 Media City Limited

Opinion
We have audited the financial statements of X1 Media City Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
X1 Media City Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
X1 Media City Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and Assessing Potential Risks Related to Irregularities
- Enquiring of management, including obtaining and reviewing supporting documentation concerning the company’s policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations
- discussing among the engagement team including significant component audit teams and involving relevant internal specialists, including tax, valuations, pensions and IT regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006, Pension legislation, Tax legislation, and Health and Safety requirements.


Audit Response to Risks Identified
In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
X1 Media City Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Philip Harrison (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
116 Duke Street
Liverpool
England
L1 5JW

11 June 2025

X1 Media City Limited (Registered number: 08617887)

Income Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 3 48,185,477 290,252

Cost of sales 42,367,391 204,829
GROSS PROFIT 5,818,086 85,423

Administrative expenses 311,230 533,179
5,506,856 (447,756 )

Other operating income 59,818 566,068
OPERATING PROFIT 5 5,566,674 118,312

Interest receivable and similar income 64,864 56,884
5,631,538 175,196

Interest payable and similar expenses 7 3,541,564 2,293,065
PROFIT/(LOSS) BEFORE TAXATION 2,089,974 (2,117,869 )

Tax on profit/(loss) 8 (63,867 ) -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

2,153,841

(2,117,869

)

X1 Media City Limited (Registered number: 08617887)

Other Comprehensive Income
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 2,153,841 (2,117,869 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,153,841

(2,117,869

)

X1 Media City Limited (Registered number: 08617887)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
CURRENT ASSETS
Stocks 9 27,379,104 48,166,838
Debtors 10 29,784,652 31,471,047
Cash at bank 351,075 175,907
57,514,831 79,813,792
CREDITORS
Amounts falling due within one year 11 54,954,213 81,859,790
NET CURRENT ASSETS/(LIABILITIES) 2,560,618 (2,045,998 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,560,618

(2,045,998

)

CREDITORS
Amounts falling due after more than one
year

12

(2,291,653

)

-

PROVISIONS FOR LIABILITIES 15 (161,122 ) -
NET ASSETS/(LIABILITIES) 107,843 (2,045,998 )

CAPITAL AND RESERVES
Called up share capital 16 1 1
Retained earnings 17 107,842 (2,045,999 )
SHAREHOLDERS' FUNDS 107,843 (2,045,998 )

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by:





Mrs L Smith - Director


X1 Media City Limited (Registered number: 08617887)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 1 71,870 71,871

Changes in equity
Total comprehensive income - (2,117,869 ) (2,117,869 )
Balance at 31 October 2022 1 (2,045,999 ) (2,045,998 )

Changes in equity
Total comprehensive income - 2,153,841 2,153,841
Balance at 31 October 2023 1 107,842 107,843

X1 Media City Limited (Registered number: 08617887)

Cash Flow Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 16,861,828 (26,304,595 )
Interest paid (3,480,944 ) (2,293,065 )
Finance costs paid (60,620 ) -
Tax paid 65,759 -
Net cash from operating activities 13,386,023 (28,597,660 )

Cash flows from investing activities
Amounts loaned to participating interest (3,855,044 ) -
Interest received 64,864 56,884
Net cash from investing activities (3,790,180 ) 56,884

Cash flows from financing activities
New loans in year - 6,811,023
Loan repayments in year (778,094 ) -
Intercompany loan repayments (7,049,479 ) 22,281,097
Payments on account (415,204 ) 66,405
Amount withdrawn by directors (1,177,898 ) (711,964 )
Net cash from financing activities (9,420,675 ) 28,446,561

Increase/(decrease) in cash and cash equivalents 175,168 (94,215 )
Cash and cash equivalents at beginning of
year

2

175,907

270,122

Cash and cash equivalents at end of year 2 351,075 175,907

X1 Media City Limited (Registered number: 08617887)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.10.23 31.10.22
£    £   
Profit/(loss) before taxation 2,089,974 (2,117,869 )
Guarantee provision 161,121 -
Sales deposits held (16,589,633 ) -
Finance costs 3,541,564 2,293,065
Finance income (64,864 ) (56,884 )
(10,861,838 ) 118,312
Decrease/(increase) in stocks 20,787,734 (26,353,263 )
Decrease in trade and other debtors 3,336,572 593,381
Increase/(decrease) in trade and other creditors 3,599,360 (663,025 )
Cash generated from operations 16,861,828 (26,304,595 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 351,075 175,907
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 175,907 270,122


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank 175,907 175,168 351,075
175,907 175,168 351,075
Debt
Debts falling due within 1 year (18,322,897 ) 10,242,177 (8,080,720 )
Debts falling due after 1 year - (2,291,653 ) (2,291,653 )
(18,322,897 ) 7,950,524 (10,372,373 )
Total (18,146,990 ) 8,125,692 (10,021,298 )

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

X1 Media City Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.


Key accounting estimates- provisions

Upon the sale of property to an investor the company guarantees a return of a specified amount for a specified period of time. The rental income received on the property may not always meet the liability due to running costs and vacant periods so a provision is made against this cost. The provision is reviewed and updated annually. The provision included at 31 October 2023 is £161,122.

Turnover
The company's turnover, derived from ordinary activities and excluding VAT where applicable, represents property income from the sale of developed properties. Income from property sales is recognised when the sale completes.

Government grants
Government grants are accounted for under the accruals model of FRS 102 Section 24. During the year the company has received a grant from Homes England in respect of cladding costs that the company is incurring to ensure the safety of a previous development. A grant that becomes receivable as compensation for expenses or losses already incurred of for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable. Grant income of £59,818 (2022: £560,515) has been received during the year and is included within other operating income.

Stocks
Stock and work in progress represents real estate inventory held for short term sale. The total value represents two developments totalling more that 500 units.

Work in progress in recorded at the lower of cost and net realisable value. Sale completion occurs as soon as the construction is complete. Any deposits that are held on exchange of the units are recorded in creditors due within one year as payments on account. Income is not recognised in the financial statement until the sale completes and the title passes to the buyer.

The company develop this property for short term sale rather than for long term capital appreciation or rental income.

Work in progress is assessed at the end of the reporting date for any signs of impairment.

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Deep discounted bonds
The company has issued several deep discounted bonds that have redemption dates varying from within one year to more that one year. The bonds attract interest at 12%,through the profit and loss account. The bonds are stated at ammortised cost.

Loans
Loans are initially recognised at the fair value of the proceeds, net of related transaction costs. The loans are then stated at amortised cost using the effective interest method.

Payments on account
Prior to sale completion the buyer will place a reservation fee and a deposit on the property and this is deferred until the sale completes. The funds are then used to fund the development and also other developments within the group.

Inter company balances
Balances due from/to related parties are recorded at cost less impairment. All balances are repayable on demand and are interest free. Any impairment losses would be taken to the profit and loss account. There are no impairment losses in the year.

Other debtors
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. TURNOVER

The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.10.23 31.10.22
£    £   
Property sales 48,185,477 290,252
48,185,477 290,252

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 October 2023 nor for the year ended 31 October 2022.

The average number of employees during the year was NIL (2022 - NIL).

31.10.23 31.10.22
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

31.10.23 31.10.22
£    £   
Auditors' remuneration 12,000 5,000
Other non- audit services 15,905 14,190

6. EXCEPTIONAL ITEMS
31.10.23 31.10.22
£    £   
Exceptional items (59,817 ) (401,829 )

Exceptional items in the current and previous year relate to costs that have been incurred in relation to cladding repairs on a development that was completed in 2017. During the year the company has received a grant from Homes England in respect of these cladding costs. The grant is included in other operating income and is equal to the costs incurred during the year.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
£    £   
Deep discount bond interest 1,271,318 1,379,717
Loan 2,209,626 913,348
Arrangement fee 60,620 -
3,541,564 2,293,065

Included in interest payable is £1,775,286 (2022 £666,984) to group undertakings.

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 1,892 -
Prior period adjustment (65,759 ) -

Tax on profit/(loss) (63,867 ) -

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.23 31.10.22
£    £   
Profit/(loss) before tax 2,089,974 (2,117,869 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
22.270% (2022 - 19%)

465,437

(402,395

)

Effects of:
Expenses not deductible for tax purposes - 7,969
Income not taxable for tax purposes - (1,055 )
Utilisation of tax losses (395,481 ) -
Adjustments to tax charge in respect of previous periods (65,759 ) -
Losses not utilised - 395,481
Changes in corporation tax rates (68,064 ) -
Total tax credit (63,867 ) -

The UK corporation tax rate increased from 19% to 25% on 1 April 2023. The effective rate of tax for the year is 22.27%.

9. STOCKS
31.10.23 31.10.22
£    £   
Work-in-progress 27,379,104 48,166,838

Work in progress relates to developed land and property. The secured loans are secured on land and buildings included in work in progress. The value of work in progress pledged as security is £12,343,071 (2022 £37,008,970).

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 282,000 -
Amounts owed by group undertakings 1 1,739,187
Amounts owed by participating interests 2,937,835 -
Other debtors 22,535,240 24,436,333
Payments on account 170,682 1,045,374
Directors' current accounts 3,458,463 2,280,565
VAT 137,107 136,910
Prepayments and accrued income 263,324 1,832,678
29,784,652 31,471,047

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Deep discounted bonds (see note 13) 6,746,664 14,939,429
Other loans (see note 13) 1,334,056 3,383,468
Payments on account 21,447,236 38,452,073
Trade creditors 927,601 841,794
Amounts owed to group undertakings 10,008,691 22,678,282
Amounts owed to participating interests 12,963,717 -
Tax 1,892 -
Other creditors 1,108,105 1,361,728
Accruals and deferred income 416,251 203,016
54,954,213 81,859,790

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Deep discounted bonds (see note 13) 2,291,653 -

Deep discounted bonds due after more than one year mature between November 2024 and January 2025. The rate of interest is fixed at 12% per annum.

13. LOANS

An analysis of the maturity of loans is given below:

31.10.23 31.10.22
£    £   
Amounts falling due within one year or on demand:
Deep discounted bond 6,746,664 14,939,429
Other loans 1,334,056 3,383,468
8,080,720 18,322,897

Amounts falling due between one and two years:
Deep discounted bond 2,291,653 -

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

13. LOANS - continued

Deep discounted bonds are between 1 and 2 years. The loans are unsecured and attract interest at 12% per annum.

Other loans relate to a secured loan from District and County Investments Limited, interest is charged at 14.15% per annum, the loan is repaid within one year and is secured over land and buildings included in work in progress.

Secured loans from Oakmore Investments Limited, a fellow subsidiary, are repayable on demand and carry interest at 14.15% per annum. The loan is secured over land and buildings included in work in progress of this company and of fellow subsidiaries, X1 The Landmark Limited and X1 Chatham Waters Limited.

14. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Other loans 1,334,056 3,383,468
Amounts owing to group 7,854,376 13,613,784
9,188,432 16,997,252

Oakmore Investments Limited hold a charge on land included in work in progress in relation to a loan that is classified as amounts owing to group undertakings. In relation to the secured loan, Oakmore Investments Limited holds charges over land and buildings owned by X1 The Landmark Limited and X1 Chatham Waters Limited..

District and County Investments Limited holds a charge over land and buildings included in work in progress in respect of other loans.

15. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Other provisions 161,122 -

Other
provisions
£   
Provided during year 161,122
Balance at 31 October 2023 161,122

Provisions (described in Note 2) represent the future commitment in relation to the sale of property and the guarantees given to the buyer on completion.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
1 Ordinary £1 1 1

Each share carries one vote and has the right to receive dividends.

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

17. RESERVES
Retained
earnings
£   

At 1 November 2022 (2,045,999 )
Profit for the year 2,153,841
At 31 October 2023 107,842

18. ULTIMATE PARENT COMPANY

The immediate parent company is Stoneoak Investments Limited a company registered in Gibraltar, registered office No.1 Grand Ocean Plaza, Ocean Village, Gibraltar.

The ultimate parent company is The Acorn Group Limited (previously named Quartz Holdings Limited), a company registered in Guernsey, registered office Roseneath, The Grange, St Peter Port, Guernsey, GY1 2QJ.

The results of this company are not included in the consolidation of Quartz Holdings Limited as Quartz Holdings Limited does not exercise control over X1 Media City Limited.

In the opinion of the directors there is no controlling party.

19. OTHER FINANCIAL COMMITMENTS

Together Commercial Finance Limited and Charles Street Commercial Investments Limited hold a charge over land and property included in work in progress in respect of a loan that has been provided to X1 Manchester Waters Limited, a company that is controlled by the director of X1 Media City Limited.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Mrs L Smith
Balance outstanding at start of year 2,280,565 1,568,601
Amounts advanced 1,177,898 711,964
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,458,463 2,280,565

Interest has been charged at 3% . The loan is repayable on demand.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

X1 Media City Limited (Registered number: 08617887)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

21. RELATED PARTY DISCLOSURES - continued

Entities with control, joint control or significant influence over the entity
31.10.23 31.10.22
£    £   
Interest (1,918,406 ) (466,984 )
Amount due to related party (7,854,376 ) (13,613,784 )

Other related parties
31.10.23 31.10.22
£    £   
Amount due from related party 23,931,604 24,303,227
Amount due to related party (15,118,030 ) (10,213,084 )

Together Commercial Finance Limited and Charles Street Commercial Investments Limited hold a charge over land and property included in work in progress in respect of a loan that has been provided to X1 Manchester Waters Limited, a company that is controlled by the director of X1 Media City Limited.

22. ULTIMATE CONTROLLING PARTY

The immediate parent company is Stoneoak Investments Limited. The ultimate parent company is Quartz Holdings Limited, a company registered in Guernsey. Registered office address is Roseneath, The Grange, St Peter Port, Guernsey, GY1 2QJ.

In the opinion of the directors there is no ultimate controlling party.