Company registration number 04200533 (England and Wales)
XTRAVAGANT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
XTRAVAGANT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
XTRAVAGANT LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,722
30,296
Investment property
4
5,150,000
6,070,000
5,172,722
6,100,296
Current assets
Debtors
5
58,718
141,009
Cash at bank and in hand
37,540
7,020
96,258
148,029
Creditors: amounts falling due within one year
6
(6,216,993)
(6,106,978)
Net current liabilities
(6,120,735)
(5,958,949)
Total assets less current liabilities
(948,013)
141,347
Creditors: amounts falling due after more than one year
7
(10,833)
(20,833)
Net (liabilities)/assets
(958,846)
120,514
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
(958,848)
120,512
Total equity
(958,846)
120,514
XTRAVAGANT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

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

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Mr S Mehan
Director
Company registration number 04200533 (England and Wales)
XTRAVAGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Xtravagant Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Union Property Services Limited, First Floor Cobalt 3.2 Silver Fox Way, Cobalt Business Park, Newcastle upon Tyne, NE27 0QJ.

1.1
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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis which, in the opinion of the directors, is the appropriate basis. The company's ability to continue trading is dependent upon the ongoing support of its shareholders. In the event that the company is unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount.

1.3
Turnover

Turnover represents rents receivable in accordance with the underlying property leases and exclusive of Value Added Tax where there are options to tax on properties.

 

Lease incentives (such as rent free periods) are spread over the entire period of the lease.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Fixtures and fittings
25% reducing balance

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.

XTRAVAGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

 

The methods and significant assumptions used to ascertain the fair value of £5,150,000 and fair value movement of £920,000 debited to the profit/loss for the year are as follows:

 

Investment property was valued on an open market basis on 23 January 2023 by Cluttons LLP, a registered RICS valuer. The values of investment properties sold post the year end have been adjusted to their selling price

 

 

1.6
Impairment of assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.7
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 current liabilities.

1.8
Taxation

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

 

Current and deferred taxation assets and liabilities are not discounted.

Current tax

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.

1.9
Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

XTRAVAGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

1.12

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2023 and 31 May 2024
47,986
Depreciation and impairment
At 1 June 2023
17,690
Depreciation charged in the year
7,574
At 31 May 2024
25,264
Carrying amount
At 31 May 2024
22,722
At 31 May 2023
30,296
XTRAVAGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 June 2023
6,070,000
Revaluations
(920,000)
At 31 May 2024
5,150,000

Investment property has been valued taking into account the investment property sales post the year end.

The historic cost of the investment property is £7,114,950 (2023 £7,114,950).

 

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
39,794
29,850
Other debtors
1,491
1,291
Prepayments and accrued income
17,433
7,731
58,718
38,872
Deferred tax asset (note )
-
0
102,137
58,718
141,009
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
10,000
10,000
Trade creditors
88,369
18,975
Taxation and social security
6,276
6,066
Other creditors
5,970,265
5,928,356
Accruals and deferred income
142,083
143,581
6,216,993
6,106,978
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
10,833
20,833
XTRAVAGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
20,833
30,833
Payable within one year
10,000
10,000
Payable after one year
10,833
20,833
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Operating lease commitments
Lessee

At the reporting end date the company had no outstanding commitments for future minimum lease payments.

2024
2023
£
£
786
3,930
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Other loan interest payable
2024
2023
£
£
Other related parties
212,757
152,210

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
1,937,226
1,937,226
Other related parties
4,021,436
3,979,527
2024
2023
Amounts due from related parties
£
£
Other related parties
1,491
1,291
XTRAVAGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
11
Related party transactions
(Continued)
- 8 -
12
Off balance sheet arrangements

The company's investment property has been provided as security for the bank loan facilities of ASM 9 Limited, a company registered in Jersey.

2024-05-312023-06-01falsefalsefalse27 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMrs A MehanMr S Mehan042005332023-06-012024-05-31042005332024-05-31042005332023-05-3104200533core:FurnitureFittings2024-05-3104200533core:FurnitureFittings2023-05-3104200533core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3104200533core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3104200533core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3104200533core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3104200533core:CurrentFinancialInstruments2024-05-3104200533core:CurrentFinancialInstruments2023-05-3104200533core:ShareCapital2024-05-3104200533core:ShareCapital2023-05-3104200533core:RetainedEarningsAccumulatedLosses2024-05-3104200533core:RetainedEarningsAccumulatedLosses2023-05-3104200533core:ShareCapitalOrdinaryShareClass12024-05-3104200533core:ShareCapitalOrdinaryShareClass12023-05-3104200533bus:Director22023-06-012024-05-3104200533core:FurnitureFittings2023-06-012024-05-31042005332022-06-012023-05-3104200533core:FurnitureFittings2023-05-31042005332023-05-3104200533core:Non-currentFinancialInstruments2024-05-3104200533core:Non-currentFinancialInstruments2023-05-3104200533bus:OrdinaryShareClass12023-06-012024-05-3104200533bus:OrdinaryShareClass12024-05-3104200533bus:OrdinaryShareClass12023-05-3104200533bus:PrivateLimitedCompanyLtd2023-06-012024-05-3104200533bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3104200533bus:FRS1022023-06-012024-05-3104200533bus:AuditExemptWithAccountantsReport2023-06-012024-05-3104200533bus:Director12023-06-012024-05-3104200533bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP