REGISTERED NUMBER: 03101757 (England and Wales)

XL Properties Ltd

Financial Statements for the Year Ended 31st July 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Deborah Lucas

Jonathan Lucas

REGISTERED OFFICE:

Elstead House

Mill Lane

Alton

Hampshire

GU34 2QJ

REGISTERED NUMBER:

03101757 (England and Wales)

ACCOUNTANTS:

Sheen Stickland

Chartered Accountants

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

FIXED ASSETS

Investments

4

580,540

580,540

Investment property

5

4,765,289

4,765,289

5,345,829

5,345,829

CURRENT ASSETS

Debtors

6

13,542

19,222

Cash at bank

162,903

16,025

176,445

35,247

CREDITORS

Amounts falling due within one year

7

(679,956

)

(883,858

)

NET CURRENT LIABILITIES

(503,511

)

(848,611

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,842,318

4,497,218

CAPITAL AND RESERVES

Called up share capital

1

1

Capital redemption reserve

1,005,019

1,005,019

Retained earnings

3,837,298

3,492,198

4,842,318

4,497,218

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th April 2026 and were signed on its behalf by:

Jonathan Lucas - Director

1.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. XL Properties Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Elstead House, Mill Lane, Alton, Hampshire, GU34 2QJ. The registration number is 03101757.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

Going Concern

The accounts have been prepared on a going concern basis, despite the current liabilities exceeding current assets. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have also confirmed that if required they will continue to provide financial and other support to the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is included at fair value, determined annually by the directors, based on their knowledge of the market and industry information. Any aggregate surplus of deficit arising from changes in fair value is recognised in profit or loss. Deferred tax is provided on this gains at the rate expected to apply when the property is sold.No depreciation is provided.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents

These comprise cash at bank and other short term liquid investments.

Debtors

Short term debtors are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

Impairment of fixed assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	FIXED ASSET INVESTMENTS

Other

investmen

£

COST

At 1st August 2024

and 31st July 2025

580,540

NET BOOK VALUE

At 31st July 2025

580,540

At 31st July 2024

580,540

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st August 2024

and 31st July 2025

4,765,289

NET BOOK VALUE

At 31st July 2025

4,765,289

At 31st July 2024

4,765,289

Fair Value at 31st July 2025 is represented by:

£

Valuation brought forward

(508,924

)

Valuation movement 2025

-

Cost

5,273,950

4,765,026

If investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

5,273,950

5,273,950

The properties are held at the fair value as estimated by the directors, based on their knowledge of the market and industry information.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

13,542

1,252

Other debtors

-

17,970

13,542

19,222

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

166,147

Taxation and social security

148,329

144,748

Other creditors

531,627

572,963

679,956

883,858

The bank loans are secured by a charge over the freehold of Elstead House, Mill Lane, Alton, Hampshire and there is debenture in place over the assets of the Company.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

-

33,846

Between one and five years

-

278

-

34,124

9.	RELATED PARTY TRANSACTIONS

In the prior year Elstead Group Ltd, a company with common ownership was owed £100,301 by the company which was included in other creditors, this loan was repaid during the current financial year

In 2024 an other debtor balance of £17,970 was owed by Elstead Lighting Ltd, a company with common ownership, this was repaid during the current financial year.

Included in other creditors is a directors loan balance owing to one of the directors totalling £514,943 (2024: £458,810). Interest is accrued on this loan at a rate of 4%.

10.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is XLP Holdings Limited. The address of their registered office is; Elstead House, Mill Lane, Alton, Hampshire, GU34 2QJ.