Registration number:
for the Year Ended
Xercise2 Limited
(Registration number: 07259361)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Investment property |
- |
|
|
Other financial assets |
1,991,572 |
15,454,272 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
39,649 |
53,405 |
|
Capital redemption reserve |
6 |
6 |
|
Other reserves |
9,339,585 |
24,712,846 |
|
Profit and loss account |
19,491,977 |
30,846,992 |
|
Shareholders' funds |
28,871,217 |
55,613,249 |
Xercise2 Limited
(Registration number: 07259361)
Balance Sheet as at 31 December 2019
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Company secretary and director
Xercise2 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable, shown net of sales/value added tax, returns, rebates and discounts.
Revenue represents dividends received from fixed asset investments and commissions receivable. Dividends are included in turnover on the date that the right to receiver payment has been established.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investment property
Xercise2 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2019 |
|
At 1 January |
|
Disposals |
( |
At 31 December |
- |
There has been no valuation of investment property by an independent valuer.
Xercise2 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
|||
Cost or valuation |
|||
At 1 January 2019 |
14,029,925 |
47,461,256 |
61,491,181 |
Revaluations |
- |
(90,164) |
(90,164) |
Additions |
- |
1,144,026 |
1,144,026 |
Disposals |
(14,029,925) |
(46,523,546) |
(60,553,471) |
At 31 December 2019 |
- |
1,991,572 |
1,991,572 |
Impairment |
|||
At 1 January 2019 |
604,951 |
42,809,098 |
43,414,049 |
Losses made in the period |
(604,951) |
- |
(604,951) |
Adjustments resulting from a disposal |
- |
(42,809,098) |
(42,809,098) |
At 31 December 2019 |
- |
- |
- |
Carrying amount |
|||
At 31 December 2019 |
- |
|
1,991,572 |
Debtors |
2019 |
2018 |
|
Trade debtors |
|
- |
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Xercise2 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
2019 |
2018 |
|
Due within one year |
||
Other creditors |
|
|
Related party transactions |
Included within other debtors is £593,166 (£2018: £nil) due from Apex2100 Limited, a company of which A P Bradshaw and H E M Osmond are company directors.
Included within other debtors is £102,527 (2018: £nil) due from Osmond Captial Limited, a company of which A P Bradshaw and H E M Osmond are company directors.
Included within other creditors is £2,006,387 (2018: £2,001,384) due to Devonshire Place Investments Limited, a company of which A P Bradshaw is a company director.
Included within other creditors is £24,934 (2018: £nil) due to Devonshire Place Holdings Limited, a company of which A P Bradshaw is a company director.