COMPANY REGISTRATION NUMBER 08869199
IXL INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
IXL INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr B S Rangar
Mr S J McCann
Company number
08869199
Registered office
Lansdowne House
1st Floor 57 Berkeley Square
London
W1J 6ER
Auditor
UHY Hacker Young
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
Tax Advisors
BDO LLP
55 Baker Street
Marylebone
London
W1U 7EU
Solicitors
Clifford Chance LLP
10 Upper Bank Street
London
E14 5JJ
Eversheds LLP
1 Wood Street
London
EC2V 7WS
LCF Law
The Embankment
Leeds
LS1 4BP
IXL INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 8
IXL INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
50,009
50,009
Current assets
-
-
Creditors: amounts falling due within one year
3
(63,851)
(64,025)
Net current liabilities
(63,851)
(64,025)
Total assets less current liabilities
(13,842)
(14,016)
Capital and reserves
Called up share capital
4
2
2
Profit and loss reserves
(13,844)
(14,018)
Total equity
(13,842)
(14,016)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 4 December 2019 and are signed on its behalf by:
Mr S J McCann
Director
Company Registration No. 08869199
IXL INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2016
2
-
2
Period ended 31 December 2017:
Loss and total comprehensive income for the period
-
(14,018)
(14,018)
Balance at 31 December 2017
2
(14,018)
(14,016)
Period ended 31 December 2018:
Profit and total comprehensive income for the period
-
174
174
Balance at 31 December 2018
2
(13,844)
(13,842)
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
IXL International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lansdowne House, 1st Floor 57 Berkeley Square, London, W1J 6ER.
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
sterling
, which is the functional currency of the company.
Monetary a
mounts
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern
During the year the group to which IXL International Limited is a member continued to generate revenues but was loss making as it incurred significant costs to fulfil growth plans.
true
At the year end, the company had net liabilities of £13,842 (2017: £14,016).
The group to which IXL International Limited is a member has secured monies from further funding rounds after the year end including €5m of bonds (used to fund loans) and US$3m of convertible loans (for working capital), those monies having been received by a fellow subsidiary undertaking, PremFina Limited.
Additional debt and equity funding is in the process of being negotiated by the group to enable it to achieve the growth plan. At the date of approval of the accounts the directors are confident that the funding will be obtained.
If this funding is not obtained the directors have alternative arrangements they would turn to, albeit at a higher cost. In the event that no additional funding was raised, the directors have prepared forecasts showing the adjustments they would make to their cost base and, on the basis of revenues from brokers already engaged by the group, have shown they are able to continue to meet their debts as they fall due.
On the basis of the additional funding obtained and the stage of negotiations towards the additional amounts required and the alternative plans available to them, the directors have prepared the accounts on the going concern basis.
1.3
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
.
1.4
Cash at bank and in hand
Cash at bank and in hand
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.
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
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
paymen
ts 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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
2
Fixed asset investments
2018
2017
£
£
Investments
50,009
50,009
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018 & 31 December 2018
50,009
Carrying amount
At 31 December 2018
50,009
At 31 December 2017
50,009
3
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
-
200
Amounts owed to group undertakings
63,851
63,825
63,851
64,025
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
4
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Andrew Hulse.
The auditor was UHY Hacker Young.
6
Related party transactions
Transactions with related parties
During the Year the company entered into the following transactions with related parties:
Net receipts
2018
2017
£
£
Entities over which the entity has control, joint control or significant influence
26
12,759
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
19,070
19,044
2018-12-31
2018-01-01
false
04 December 2019
CCH Software
CCH Accounts Production 2019.301
No description of principal activity
This audit opinion is unqualified
Mr S J McCann
Mr S J McCann
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