COMPANY REGISTRATION NUMBER 08869199
IXL INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
IXL INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr B S Rangar
Mrs S P Bishop
(Appointed 1 January 2022)
Miss G E Kelly
(Appointed 1 January 2022)
Secretary
Callidus Secretaries Limited
Company number
08869199
Registered office
Tintagel House
92 Albert Embankment
Vauxhall
London
SE1 7TY
Auditor
UHY Hacker Young
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
Tax Advisors
PWC LLP
1 Embankment Place
London
WC2N 6RH
Solicitors
Stephenson Harewood LLP
1 Finsbury Circus
London
EC2M 7SH
Shoosmiths LLP
1 Bow Churchyard
London
EC2V 7WS
IXL INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
IXL INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
19,072,019
19,072,019
Current assets
-
-
Creditors: amounts falling due within one year
5
(66,489)
(66,489)
Net current liabilities
(66,489)
(66,489)
Net assets
19,005,530
19,005,530
Capital and reserves
Called up share capital
6
19,022,012
19,022,012
Profit and loss reserves
(16,482)
(16,482)
Total equity
19,005,530
19,005,530
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 21 September 2023 and are signed on its behalf by:
Mrs S P Bishop
Miss G E Kelly
Director
Director
Company Registration No. 08869199
IXL INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
2
(14,219)
(14,217)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(2,263)
(2,263)
Issue of share capital
6
19,022,010
-
19,022,010
Balance at 31 December 2021
19,022,012
(16,482)
19,005,530
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
Balance at 31 December 2022
19,022,012
(16,482)
19,005,530
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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 Tintagel House, 92 Albert Embankment, Vauxhall, London, SE1 7TY.
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 amounts 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.
1.2
Going concern
During the year the group to which IXL International is a member continued to generate revenues but was loss making as it incurred significant costs to fulfil growth plans. The company was acquired by new owners in July 2021 and a funding facility has been provided by them to support ongoing working capital as the business grows. Given the new owners, and significant growth plans, the directors are confident that they can continue to pay their debts as they fall due and have prepared the accounts on the going concern basis.true
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.
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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 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.
1.5
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.
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 payments 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. Amounts 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.
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
The directors do not consider there to be any critical accounting judgements and key sources of estimation.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2021: 2).
2022
2021
Number
Number
2
2
Total
2
2
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
19,072,019
19,072,019
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Fixed asset investments
(Continued)
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
66,489
66,489
IXL INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
19,022,012 Ordinary shares of £1 each
19,022,012
19,022,012
7
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.
Senior Statutory Auditor:
Andrew Hulse
Statutory Auditor:
UHY Hacker Young
9
Parent company
Project Zulu Topco Limited is a company incorporated in Jersey and is the parent of the smallest group for which consolidated financial statements are drawn up. The registered office address of Project Zulu Topco Limited is 3rd Floor, 44 Esplanade, St Helier, Jersey, JE4 9WG.