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REGISTERED NUMBER: 07082723 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

XLEDGER LIMITED

XLEDGER LIMITED (REGISTERED NUMBER: 07082723)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


XLEDGER LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: L G Holen
K Ronning





REGISTERED OFFICE: 4th Floor
Tower Wharf
Cheese Lane
Bristol
BS2 OJJ





REGISTERED NUMBER: 07082723 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

XLEDGER LIMITED (REGISTERED NUMBER: 07082723)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 295,873 373,421

CURRENT ASSETS
Debtors 5 1,283,257 1,359,803
Cash at bank 207,519 114,980
1,490,776 1,474,783
CREDITORS
Amounts falling due within one year 6 1,111,495 1,214,873
NET CURRENT ASSETS 379,281 259,910
TOTAL ASSETS LESS CURRENT
LIABILITIES

675,154

633,331

CREDITORS
Amounts falling due after more than one
year

7

499,742

470,000
NET ASSETS 175,412 163,331

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 174,412 162,331
SHAREHOLDERS' FUNDS 175,412 163,331

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 1 March 2024 and were signed on its behalf by:





K Ronning - Director


XLEDGER LIMITED (REGISTERED NUMBER: 07082723)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

xledger Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

The company has obtained a letter of support from its parent company, xledger Group AS. The Directors of xledger Group AS have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period in excess of 12 months and one day from the date of the audit report. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group .

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

Revenue is either charged on a fixed monthly subscription rate or is transaction driven based on 'units' tracked in the xledger system. Revenue is recognised monthly based on usage.

There is additionally revenue recharged to the parent company, xledger Group AS, based on a transfer pricing agreement. This revenue is recognised in the period which the costs it relates to are incurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on cost and 10% on cost

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.

XLEDGER LIMITED (REGISTERED NUMBER: 07082723)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2022 - 54 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 540,482
Disposals (12,930 )
At 31 December 2023 527,552
DEPRECIATION
At 1 January 2023 167,060
Charge for year 73,435
Eliminated on disposal (8,816 )
At 31 December 2023 231,679
NET BOOK VALUE
At 31 December 2023 295,873
At 31 December 2022 373,422

5. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 693,536 732,066
Other debtors 406,431 444,447
1,099,967 1,176,513

XLEDGER LIMITED (REGISTERED NUMBER: 07082723)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. DEBTORS - continued
31.12.23 31.12.22
£    £   
Amounts falling due after more than one year:
Other debtors & prepayments 183,290 183,290

Aggregate amounts 1,283,257 1,359,803

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 120,881 269,299
Amounts owed to group undertakings 190,015 213,464
Taxation and social security 197,169 129,695
Other creditors & accruals 603,430 602,415
1,111,495 1,214,873

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 499,742 470,000

Amounts owed to group undertakings of £499,742 are due for repayment in full by 29th October 2026. Interest is applied annually for every 12-month period, based on the average LIBOR 3 month GBP rate. Interest is payable annually in arrears starting as of 31 December 2022. The loan is unsecured.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 409,257 194,105
Between one and five years 1,080,954 285,187
1,490,211 479,292

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Phipps (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

XLEDGER LIMITED (REGISTERED NUMBER: 07082723)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

11. ULTIMATE CONTROLLING PARTY AND ULTIMATE PARENT COMPANY

The ultimate controlling party is Jarle Sky, by virtue of his controlling interest in xledger Group AS
(incorporated in Norway), the company's ultimate parent company.

xledger Group AS prepares consolidated financial statements. These are available upon request from Østensjøveien 32, 0667, Oslo, Norway.

xledger Group AS is the largest and only group company to prepare consolidated financial statements.