X-ENERGY UK HOLDINGS, LTD

Company Registration Number:
14273226 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 03 August 2022

End date: 31 December 2023

X-ENERGY UK HOLDINGS, LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

X-ENERGY UK HOLDINGS, LTD

Balance sheet

As at 31 December 2023


Notes

17 months to 31 December 2023


£
Called up share capital not paid: 0
Fixed assets
Intangible assets:   0
Tangible assets:   0
Investments:   0
Total fixed assets: 0
Current assets
Stocks: 0
Debtors:   0
Cash at bank and in hand: 0
Investments:   0
Total current assets: 0
Creditors: amounts falling due within one year: 3 (158,900)
Net current assets (liabilities): (158,900)
Total assets less current liabilities: (158,900)
Creditors: amounts falling due after more than one year:   0
Provision for liabilities: 0
Total net assets (liabilities): (158,900)
Capital and reserves
Called up share capital: 100
Share premium account: 2,318,000
Revaluation reserve: 0
Other reserves: 0
Profit and loss account: (2,477,000)
Shareholders funds: (158,900)

The notes form part of these financial statements

X-ENERGY UK HOLDINGS, LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 05 August 2024
and signed on behalf of the board by:

Name: Steven Lester Miller
Status: Director

The notes form part of these financial statements

X-ENERGY UK HOLDINGS, LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Other accounting policies

2.1 Basis of preparationThese financial statements have been prepared in accordance with FRS 102 and the Companies Act2006. The financial statements have been prepared on the historical cost convention. The disclosurerequirements of Section 1A of FRS 102 have been applied other than where additional disclosure isrequired to show a true and fair view. The principal accounting policies applied in the preparation of thesefinancial statements are set out below.The financial statements are prepared in Great British Pounds, which is the functional currency of theCompany. Monetary amounts in these financial statements are rounded to the nearest one thousand.The 2022 financial statements cover the period beginning 2 August 2022, the Company’s date ofinception, through 31 December 2022, and the 2023 financial statements cover the full calendar yearended 31 December 2023.2.2 Selling, general and administrativeSelling, general and administrative expenses consist of human capital related expenses for employeesinvolved in general corporate functions, including executive management and administration,accounting, finance, tax, legal, information technology, marketing and human resources; rent relatingto the Company’s office space; professional fees and other general corporate costs.2.3 Foreign currency transactionsFunctional and presentation currencyItems included in the financial statements of the Company are measured using the currency of theprimary economic environment in which the Company operates ('the Functional Currency'). The financialstatements are presented in 'Great British Pound' (£), which is also the Company's Functional Currency.Transactions and balancesForeign currency transactions are translated into the Functional Currency using the exchange ratesprevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchangegains and losses resulting from the settlement of such transactions, and from the translation at periodend exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognisedin the income statement.2.4 Current and deferred taxCurrent Income TaxCurrent income tax assets and liabilities are measured at the amount expected to be recovered from orpaid to the taxation authorities. The tax rates and tax laws used to compute the amounts are those thatare enacted or substantively enacted at the reporting date in the countries where the Company operatesand generates taxable income.Current income tax relating to items recognised directly in equity is recognised in equity and not in thestatement of profit or loss. Management periodically evaluates positions taken in the tax returns withrespect to situations in which applicable tax regulations are subject to interpretation and establishesprovisions where appropriate.Deferred TaxDeferred tax is provided using the liability method on temporary differences, that are controlled by themanagement of the Company and expected not to reverse in the future, between the tax bases of assetsand liabilities and their carrying amounts for financial reporting purposes at the reporting date.Deferred tax liabilities are recognised for all taxable temporary differences, except:When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability ina transaction that is not a business combination and, at the time of the transaction, affects neither theaccounting profit nor taxable profit or lossIn respect of taxable temporary differences associated with investments in subsidiaries, associatesand interests in joint arrangements, when the timing of the reversal of the temporary differences can becontrolled and it is probable that the temporary differences will not reverse in the foreseeable future.2.5 Current and deferred tax (continued)In assessing the recoverability of deferred tax assets, the Company relies on the same forecastassumptions used elsewhere in the financial statements and in other management reports.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the yearwhen the asset is realized or the liability is settled, based on tax rates (and tax laws) that have beenenacted or substantively enacted at the reporting date.Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss.Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly inequity.The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legallyenforceable right to set off current tax assets and current tax liabilities and the deferred tax assets anddeferred tax liabilities relate to income taxes levied by the same taxation authority on either the sametaxable entity or different taxable entities which intend either to settle current tax liabilities and assets ona net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in whichsignificant amounts of deferred tax liabilities or assets are expected to be settled or recovered.2.6 Ordinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issuance of newordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.2.7 Going concernThe Company’s financial statements have been prepared on a going concern basis, which contemplatesthe realization of assets and the satisfaction of liabilities in the normal course of business. Sinceinception, the Company has funded its operations primarily with capital contributions from its UltimateParent. Subsequent to 31 December 2023, but prior to this filing, the Company entered into a revenuecontract. However, there can be no assurance that the Company will be able to fund operations solelybased on the cash generated through revenue. If the Company is unable to fund operations solelythrough revenue, they will seek funding from the Ultimate Parent.The Directors of the Ultimate Parent have substantial doubt about the Ultimate Parent’s ability tocontinue as a going concern. The Ultimate Parent has incurred significant historical losses and expectsto incur significant operating losses and negative operating cash flows for the foreseeable future, as itcontinues to expand its research and development efforts. While the Ultimate Parent has historicallybeen successful in obtaining the capital necessary to support its operations, there is no assurance thatthe Ultimate Parent will be able to secure additional capital or other financing in the future. Accordingly,management has concluded that substantial doubt exists about the Company’s ability to continue as agoing concern within one year after the date the financial statements are issued.

X-ENERGY UK HOLDINGS, LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

17 months to 31 December 2023
Average number of employees during the period 4

X-ENERGY UK HOLDINGS, LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Creditors: amounts falling due within one year note

Year Ended 31 December 2023 2022 £ ‘000 £ ‘000Trade Creditors 14 6Accruals 145 42Total 159 48All amounts owed by the Company are unsecured and not interest bearing.

X-ENERGY UK HOLDINGS, LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Post balance sheet events

The Company evaluated its 31 December 2023 financial statements for subsequent events through 5 August2024, the date the financial statements were available to be issued.In March 2024 the Company received funding to further the development of their plans for Advanced ModularReactors in the UK. The funding award of £3.34 million will be used to develop UK-specific deployment plansincluding an assessment of domestic manufacturing and supply chain opportunities, constructability,modularisation studies, and fuel management.