Company registration number 09566175 (England and Wales)
XAD UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
XAD UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
XAD UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
13,000
-
0
Cash at bank and in hand
967
24,913
13,967
24,913
Creditors: amounts falling due within one year
4
(20,744)
(25,001)
Net current liabilities
(6,777)
(88)
Capital and reserves
Called up share capital
5
269,295
269,295
Profit and loss reserves
(276,072)
(269,383)
Total equity
(6,777)
(88)

The director of the company has 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 and signed by the director and authorised for issue on 4 September 2024
Mr S McCarthy
Director
Company registration number 09566175 (England and Wales)
XAD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

XAD UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.

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.

1.2
Going concern

The director is required to assess whether the use of going concern basis is appropriate in preparing these financial statements. Following the cessation of trade in the entity since 2020, the company is no longer a going concern. The company will remain alive but dormant. Any remaining debt will be collected and third party creditors will be repaid. As the company's assets and liabilities as at 31 December 2023 are shown as the realisable amounts, no further adjustments are required in these financial statements on the adoption of a non-going concern basis.true

1.3
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.

1.4
Financial instruments
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are classified as debt and recognised at transaction price, Financial liabilities classified as payable within one year are not amortised.

1.5
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.

XAD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees
2023
2022
Number
Number
Total
1
1
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,000
-
0
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
20,744
25,001
5
Called up share capital
2023
2022
£
£
Issued and fully paid
400,000 ordinary shares of $1 each
269,195
269,195
100 ordinary shares of £1 each
100
100
269,295
269,295

400,000 ordinary shares issued at an exchange rate £1:$1.4859

6
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.

XAD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Audit report information
(Continued)
- 4 -

Emphasis of matter - basis of preparation

We draw attention to Note 1.2 to the financial statements which explains that the Company has ceased trading and therefore the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Rachel Chim
Statutory Auditor:
UHY Hacker Young
Date of audit report:
12 September 2024
7
Parent company

The company is a wholly owned subsidiary of xAd International Inc., a company incorporated in USA. The ultimate parent company is xAd Inc., a company incorporated in USA.

 

This is the only group within which xAd UK Limited is consolidated. The consolidated statements of xAd Inc. can be obtained at:

 

1 World Trade Center.

60th Floor, New York

NY 10007

 

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