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REGISTERED NUMBER: SC600100 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

NXG TECHNOLOGIES LIMITED

NXG TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC600100)

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


NXG TECHNOLOGIES LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M Stephen
R Coffey





REGISTERED OFFICE: Ness Point
Blackness Road
Altens Industrial Estate
Aberdeen
AB12 3LH





REGISTERED NUMBER: SC600100 (Scotland)






NXG TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC600100)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,091,245 1,109,012

CURRENT ASSETS
Debtors 5 272,442 473,849

CREDITORS
Amounts falling due within one year 6 4,469,820 4,132,088
NET CURRENT LIABILITIES (4,197,378 ) (3,658,239 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,106,133

)

(2,549,227

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (3,106,134 ) (2,549,228 )
SHAREHOLDERS' FUNDS (3,106,133 ) (2,549,227 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 19 August 2024 and were signed on its behalf by:





M Stephen - Director


NXG TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC600100)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Nxg Technologies Limited is a private company, limited by shares , registered in Scotland. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development Costs are being amortised evenly over their estimated useful life of nil years.

Patents are being amortised evenly over their estimated useful life of ten years.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

NXG TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC600100)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 600,000 860,950 1,460,950
Additions - 81,068 81,068
At 31 December 2023 600,000 942,018 1,542,018
AMORTISATION
At 1 January 2023 260,000 91,938 351,938
Charge for year 60,000 38,835 98,835
At 31 December 2023 320,000 130,773 450,773
NET BOOK VALUE
At 31 December 2023 280,000 811,245 1,091,245
At 31 December 2022 340,000 769,012 1,109,012

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 272,442 473,849

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 42,511 8,864
Amounts owed to group undertakings 4,393,793 4,110,708
Taxation and social security 29,097 8,097
Other creditors 4,419 4,419
4,469,820 4,132,088

7. ULTIMATE CONTROLLING PARTY

The controlling party is NXG Global Group Limited.