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REGISTERED NUMBER: 07082723 (England and Wales)













Financial Statements

for the Year Ended 31 December 2024

for

XLEDGER LIMITED

XLEDGER LIMITED (REGISTERED NUMBER: 07082723)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


XLEDGER LIMITED

Company Information
for the Year Ended 31 December 2024







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 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 240,703 295,873

CURRENT ASSETS
Debtors 5 1,480,531 1,283,257
Cash at bank 342,163 207,519
1,822,694 1,490,776
CREDITORS
Amounts falling due within one year 6 1,332,071 1,111,495
NET CURRENT ASSETS 490,623 379,281
TOTAL ASSETS LESS CURRENT
LIABILITIES

731,326

675,154

CREDITORS
Amounts falling due after more than one year 7 526,278 499,742
NET ASSETS 205,048 175,412

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 204,048 174,412
SHAREHOLDERS' FUNDS 205,048 175,412

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 13 March 2025 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 2024

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 in which the costs it relates to are incurred.

Tangible fixed assets
Tangible fixed assets are recognised at cost less accumulated depreciation.

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.


XLEDGER LIMITED (REGISTERED NUMBER: 07082723)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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.

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 61 (2023 - 60 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024
and 31 December 2024 527,552
DEPRECIATION
At 1 January 2024 231,679
Charge for year 55,170
At 31 December 2024 286,849
NET BOOK VALUE
At 31 December 2024 240,703
At 31 December 2023 295,873

XLEDGER LIMITED (REGISTERED NUMBER: 07082723)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Trade debtors 732,890 693,536
Amounts owed by group undertakings 212,469 -
Other debtors 351,882 406,431
1,297,241 1,099,967

Amounts falling due after more than one year:
Other debtors & prepayments 183,290 183,290

Aggregate amounts 1,480,531 1,283,257

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 73,875 120,881
Amounts owed to group undertakings - 190,015
Taxation and social security 336,941 197,169
Other creditors & accruals 921,255 603,430
1,332,071 1,111,495

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Amounts owed to group undertakings 526,278 499,742

Amounts owed to group undertakings of £526,278 (2023: £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:
31.12.24 31.12.23
£    £   
Within one year 376,280 409,257
Between one and five years 704,674 1,080,954
1,080,954 1,490,211

XLEDGER LIMITED (REGISTERED NUMBER: 07082723)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
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

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. POST BALANCE SHEET EVENTS

On 27 January 2025 a charge was registered with Companies House by HSBC UK Bank plc. This is a fixed and floating charge over all assets of the company in relation to a new offering of direct debit services to xledger customers.

12. 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.