REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
XLEDGER LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
XLEDGER LIMITED (REGISTERED NUMBER: 07082723) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
xledger Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
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 |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors & prepayments |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Amounts owed to group undertakings |
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 |
Between one and five years |
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: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 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. |