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REGISTERED NUMBER: 10861209 (England and Wales)














Financial Statements

for the Year Ended 31 December 2024

for

Xingbang UK Limited
Xingbang UK Limited (Registered number: 10861209)






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




Page

Balance Sheet 1

Notes to the Financial Statements 2


Xingbang UK Limited (Registered number: 10861209)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,175 16,563

CURRENT ASSETS
Stocks 1,528,245 2,634,466
Debtors 5 14,253,612 10,795,685
Cash at bank 3,303 5,705
15,785,160 13,435,856
CREDITORS
Amounts falling due within one year 6 15,619,555 12,577,696
NET CURRENT ASSETS 165,605 858,160
TOTAL ASSETS LESS CURRENT LIABILITIES 179,780 874,723

PROVISIONS FOR LIABILITIES 3,544 4,141
NET ASSETS 176,236 870,582

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 176,136 870,482
SHAREHOLDERS' FUNDS 176,236 870,582

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:





Mr S Johnson - Director


The notes form part of these financial statements

Page 1
Xingbang UK Limited (Registered number: 10861209)

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

1. STATUTORY INFORMATION

Xingbang UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10861209

Registered office: Unit 8
Centenary Park
Coronet Way
Salford
Greater Manchester
M50 1RE

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The financial statements have been prepared on a going concern basis, which assumes that the group will continue its operations for the foreseeable future. This assessment is based on detailed forecasts prepared by management and reviewed by the group's principal lender. These forecasts demonstrate that the group is expected to maintain sufficient working capital and cash flow to meet its obligations as they fall due over the 12 months from the date of approval of these financial statements, including servicing debt, funding operations, and meeting commitments to employees and suppliers.

The group's ability to continue as a going concern is dependent on maintaining adequate headroom within its invoice financing facility and the continued support of suppliers. The directors are continuing to address the position, working closely with the group's stakeholders to ensure that this position continues to be maintained.

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 recognised as the company becomes entitled to consideration for the goods supplied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Page 2 continued...
Xingbang UK Limited (Registered number: 10861209)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2024
and 31 December 2024 23,390
DEPRECIATION
At 1 January 2024 6,827
Charge for year 2,388
At 31 December 2024 9,215
NET BOOK VALUE
At 31 December 2024 14,175
At 31 December 2023 16,563

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 260,586 516,636
Amounts owed by group undertakings 13,878,870 10,206,622
Other debtors 114,156 72,427
14,253,612 10,795,685

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,961,174 4,053,430
Amounts owed to group undertakings 11,257,626 7,760,513
Taxation and social security 627,748 237,374
Other creditors 773,007 526,379
15,619,555 12,577,696

Page 3 continued...
Xingbang UK Limited (Registered number: 10861209)

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

7. SECURED DEBTS

The company had an invoice finance facility of £230,805 (2023: £434,029) at the year end.

A fixed and floating charge over all company assets and undertakings is held by Lloyds Bank Commercial Finance Ltd, this charge contains a negative pledge.

The group has entered into a multilateral guarantee with the Lloyds Bank Commercial Finance Ltd as follows:

Debentures consisting of fixed and floating charged over all the assets and undertaking of the reporting entity, OEM Appliances, Coolmed Limited, Xingbang UK Limited, Ship It Appliances Limited, For Everyone Group Ltd, Evec Ltd, CWW Holdings Limited and Coolmed Calibration Ltd.

In addition a further debenture has been entered into with Close Brothers Limited which includes a fixed and floating charges of the assets of the company and its fellow group companies, Coolmed Limited, Evec Limited, Ship it Appliances Limited and OEM Appliances Limited.

As at 31 December 2024, the group had an invoice finance facility of £3,337,066 (2023 - £3,865,346), a cashflow loan of £958,338 (2023 - £1,208,334) and a stock facility of £309,606 (2023 - £Nil).

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We were not appointed as auditors of Xingbang UK Limited until after 31st December 2022 and thus did not observe the counting of physical stock at the beginning of the prior year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31st December 2022 which are stated in the balance sheet at £744,488.

As a result of this matter, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded stock, and the elements making up the profit and loss account, statement of changes in equity and statement of cash flows.

Richard Thompson BA FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright (Audit) Limited

9. RELATED PARTY DISCLOSURES

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.

10. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking and controlling party is For Everyone Group Limited. The registered office of For Everyone Group Limited is Unit 8 Centenary Park, Coronet Way, Salford, Greater Manchester, England, M50 1RE.

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