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Registered number: 11004242
XUNLOCKED LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2024
Mutu Accountancy
XUNLOCKED LIMITED
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—5

Page 1
XUNLOCKED LIMITED
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 11004242

| 2024 | 2023 as restated
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 36,918 |  | 15,763
|  |  | 36,918 |  | 15,763
CURRENT ASSETS
Debtors | 5 | 895,183 |  | 838,870 |
Cash at bank and in hand |  | 4,684,214 |  | 5,766,831 |
|  | 5,579,397 |  | 6,605,701 |
Creditors: Amounts Falling Due Within One Year | 6 | (2,845,372 ) |  | (2,497,830 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 2,734,025 |  | 4,107,871
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,770,943 |  | 4,123,634
PROVISIONS FOR LIABILITIES
Deferred Taxation |  |  | (7,014 ) |  | -
NET ASSETS |  |  | 2,763,929 |  | 4,123,634
CAPITAL AND RESERVES
Called up share capital | 7 |  | 239 |  | 239
Share premium account |  |  | 9,599,932 |  | 9,599,932
Other reserves |  |  | 284,875 |  | 243,107
Profit and Loss Account |  |  | (7,121,117 ) |  | (5,719,644 )
SHAREHOLDERS' FUNDS |  |  | 2,763,929 |  | 4,123,634

Page 1
Page 2
XUNLOCKED LIMITED
Balance Sheet (continued)
As At 31 December 2024
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

H White Director
13/11/2025

The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
XUNLOCKED LIMITED
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
XUNLOCKED LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 11004242 . The registered office is 24-28 Bloomsbury Way, London, WC1A 2SN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment | Straight line over 3 years

2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
XUNLOCKED LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.6. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.7. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.8. Research and Development
Expenditure on research and development is written off in the year in which it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 27 (2023: 18)
27 18
4. Tangible Assets

| Computer Equipment
--- | ---
| £
Cost
As at 1 January 2024 | 40,144
Additions | 35,867
As at 31 December 2024 | 76,011
Depreciation
As at 1 January 2024 | 24,381
Provided during the period | 14,712
As at 31 December 2024 | 39,093
Net Book Value
As at 31 December 2024 | 36,918
As at 1 January 2024 | 15,763

5. Debtors

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 540,851 |  | 443,845
Other debtors | 324,332 |  | 395,025
| 865,183 |  | 838,870
Due after more than one year
Other debtors | 30,000 |  | -
| 895,183 |  | 838,870

Page 4
Page 5
XUNLOCKED LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6. Creditors: Amounts Falling Due Within One Year

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Trade creditors | 165,555 |  | 100,775
Other creditors | 2,593,112 |  | 2,274,242
Taxation and social security | 86,705 |  | 122,813
| 2,845,372 |  | 2,497,830

7. Share Capital

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 239 |  | 239

8. Pension Commitments
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
9. Share Based Payments
The company has issued options over its unissued shares to certain employees.
The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted. at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest.
The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.
Page 5