Company registration number 06746207 (England and Wales)
XAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
PAGES FOR FILING WITH REGISTRAR
XAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
XAL LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2026
31 January 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
5
629,108
744,355
Current assets
Debtors
6
3,219,789
3,262,455
Cash at bank and in hand
896,428
966,086
4,116,217
4,228,541
Creditors: amounts falling due within one year
7
(3,031,241)
(4,170,428)
Net current assets
1,084,976
58,113
Total assets less current liabilities
1,714,084
802,468
Provisions for liabilities
(174,947)
(14,524)
Net assets
1,539,137
787,944
Capital and reserves
Called up share capital
8
2,000
2,000
Profit and loss reserves
1,537,137
785,944
Total equity
1,539,137
787,944

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 June 2026 and are signed on its behalf by:
P Welbon
Director
Company registration number 06746207 (England and Wales)
XAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
- 2 -
1
Accounting policies
Company information

XAL Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Mercer & Hole LLP, Trinity Court, Church Street, Rickmansworth, Hertfordshire, WD3 1RT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represent s invoiced sales of architectural lighting and commissions received, excluding value added tax.

Revenue from the sale of lighting is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Commission revenue from assisting on group projects is recognised on a profit sharing basis when the project is complete. Any revenue for projects not completed at the year end is accrued in the relevant period according to the stage of completion.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
10-25% on cost
Showroom display
25% on cost
Fixtures, fittings & equipment
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

XAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 3 -

During the year to 31 January 2026, XAL Limited changed the method of depreciating its land and buildings leasehold from 25% on a straight-line basis to 10% on a straight-line basis as this revised method better reflects the useful life of the fixed assets, as it is in line with the new lease signed for their office.

The change in depreciation method is a change in accounting estimate and is accounted for in the period of the change (i.e. in the current year) and in subsequent periods.

1.5
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

XAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

XAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 5 -
1.9
Derivatives

The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

XAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Assessing indicators of impairment

In assessing whether there have been any indicators of impaired assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no material indicators of impairment identified during the current financial year.

XAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of tangible assets

The company depreciates tangible assets over their estimated useful lives. The estimation of useful lives of assets is based on expectations about future use as well as historic performance and therefore requires management to make some estimates based on assumptions.

The actual lives of assets can vary significantly due to external environmental factors, as well as the effect of regular maintenance.

Estimating the fair value of forward currency contracts

Estimates are required to establish the fair value at the year end of forward currency contracts entered into but not yet utilised. This requires some element of judgement as the directors have to estimate what they consider to be fair value by utilising relevant market to market valuations from qualified professionals.

Onerous Lease Provision

The directors have made an assess ment of the lease for indications of onerous terms, considering the unavoidable future lease payments compared with the expected economic benefits from use of the property. Based on this assessment, a provision of £80,000 (2025: £Nil) has been recognised for the excess of unavoidable costs over the economic benefits expected to be derived, reflecting current assumptions regarding potential subletting or alternative use. The provision will be reassessed at each reporting date to reflect updated expectations of future cash flows and economic benefits.

Dilapidations provision

The dilapidation provision of £30,000 (2025: £Nil) is to cover possible future costs that will arise when vacating leases entered into by the Company for property. The lease agreements contain obligations for XAL Limited to repair any damages that have occurred during the life of the lease and also to return the properties to an agreed state, which might require the removal of partition walls and other fittings. The provision is based on estimates by the directors.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
23
24
XAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 8 -
4
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,500
15,200
For other services
Taxation compliance services
2,550
2,550
All other non-audit services
14,750
14,200
17,300
16,750
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2025
910,436
313,469
1,223,905
Additions
49,200
2,656
51,856
At 31 January 2026
959,636
316,125
1,275,761
Depreciation and impairment
At 1 February 2025
199,347
280,203
479,550
Depreciation charged in the year
153,126
13,977
167,103
At 31 January 2026
352,473
294,180
646,653
Carrying amount
At 31 January 2026
607,163
21,945
629,108
At 31 January 2025
711,089
33,266
744,355
6
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
2,730,146
3,081,678
Corporation tax recoverable
-
0
31,403
Amounts owed by group undertakings
352,530
-
0
Other debtors
65,354
149,374
3,148,030
3,262,455
XAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
6
Debtors
(Continued)
- 9 -
2026
2025
Amounts falling due after more than one year:
£
£
Other debtors
71,759
-
0
Total debtors
3,219,789
3,262,455

Included in trade debtors are amounts due from related parties of £Nil (2025: £28,617)

7
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans and overdrafts
-
0
267
Trade creditors
72,786
22,511
Amounts owed to group undertakings
1,796,324
3,107,426
Corporation tax
142,378
-
0
Other taxation and social security
697,216
709,818
Other creditors
322,537
330,406
3,031,241
4,170,428
8
Called up share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
William Barraclough ACA
Statutory Auditor:
Mercer & Hole LLP
Date of audit report:
8 June 2026
XAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 10 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2026
2025
£
£
Within one year
261,109
156,710
Between two and five years
662,386
118,950
In over five years
724,090
-
0
1,647,585
275,660
11
Related party transactions
Remuneration of related parties

During the year, the company paid remuneration of £57,460 (2025: £54,062) to a close family member of a director for the provision of employment. No amounts were outstanding at the year end.

The following amounts were outstanding at the reporting end date:

2026
2025
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,652,913
3,000,806
Fellow group undertakings
143,411
106,620

The following amounts were outstanding at the reporting end date:

2026
2025
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
324,399
19,685
Fellow group undertakings
28,131
8,943
12
Parent company

The company was controlled throughout the current and prior year by XAL GmbH, a company incorporated in Austria. The registered office is Auer-Welsbach-Gasse 36 8055 Graz.

The ultimate controlling party is Mr A Hierzer by virtue of the fact he owns the majority of the issued share capital of the ultimate parent company, XAL Holding GmbH, also incorporated in Austria.

The registered office is Auer-Welsbach-Gasse 36 8055 Graz and the company accounts are available from here.

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