Xbase Digital UK Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Xbase Digital UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15031056 . The registered office is 7th Floor, 35 Dover Street, London, W1S 4NQ.

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. Going Concern Disclosure

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The directors have considered the company's financial position and are satisfied that it is appropriate to prepare the financial statements on this basis.

2.3. Turnover

Turnover represents amounts receivable for services provided in the normal course of business, stated net of value added tax and any trade discounts. Turnover is recognised when the company has transferred the significant risks and rewards of the service to the customer, the amount of turnover can be measured reliably, and it is probable that the economic benefits will flow to the company.

Management and support services

Turnover from the provision of management and support services to group undertakings is recognised in the period in which the services are provided, in accordance with the terms of the relevant intercompany agreement. Such services are recharged on a cost basis.

Other services

Turnover from other services rendered is recognised as the services are performed and the right to consideration is established.

2.4. 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:

Fixtures & Fittings	20% SLM
Computer Equipment	20% SLM

2.5. 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.

2.6. 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.

...CONTINUED

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Xbase Digital UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.6. Taxation - continued

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2024: 3)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 August 2024	2,102	1,426	3,528
Additions	458	9,326	9,784

As at 31 July 2025	2,560	10,752	13,312

Depreciation
As at 1 August 2024	35	-	35
Provided during the period	506	786	1,292

As at 31 July 2025	541	786	1,327

Net Book Value
As at 31 July 2025	2,019	9,966	11,985

As at 1 August 2024	2,067	1,426	3,493

5. Debtors

	2025	2024
	£	£
Due within one year
Amounts owed by group undertakings	940,311	16,808
Other debtors	135,129	43,918

	1,075,440	60,726

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	100,179	61,616
Amounts owed to group undertakings	905,169	-
Other creditors	702	13
Taxation and social security	202,358	8,493

	1,208,408	70,122

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Xbase Digital UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	448,161	448,161

8. Post Balance Sheet Events

Subsequent to the year end, the company received £580.36 on 05.08.2025 and £50,072.23 on 03.10.2025 from HMRC in settlement of a Research and Development tax relief claim in respect of the year ended 31 July 2024. This amount has been recognised as a debtor at 31 July 2025 and a credit to the tax charge, on the basis that the underlying right to relief existed prior to the balance sheet date

9. Related Party Transactions

The company's parent undertaking is XBD Holdings Ltd, incorporated in the Abu Dhabi Global Market (UAE).

Xbase Digital Inc (Canada), Xbase Digital UAB (Lithuania) and Xbase Digital DED (UAE) are fellow group undertakings under the common control of XBD Holdings Ltd.

During the year the company rendered management services to Xbase Digital Inc and recharged management charges of £2,365,113 (2024: £nil).

Amounts due to and from related parties at the balance sheet date were as follows:

Owed to the company: Xbase Digital Inc £791,758; Xbase Digital DED £142,088; XBD Holdings Ltd £6,464 (2024: £16,808 in total).

Owed by the company: Xbase Digital UAB £905,169 (2024: £nil).

All balances are unsecured, interest-free and repayable on demand.

10. Ultimate Controlling Party

The company's immediate and ultimate parent undertaking is XBD Holdings Ltd, a company incorporated in the Abu Dhabi Global Market (UAE), which owns 100% of the issued share capital of the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		11,985		3,493

			11,985		3,493
CURRENT ASSETS
Debtors	5	1,075,440		60,726
Cash at bank and in hand		9,232		28,148

		1,084,672		88,874
Creditors: Amounts Falling Due Within One Year	6	(1,208,408 )		(70,122 )

NET CURRENT ASSETS (LIABILITIES)			(123,736 )		18,752

TOTAL ASSETS LESS CURRENT LIABILITIES			(111,751 )		22,245

NET (LIABILITIES)/ASSETS			(111,751 )		22,245

CAPITAL AND RESERVES
Called up share capital	7		448,161		448,161
Profit and Loss Account			(559,912 )		(425,916 )

SHAREHOLDERS' FUNDS			(111,751)		22,245