Company No: 14311919 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2025		31.08.2024
		£		£
Fixed assets
Tangible assets	3	19,098		2,572
		19,098		2,572
Current assets
Debtors	4	143,064		43,979
Cash at bank and in hand		320,117		81,653
		463,181		125,632
Creditors: amounts falling due within one year	5	( 715,669)		( 1,036,945)
Net current liabilities		(252,488)		(911,313)
Total assets less current liabilities		(233,390)		(908,741)
Net liabilities		( 233,390)		( 908,741)
Capital and reserves
Called-up share capital	6	1		1
Profit and loss account		( 233,391 )		( 908,742 )
Total shareholder's deficit		( 233,390)		( 908,741)

For the financial period ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of XENETA LTD (registered number: 14311919) were approved and authorised for issue by the Director on 03 September 2026. They were signed on its behalf by:

P Berglund Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

XENETA LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 180 Borough High Street, London, SE1 1LB, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The previous financial year was 12 month period ending 31 August 2024, whereas the current period is a 16 month period starting 1 September 2024 and ending 31 December 2025. This change occurred so that the reporting period aligned with the reporting period of the ultimate controlling party, Xeneta AS. Therefore, the prior period is not entirely comparable to the current period.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	4 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

2. Employees

	Period from 01.09.2024 to 31.12.2025		Year ended 31.08.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including the director	23		15

3. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 September 2024	421		2,222		2,643
Additions	0		24,677		24,677
Disposals	( 421)		0		( 421)
At 31 December 2025	0		26,899		26,899
Accumulated depreciation
At 01 September 2024	9		62		71
Charge for the financial period	0		7,739		7,739
Disposals	( 9)		0		( 9)
At 31 December 2025	0		7,801		7,801
Net book value
At 31 December 2025	0		19,098		19,098
At 31 August 2024	412		2,160		2,572

4. Debtors

	31.12.2025		31.08.2024
	£		£
Amounts owed by Parent undertakings	12,468		0
Deferred tax asset	81,498		0
Other debtors	49,098		43,979
	143,064		43,979

Amounts owed by Parent undertakings are unsecured, repayable on demand and do not bear interest.

5. Creditors: amounts falling due within one year

	31.12.2025		31.08.2024
	£		£
Trade creditors	3,467		18,100
Amounts owed to Parent undertakings	0		931,607
Other taxation and social security	77,555		68,487
Other creditors	634,647		18,751
	715,669		1,036,945

Amounts owed to Parent undertakings are unsecured, repayable on demand and do not bear interest.

6. Called-up share capital

	31.12.2025		31.08.2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

7. Ultimate controlling party

Parent Company:

Xeneta AS

Biskop Gunnerus Gate 14A, Oslo, NO 0185, Norway