Xlinks First Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13604828 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

XLINKS FIRST LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Morrish

S Padmanathan

D Lewis

I E L Davis

F A C Serfaty

G S Jackson

D O Kaouach

O A M A Alhashmi

A S N H Al Yafei

S Chevalier

REGISTERED OFFICE:

Kingfisher House

Woodbrook Crescent

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

13604828 (England and Wales)

AUDITORS:

Haines Watts, Statutory Auditor

Chartered Accountants

The Lightbox

87 Castle Street

Reading

Berkshire

RG1 7SN

FIXED ASSETS

Investments

4

12,047,401

-

CURRENT ASSETS

Debtors

5

17,885,297

4,157,831

Cash at bank and in hand

15,516,720

1

33,402,017

4,157,832

CREDITORS

Amounts falling due within one year

6

440,183

3,047,831

NET CURRENT ASSETS

32,961,834

1,110,001

TOTAL ASSETS LESS CURRENT LIABILITIES

45,009,235

1,110,001

CAPITAL AND RESERVES

Called up share capital

7

14

1

Share premium

46,919,780

-

Other reserves

-

1,110,000

Retained earnings

(1,910,559

)

-

SHAREHOLDERS' FUNDS

45,009,235

1,110,001

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 8 March 2024 and were signed on its behalf by:

S Morrish - Director

1.	STATUTORY INFORMATION

Xlinks First Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Preparation of consolidated financial statements

The financial statements contain information about Xlinks First Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

12,047,401

At 31 August 2023

12,047,401

NET BOOK VALUE

At 31 August 2023

12,047,401

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Xlinks 1 Limited

Registered office: Kingfisher House, Woodbrook Crescent, Billericay, Essex, CM12 0EQ

Nature of business: Developing and operating solar panels

%

Class of shares:

holding

Ordinary

100.00

Xlinks Morocco

Registered office: Morocco

Nature of business: Developing and operating solar panels

%

Class of shares:

holding

Ordinary

99.96

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by group undertakings

13,784,373

-

Other debtors

4,100,924

4,157,831

17,885,297

4,157,831

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

414,082

-

Other creditors

26,101

3,047,831

440,183

3,047,831

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100,000

Ordinary

0.0001

10

1

40,198

Series A Preference

0.0001

4

-

14

1

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

The Report of the Auditors was unqualified.

Jacqueline Biggs FCCA ACA (Senior Statutory Auditor)

for and on behalf of Haines Watts, Statutory Auditor

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.

During the year, the company recharged £3,569,819 (2022: £nil) to Solar Ventus Limited, a related party through common control. The company was recharged £86,000 (2022: £nil) from Solar Ventus Limited during the year. At the reporting date the amount due to the company was £3,483,819 (2022: £nil).

10.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Xlinks Limited, a company incorporated in England.

The company is controlled by the shareholders. No individual shareholder has overall control.