Xlcc Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13057883 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

XLCC LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M A Budd

D Lewis

A Mathers

S Morrish

I D Douglas

T P Nash

REGISTERED OFFICE:

Kingfisher House

Radford Way

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

13057883 (England and Wales)

AUDITORS:

Haines Watts, Statutory Auditor

Chartered Accountants

The Lightbox

87 Castle Street

Reading

Berkshire

RG1 7SN

FIXED ASSETS

Tangible assets

4

9,271

5,134

Investments

5

1

-

9,272

5,134

CURRENT ASSETS

Debtors

6

7,542,380

6,354,719

Cash at bank

412,170

1,206

7,954,550

6,355,925

CREDITORS

Amounts falling due within one year

7

10,606,192

10,173,418

NET CURRENT LIABILITIES

(2,651,642

)

(3,817,493

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,642,370

)

(3,812,359

)

CREDITORS

Amounts falling due after more than one year

8

-

7,700

NET LIABILITIES

(2,642,370

)

(3,820,059

)

CAPITAL AND RESERVES

Called up share capital

2,765

1,514

Share premium

19,247,836

5,478,287

Retained earnings

(21,892,971

)

(9,299,860

)

(2,642,370

)

(3,820,059

)

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 21 February 2024 and were signed on its behalf by:

I D Douglas - Director

1.	STATUTORY INFORMATION

Xlcc 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 Xlcc 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.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will follow to the Company and the revenue can be reliably measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:

Plant and machinery - 5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investments in subsidiaries are measured at cost less accumulated impairment. Listed investments

are measured at market value.

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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions for liabilities

Provisions are made where an event has taken place that given the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2022

5,637

Additions

5,389

At 30 September 2023

11,026

DEPRECIATION

At 1 October 2022

503

Charge for year

1,252

At 30 September 2023

1,755

NET BOOK VALUE

At 30 September 2023

9,271

At 30 September 2022

5,134

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1

At 30 September 2023

1

NET BOOK VALUE

At 30 September 2023

1

6.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Other debtors

69,394

61,518

VAT

287,113

193,520

Prepayments and accrued income

284,837

988,994

Assets under construction

6,864,036

5,110,687

7,505,380

6,354,719

Amounts falling due after more than one year:

Directors' loan accounts

37,000

-

Aggregate amounts

7,542,380

6,354,719

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other loans

4,397,503

-

Trade creditors

2,287,635

1,900,354

Social security and other taxes

26,902

11,828

Other creditors

2,466

2,252

Accruals and deferred income

170,035

339,719

Shareholder investment pre-issue

3,721,651

7,919,265

10,606,192

10,173,418

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Directors' loan accounts

-

7,700

9.	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

The financial statements of the Company for the year ended 30 September 2022 were not audited.

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The charge to the profit or loss account in respect of the company's defined contribution pension scheme is £36,156 (2022: £15,565). At the year end an amount of £3,173 (2022: £2,252) was outstanding.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 September 2023 and the period ended 30 September 2022:

2023

2022

£

£

A Mathers

Balance outstanding at start of year

(7,700

)

-

Amounts advanced

44,700

(45,000

)

Amounts repaid

-

37,300

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

37,000

(7,700

)

12.	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 made sales of £76,311 (2022: £nil) to Xlinks Limited, a related party through common control. At the reporting date the amount due to the company was £51,394 (2022: £nil).

At the reporting date, the company had outstanding loans of £3,721,651 (2022: £7,768,461) due to Solar Ventus Limited, a related party through common control.

13.	ULTIMATE CONTROLLING PARTY

The immediate controlling party is Solar Ventus Limited by way of their shareholding.

The ultimate controlling party is S Morrish by way of their significant influence.