Silverfin false 31/12/2021 31/12/2021 01/01/2021 Raymond Joseph Brimble 27/05/2016 Stephen Timothy Derrington 19/04/2016 Joseph Raymond Brimble 05 September 2022 The principal activity of the Company during the financial year was the provision of specialised laboratory services to the chemical, pharmaceutical and agrochemical industries. 10134163 2021-12-31 10134163 bus:Director1 2021-12-31 10134163 bus:Director2 2021-12-31 10134163 2020-12-31 10134163 core:CurrentFinancialInstruments 2021-12-31 10134163 core:CurrentFinancialInstruments 2020-12-31 10134163 core:Non-currentFinancialInstruments 2021-12-31 10134163 core:Non-currentFinancialInstruments 2020-12-31 10134163 core:ShareCapital 2021-12-31 10134163 core:ShareCapital 2020-12-31 10134163 core:SharePremium 2021-12-31 10134163 core:SharePremium 2020-12-31 10134163 core:RevaluationReserve 2021-12-31 10134163 core:RevaluationReserve 2020-12-31 10134163 core:RetainedEarningsAccumulatedLosses 2021-12-31 10134163 core:RetainedEarningsAccumulatedLosses 2020-12-31 10134163 core:ComputerSoftware 2020-12-31 10134163 core:ComputerSoftware 2021-12-31 10134163 core:LandBuildings 2020-12-31 10134163 core:PlantMachinery 2020-12-31 10134163 core:ComputerEquipment 2020-12-31 10134163 core:LandBuildings 2021-12-31 10134163 core:PlantMachinery 2021-12-31 10134163 core:ComputerEquipment 2021-12-31 10134163 2019-12-31 10134163 bus:OrdinaryShareClass1 2021-12-31 10134163 bus:OrdinaryShareClass2 2021-12-31 10134163 core:WithinOneYear 2021-12-31 10134163 core:WithinOneYear 2020-12-31 10134163 core:BetweenOneFiveYears 2021-12-31 10134163 core:BetweenOneFiveYears 2020-12-31 10134163 core:MoreThanFiveYears 2021-12-31 10134163 core:MoreThanFiveYears 2020-12-31 10134163 2021-01-01 2021-12-31 10134163 bus:FullAccounts 2021-01-01 2021-12-31 10134163 bus:SmallEntities 2021-01-01 2021-12-31 10134163 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 10134163 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 10134163 bus:Director1 2021-01-01 2021-12-31 10134163 bus:Director2 2021-01-01 2021-12-31 10134163 bus:Director3 2021-01-01 2021-12-31 10134163 core:ComputerSoftware core:TopRangeValue 2021-01-01 2021-12-31 10134163 core:LandBuildings core:TopRangeValue 2021-01-01 2021-12-31 10134163 core:PlantMachinery core:TopRangeValue 2021-01-01 2021-12-31 10134163 core:ComputerEquipment core:TopRangeValue 2021-01-01 2021-12-31 10134163 2020-01-01 2020-12-31 10134163 core:ComputerSoftware 2021-01-01 2021-12-31 10134163 core:LandBuildings 2021-01-01 2021-12-31 10134163 core:PlantMachinery 2021-01-01 2021-12-31 10134163 core:ComputerEquipment 2021-01-01 2021-12-31 10134163 core:Non-currentFinancialInstruments 2021-01-01 2021-12-31 10134163 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 10134163 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 10134163 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 10134163 bus:OrdinaryShareClass2 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10134163 (England and Wales)

SCYMARIS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

SCYMARIS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

SCYMARIS LTD

COMPANY INFORMATION

For the financial year ended 31 December 2021
SCYMARIS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2021
DIRECTORS Raymond Joseph Brimble
Stephen Timothy Derrington
REGISTERED OFFICE Brixham Laboratory
Freshwater Quarry
Brixham
TQ5 8BA
Devon
United Kingdom
COMPANY NUMBER 10134163 (England and Wales)
CHARTERED ACCOUNTANTS Bishop Fleming LLP
Century House
Nicholson Road
Torquay
TQ2 7TD
SCYMARIS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2021
SCYMARIS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Intangible assets 3 33,382 25,896
Tangible assets 4 1,933,263 1,792,236
1,966,645 1,818,132
Current assets
Stocks 603,527 153,658
Debtors
- due within one year 5 773,647 861,815
- due after more than one year 5 1,800 87
Cash at bank and in hand 1,024,194 224,370
2,403,168 1,239,930
Creditors
Amounts falling due within one year 6 ( 1,250,923) ( 1,312,498)
Net current assets/(liabilities) 1,152,245 (72,568)
Total assets less current liabilities 3,118,890 1,745,564
Creditors
Amounts falling due after more than one year 7 ( 3,923,840) ( 2,666,543)
Provision for liabilities 8 ( 17,241) 0
Net liabilities ( 822,191) ( 920,979)
Capital and reserves
Called-up share capital 9 100 100
Share premium account 20 20
Revaluation reserve 608,958 751,243
Profit and loss account ( 1,431,269 ) ( 1,672,342 )
Total shareholders' deficit ( 822,191) ( 920,979)

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Scymaris Ltd (registered number: 10134163) were approved and authorised for issue by the Board of Directors on 05 September 2022. They were signed on its behalf by:

Raymond Joseph Brimble
Director
Stephen Timothy Derrington
Director
SCYMARIS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
SCYMARIS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

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

General information and basis of accounting

Scymaris 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 Brixham Laboratory, Freshwater Quarry, Brixham, TQ5 8BA, Devon, United Kingdom. The company's registered number is 10134163.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 Statement of Financial Position 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 are 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
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 basis over its expected useful life.

Land and buildings 15 years straight line
Plant and machinery 10 years straight line
Computer equipment 4 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Work in progress

Work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of overheads based on normal levels of activity.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including Directors 41 29

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2021 35,037 35,037
Additions 15,257 15,257
At 31 December 2021 50,294 50,294
Accumulated amortisation
At 01 January 2021 9,141 9,141
Charge for the financial year 7,771 7,771
At 31 December 2021 16,912 16,912
Net book value
At 31 December 2021 33,382 33,382
At 31 December 2020 25,896 25,896

4. Tangible assets

Land and buildings Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 January 2021 28,971 2,594,078 32,073 2,655,122
Additions 0 397,952 14,195 412,147
At 31 December 2021 28,971 2,992,030 46,268 3,067,269
Accumulated depreciation
At 01 January 2021 7,725 834,227 20,934 862,886
Charge for the financial year 1,932 263,103 6,085 271,120
At 31 December 2021 9,657 1,097,330 27,019 1,134,006
Net book value
At 31 December 2021 19,314 1,894,700 19,249 1,933,263
At 31 December 2020 21,246 1,759,851 11,139 1,792,236

5. Debtors

2021 2020
£ £
Debtors: amounts falling due within one year
Trade debtors 570,262 606,428
Prepayments 54,919 179,715
Deferred tax asset 0 15,672
Other debtors 148,466 60,000
773,647 861,815
Debtors: amounts falling due after more than one year
Other debtors 1,800 87

6. Creditors: amounts falling due within one year

2021 2020
£ £
Bank loans 10,000 0
Trade creditors 234,200 278,661
Other creditors 812 ( 123)
Other loans 0 70,000
Accruals and deferred income 868,787 813,393
Other taxation and social security 71,512 58,727
Obligations under finance leases and hire purchase contracts 65,612 91,840
1,250,923 1,312,498

7. Creditors: amounts falling due after more than one year

2021 2020
£ £
Bank loans 34,167 0
Other loans 1,722,128 584,929
Accruals 626,898 475,857
Debt securities in issue 1,510,415 1,510,415
Obligations under finance leases and hire purchase contracts 30,232 95,342
3,923,840 2,666,543

There has not been any security given with regards to the bank loans. The hire purchase obligation is secured against the assets to which it relates.

8. Deferred tax

2021 2020
£ £
At the beginning of financial year 15,672 87,979
Charged to the Profit and Loss Account ( 32,913) ( 72,307)
At the end of financial year ( 17,241) 15,672

9. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
90 A ordinary shares of £ 1.00 each 90 90
10 B ordinary shares of £ 1.00 each 10 10
100 100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2021 2020
£ £
- within one year 297,500 297,500
- between one and five years 1,190,000 892,500
- after five years 1,363,452 1,958,542
2,850,952 3,148,542

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2021 2020
£ £
Contributions paid into the scheme during the year 27,654 19,128

11. Related party transactions

Lynxs Holdings LP, a limited partnership in which Mr R J Brimble, a director of Scymaris Ltd, is a partner, has provided a £125,000 letter of credit facility to the Company for the period January to August 2021. Interest has been charged on this at 10% per annum, totalling £8,336 (2020: £12,500) for the year.

Lynxs Holdings LP has also provided £1.7 million of loan notes to the Company during the year. Annual interest on unpaid principal is charged at 5% per annum, compounding monthly. Payment of principal and interest shall be due and payable in 2024 with no penalty for early payment.