REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
FOR |
EXCESSION TECHNOLOGIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
FOR |
EXCESSION TECHNOLOGIES LIMITED |
EXCESSION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 10098147) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
EXCESSION TECHNOLOGIES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisers and Accountants |
Unit 2.02 High Weald House, |
Glovers End |
Bexhill |
East Sussex |
United Kingdom |
TN39 5ES |
EXCESSION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 10098147) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium | 9 |
Advance subscriptions | 9 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
EXCESSION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 10098147) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
EXCESSION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 10098147) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Excession Technologies Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
In preparing the financial statements, the directors are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the directors to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
GOODWILL |
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, has been amortised evenly over its estimated useful life of five years. |
TANGIBLE FIXED ASSETS |
Fixtures and fittings | - |
Computer equipment | - |
EXCESSION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 10098147) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 (Section 1A) to all of its financial instruments. |
Financial instruments are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
BASIC FINANCIAL ASSETS |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
CLASSIFICATION OF FINANCIAL LIABILITIES |
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. |
BASIC FINANCIAL LIABILITIES |
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors greater than one year are recognized initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
TAXATION |
Taxation for the period 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 statement of financial position date. |
EXCESSION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 10098147) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
RESEARCH AND DEVELOPMENT |
Research and development expenditure is written off in the profit and loss account in the year to which the expenditure relates. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
Cost |
At 1 July 2023 |
and 31 December 2023 |
Amortisation |
At 1 July 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 30 June 2023 |
EXCESSION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 10098147) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 July 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 July 2023 |
Charge for period |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 30 June 2023 |
6. | DEBTORS |
2023 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
R&D tax credit recoverable | 303,393 | 564,131 |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Deferred Tax Assets | 2,325,988 | 1,867,985 |
Aggregate amounts |
EXCESSION TECHNOLOGIES LIMITED (REGISTERED NUMBER: 10098147) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2023 |
value: | £ | £ |
Ordinary Shares | £.000001 | 26 | 26 |
Ordinary A Shares | £.000001 | 904 | 232 |
930 | 258 |
53,673 Ordinary Shares shares of £.000001 each were allotted and fully paid for |
671,681,781 Ordinary A Shares shares of £.000001 each were allotted as fully paid |
9. | RESERVES |
Retained | Share | Advance |
earnings | premium | subscriptions | Totals |
£ | £ | £ | £ |
At 1 July 2023 | ( |
) | 3,041,305 |
Deficit for the period | ( |
) | ( |
) |
Cash share issue | - | 2,499,328 | (2,268,092 | ) | 231,236 |
Advance subscription | - | - | 3,395,966 | 3,395,966 |
At 31 December 2023 | ( |
) | 3,689,504 |