Silverfin false false 31/12/2023 01/01/2023 31/12/2023 E Andersen 09/10/2017 D G Daugaard - Jensen 09/10/2017 H Jabado 01/03/2022 J Larsen 01/11/2021 N X G Sharp 01/09/2021 M G Ulsted 09/10/2017 09 August 2024 The principal activity of the company during the financial year was that of the development and distribution of software and medical devices in relation to male and female fertility testing. 11002717 2023-12-31 11002717 bus:Director1 2023-12-31 11002717 bus:Director2 2023-12-31 11002717 bus:Director3 2023-12-31 11002717 bus:Director4 2023-12-31 11002717 bus:Director5 2023-12-31 11002717 bus:Director6 2023-12-31 11002717 2022-12-31 11002717 core:CurrentFinancialInstruments 2023-12-31 11002717 core:CurrentFinancialInstruments 2022-12-31 11002717 core:ShareCapital 2023-12-31 11002717 core:ShareCapital 2022-12-31 11002717 core:SharePremium 2023-12-31 11002717 core:SharePremium 2022-12-31 11002717 core:OtherCapitalReserve 2023-12-31 11002717 core:OtherCapitalReserve 2022-12-31 11002717 core:RetainedEarningsAccumulatedLosses 2023-12-31 11002717 core:RetainedEarningsAccumulatedLosses 2022-12-31 11002717 core:ComputerEquipment 2022-12-31 11002717 core:ComputerEquipment 2023-12-31 11002717 2023-01-01 2023-12-31 11002717 bus:FilletedAccounts 2023-01-01 2023-12-31 11002717 bus:SmallEntities 2023-01-01 2023-12-31 11002717 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11002717 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11002717 bus:Director1 2023-01-01 2023-12-31 11002717 bus:Director2 2023-01-01 2023-12-31 11002717 bus:Director3 2023-01-01 2023-12-31 11002717 bus:Director4 2023-01-01 2023-12-31 11002717 bus:Director5 2023-01-01 2023-12-31 11002717 bus:Director6 2023-01-01 2023-12-31 11002717 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 11002717 2022-01-01 2022-12-31 11002717 core:ComputerEquipment 2023-01-01 2023-12-31 11002717 core:ComputerEquipment 1 2023-01-01 2023-12-31 11002717 1 2023-01-01 2023-12-31 11002717 core:Subsidiary1 2023-01-01 2023-12-31 11002717 core:Subsidiary1 1 2023-01-01 2023-12-31 11002717 core:Subsidiary1 1 2022-01-01 2022-12-31 11002717 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure decimalUnit

Company No: 11002717 (England and Wales)

EXSEED HEALTH LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

EXSEED HEALTH LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

EXSEED HEALTH LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
EXSEED HEALTH LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS E Andersen
D G Daugaard - Jensen
H Jabado
J Larsen
N X G Sharp
M G Ulsted
REGISTERED OFFICE 6 Hookers Road
C/O Yonder Office
London
E17 6DP
England
United Kingdom
COMPANY NUMBER 11002717 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
EXSEED HEALTH LIMITED

BALANCE SHEET

As at 31 December 2023
EXSEED HEALTH LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,546 1,546
Investments 4 100 100
1,646 1,646
Current assets
Stocks 27,701 7,356
Debtors 5 424,932 377,848
Investments 1,722,069 1,549,191
Cash at bank and in hand 86,685 968,804
2,261,387 2,903,199
Creditors: amounts falling due within one year 6 ( 546,499) ( 295,235)
Net current assets 1,714,888 2,607,964
Total assets less current liabilities 1,716,534 2,609,610
Net assets 1,716,534 2,609,610
Capital and reserves
Called-up share capital 529 529
Share premium account 4,558,920 4,558,920
Other reserves 3,704 327
Profit and loss account ( 2,846,619 ) ( 1,950,166 )
Total shareholders' funds 1,716,534 2,609,610

For the financial year ending 31 December 2023 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 ExSeed Health Limited (registered number: 11002717) were approved and authorised for issue by the Board of Directors on 09 August 2024. They were signed on its behalf by:

M G Ulsted
Director
EXSEED HEALTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
EXSEED HEALTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

ExSeed Health Limited (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 6 Hookers Road, C/O Yonder Office, London, E17 6DP, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 Balance Sheet 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.

Group accounts exemption

Group accounts exemption s399
The Company has an associate company and has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 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. Turnover from the sale of goods is recognised on delivery to the customer. Any invoices raised in advance of delivery are deferred.

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

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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 Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the [appropriate pricing] model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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 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.

Research & development costs

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit.

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:

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are 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 manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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 are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

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 Balance Sheet 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2023 1,950 1,950
Additions 678 678
Minor difference arises in Computer Equipment 0 0
At 31 December 2023 2,628 2,628
Accumulated depreciation
At 01 January 2023 404 404
Charge for the financial year 678 678
At 31 December 2023 1,082 1,082
Net book value
At 31 December 2023 1,546 1,546
At 31 December 2022 1,546 1,546

4. Fixed asset investments

2023 2022
£ £
Other investments and loans 100 100

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Exseed Health ApS Njalsgade 21G, 4th floor, 2300 Copenhagen S, Denmark Software development Ordinary 100.00% 100.00%

5. Debtors

2023 2022
£ £
Trade debtors 12,524 14,239
Amounts owed by Group undertakings 316,086 304,190
Corporation tax 72,055 46,102
Other debtors 24,267 13,317
424,932 377,848

Amounts owed by Group undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 73,660 21,320
Amounts owed to Group undertakings 338,992 223,294
Other taxation and social security 22,127 29,086
Other creditors 111,720 21,535
546,499 295,235

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

7. Related party transactions

Remuneration was paid to the director's of £75,000 (2022 : £72,600). The director's are the only key management personnel of this company.
Included within other creditors is a director's loan of £1,481 (2022: £1,211). The loan is interest free and repayable on demand.
The Company has taken advantage of the exemptions available in Section 33 Related Party Transactions of FRS 102 to not disclose transactions between wholly owned subsidiaries in the group.

8. Ultimate controlling party

There is no individual ultimate controlling party.