REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Exactmer Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Exactmer Limited |
Exactmer Limited (Registered number: 11109941) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Exactmer Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Brooke's Mill |
Armitage Bridge |
Huddersfield |
West Yorkshire |
HD4 7NR |
Exactmer Limited (Registered number: 11109941) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings |
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. |
Exactmer Limited (Registered number: 11109941) |
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 |
Exactmer Limited (Registered number: 11109941) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATEMENT OF COMPLIANCE |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis which assumes that the company will have sufficient funding available to enable it to continue to operate for the foreseeable future. |
To date, the company has been financed by the issue of equity, grants received and revenue generated. The company anticipates further grant receipts and the continued increase of revenue streams during the next financial year. Additionally, subsequent to the balance sheet date, the company has issued Convertible Loan Notes amounting to £1.25 million in order to provide the company with further working capital. As a result the directors are confident that they can control future costs and cash balances in such a manner that will allow the company to continue as a going concern. |
The directors therefore believe that it is appropriate for the financial statements to be prepared on a going concern basis. |
Revenue |
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Services supplied to customers under contracts are recognised over the period of the contract based upon the level of completion of the work. The difference between the amount of income recognised and the amount invoiced on a particular contract is included in the balance sheet as either accrued or deferred income. Amounts included in accrued or deferred income due within one year are expected to be recognised within one year. Accrued income is included with current assets and deferred income is included within current liabilities. |
Tangible fixed assets |
Plant and machinery etc | - |
Government grants |
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. |
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. |
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
Exactmer Limited (Registered number: 11109941) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
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 statement of financial position date. |
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 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. |
Research and development |
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development. |
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development the asset is tested for impairment annually. |
The directors have reviewed the expenditure on research and development incurred during the year and have determined that nne of the costs meet the criteria to be capitalised as development cost assets. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Leases |
Rentals payable under operating leases are charged in the income statement on a straight-line basis over the lease term. Lease incentives are recognised over the lease term on a straight-line basis. |
Exactmer Limited (Registered number: 11109941) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Share option schemes - equity settled transactions |
The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined by using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the company (market conditions) and non-vesting conditions. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non-vesting condition, which are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance conditions are satisfied. |
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest or in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in equity. |
Where the terms of an equity-settled award are modified or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if this difference is negative. |
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over fair value expensed in the income statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Exactmer Limited (Registered number: 11109941) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Included within other creditors is an amount of £241,985 (2022: £266,833) of accrued sales revenue. This is expected to be recognised within the Income statement in 2024. |
Also included in other creditors are deferred capital grants of £57,312 (2022: £285,795) which will be recognised in the income statement in 2024. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Other creditors comprises the long term portion of deferred capital grants. |
Exactmer Limited (Registered number: 11109941) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | FINANCIAL INSTRUMENTS |
Non-derivative financial assets |
At the reporting date, the company held the following non-derivative financial assets: |
2023 | 2022 |
£ | £ |
Due within 3 months |
Cash and cash equivalents | 1,852,767 | 2,268,010 |
Trade receivables | 172,987 | - |
Other receivables | 892,025 | 767,388 |
2,917,779 | 3,035,398 |
Non-derivative financial liabilities |
At the reporting date, the company held the following non-derivative financial liabilities: |
2023 | 2022 |
£ | £ |
Due within 3 months |
Trade payables | 73,169 | 85,353 |
Other payables | 79,240 | 154,841 |
152,409 | 240,194 |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Balance at 31 December 2023 |
The deferred tax liability has been calculated at the rate of 25% (2022: 25%). |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary £0.001 | 0.1p | 278 | 278 |
T Ordinary | 0.1p | 23 | 23 |
301 | 301 |
Exactmer Limited (Registered number: 11109941) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
11. | SHARE-BASED PAYMENT TRANSACTIONS |
Share options |
The Company has a Share Option Scheme under which it grants options over ordinary shares to certain Directors and employees of the Company. Options under these plans are exercisable at a range of exercise prices ranging from the nominal value of the Company's shares to the market price of the Company's shares on the date of the grant. The vesting period for shares is usually over a period of three years. The options are settled in equity once exercised. If the options remain unexercised for a period after 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the Company before the options vest. |
The number and weighted average exercise prices of share options are as follows: |
Weighted |
average |
exercise |
EMI | Unapproved | price per |
options | options | Total | share (p | ) |
At 1 January 2022 | 14,000 | - | 14,000 | 54.10 |
Granted during the year | 20,000 | - | 20,000 | 54.10 |
Forfeited during the year | (7,500 | ) | - | (7,500 | ) | (54.10 | ) |
At 31 December 2022 | 26,500 | - | 26,500 | 54.10 |
Granted during the year | 24,000 | - | 24,000 | 54.10 |
At 31 December 2023 | 50,500 | - | 50,500 | 54.10 |
10,500 of share options outstanding at 31 December 2023 were eligible to be exercised as the employment period conditions had been met at 31 December 2023. Options have an exercise prices of 54.1 pence per share and have a weighted contractual life of 8.46 years (2022: 8.44 years). |
The company has made a share-based payment charge in the financial statements for the year ended 31 December 2023 of £3,040 (2022: £nil). |