Xmarc Limited 03198045 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is 62090 - Other information technology service activities Digita Accounts Production Advanced 6.30.9574.0 true false true true 03198045 2023-01-01 2023-12-31 03198045 2023-12-31 03198045 bus:OrdinaryShareClass1 2023-12-31 03198045 core:CurrentFinancialInstruments 2023-12-31 03198045 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03198045 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03198045 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03198045 core:CostValuation 2023-12-31 03198045 core:DisposalsDecreaseInInvestments 2023-12-31 03198045 core:FurnitureFittingsToolsEquipment 2023-12-31 03198045 bus:SmallEntities 2023-01-01 2023-12-31 03198045 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03198045 bus:FilletedAccounts 2023-01-01 2023-12-31 03198045 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03198045 bus:RegisteredOffice 2023-01-01 2023-12-31 03198045 bus:Director4 2023-01-01 2023-12-31 03198045 bus:Director5 2023-01-01 2023-12-31 03198045 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03198045 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03198045 core:ComputerSoftware 2023-01-01 2023-12-31 03198045 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 03198045 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03198045 core:Subsidiary1 2023-01-01 2023-12-31 03198045 core:Subsidiary1 1 2023-01-01 2023-12-31 03198045 core:Subsidiary1 countries:Italy 2023-01-01 2023-12-31 03198045 countries:AllCountries 2023-01-01 2023-12-31 03198045 2022-12-31 03198045 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03198045 core:CostValuation 2022-12-31 03198045 core:FurnitureFittingsToolsEquipment 2022-12-31 03198045 2022-01-01 2022-12-31 03198045 2022-12-31 03198045 bus:OrdinaryShareClass1 2022-12-31 03198045 core:CurrentFinancialInstruments 2022-12-31 03198045 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03198045 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 03198045 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03198045 core:Subsidiary1 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03198045

Xmarc Limited



Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Xmarc Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Xmarc Limited

Company Information

Directors

Ing. Giovanni Magno

Mr Claudio Crivellari

Registered office

Second Floor
150-151 Fleet Street
London
EC4A 2DQ

Registered Number

03198045

Accountants

Gower Accountancy Limited
Chartered Certified Accountants
Second Floor
150-151 Fleet Street
London
EC4A 2DQ

 

Xmarc Limited

(Registration number: 03198045)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

20,426

42,709

Investments

6

-

140,536

 

20,426

183,245

Current assets

 

Debtors

7

205,399

147,358

Cash at bank and in hand

 

200,632

180,937

 

406,031

328,295

Creditors: Amounts falling due within one year

8

(123,194)

(163,921)

Net current assets

 

282,837

164,374

Total assets less current liabilities

 

303,263

347,619

Creditors: Amounts falling due after more than one year

8

3,519

(64,135)

Net assets

 

306,782

283,484

Capital and reserves

 

Called up share capital

9

1,870,000

1,870,000

Retained earnings

(1,563,218)

(1,586,516)

Shareholders' funds

 

306,782

283,484

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 May 2024 and signed on its behalf by:
 

.........................................
Ing. Giovanni Magno
Director

.........................................
Mr Claudio Crivellari
Director

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.

 

Xmarc Limited

(Registration number: 03198045)
Balance Sheet as at 31 December 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Xmarc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Second Floor
150-151 Fleet Street
London
EC4A 2DQ
United Kingdom

These financial statements were approved by the Board on 7 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Xmarc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other PPE

20% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

20% straight line

 

Xmarc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Xmarc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

524,856

524,856

At 31 December 2023

524,856

524,856

Amortisation

At 1 January 2023

482,147

482,147

Amortisation charge

22,283

22,283

At 31 December 2023

504,430

504,430

Carrying amount

At 31 December 2023

20,426

20,426

At 31 December 2022

42,709

42,709

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

4,951

4,951

At 31 December 2023

4,951

4,951

Depreciation

At 1 January 2023

4,951

4,951

At 31 December 2023

4,951

4,951

Carrying amount

At 31 December 2023

-

-

6

Investments

2023
£

2022
£

Investments in subsidiaries

-

140,536

 

Xmarc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiaries

£

Cost or valuation

At 1 January 2023

140,536

Disposals

(140,536)

At 31 December 2023

-

Provision

Carrying amount

At 31 December 2023

-

At 31 December 2022

140,536

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Evolvo S.r.l

Via dei Galla e Sidama, 23 – 00199 Roma

Italy

Ordinary Shares €100,000

0%

95%

Subsidiary undertakings

Evolvo S.r.l

The principal activity of Evolvo S.r.l is Computer science, consulting and services mainly dedicated to Public Health.

7

Debtors

Current

2023
£

2022
£

Trade debtors

129,728

6,407

Other debtors

75,671

140,951

 

205,399

147,358

 

Xmarc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,645

50,308

Taxation and social security

24,954

26,033

Accruals and deferred income

89,321

87,306

Other creditors

274

274

123,194

163,921

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

(3,519)

64,135

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

1,870,000

1,870,000

1,870,000

1,870,000