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REGISTERED NUMBER: 09387131 (England and Wales)















Audited Financial Statements for the Year Ended 31st December 2023

for

Xerimis Ltd.

Xerimis Ltd. (Registered number: 09387131)

Contents of the Financial Statements
for the Year Ended 31st December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Xerimis Ltd.

Company Information
for the Year Ended 31st December 2023







Director: C Bernardo





Registered office: Unit A2 Access 12 Station Road
Theale
Reading
RG7 4PN





Registered number: 09387131 (England and Wales)





Auditors: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
OX2 7DY

Xerimis Ltd. (Registered number: 09387131)

Statement of Financial Position
31st December 2023

31/12/23 31/12/22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 643,422 725,417

Current assets
Debtors 5 2,280,192 2,579,207
Cash at bank 120,879 363,811
2,401,071 2,943,018
Creditors
Amounts falling due within one year 6 6,557,959 6,441,890
Net current liabilities (4,156,888 ) (3,498,872 )
Total assets less current liabilities (3,513,466 ) (2,773,455 )

Creditors
Amounts falling due after more than one year 7 66,300 78,000
Net liabilities (3,579,766 ) (2,851,455 )

Capital and reserves
Called up share capital 9 1 1
Retained earnings (3,579,767 ) (2,851,456 )
Shareholders' funds (3,579,766 ) (2,851,455 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20th September 2024 and were signed by:





C Bernardo - Director


Xerimis Ltd. (Registered number: 09387131)

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


1. Statutory information

Xerimis Ltd. is a private company, limited by shares, registered and incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.

Turnover
Turnover represents the invoiced value, net of Value Added Tax, of goods sold and services provided to customers outside the group.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - written off over the term of the lease
Plant and machinery - 20% straight line
Fixtures and fittings - 20% straight line
Office Equipment - 20% straight line
Computer equipment - 20% straight line

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

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 to the income statement.

Xerimis Ltd. (Registered number: 09387131)

Notes to the Financial Statements - continued
for the Year Ended 31st 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 to all of its financial instruments.

Financial instruments are recognised 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 recognised 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 trade, other debtors, amounts owed by group undertakings 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

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 trade and other creditors and amounts owed to group undertakings, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

Taxation
Taxation for the year comprises current 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 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.

Xerimis Ltd. (Registered number: 09387131)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


2. Accounting policies - continued

Foreign currencies
Functional and presentation currency
The company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest pound.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

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 the income statement in the period to which they relate.

Going concern
The company made a loss before tax for the year of £728,311 (2022: £609,977) but has net current liabilities of £4,156,888 (2022: £3,498,872) and net liabilities of £3,579,766 (2022: £2,851,455).

The company manages its day-to-day working capital requirements from available cash balances and by obtaining financing when needed and through group support.

At the time of approving the financial statements, having taken into consideration the current and forecasted performance and position of the company, in combination with the available additional funding should this be considered necessary, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. Employees and directors

The average number of employees during the year was 33 (2022 - 29 ) .

Xerimis Ltd. (Registered number: 09387131)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


4. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1st January 2023 1,424,533
Additions 18,149
Disposals (99,015 )
At 31st December 2023 1,343,667
Depreciation
At 1st January 2023 699,116
Charge for year 93,372
Eliminated on disposal (92,243 )
At 31st December 2023 700,245
Net book value
At 31st December 2023 643,422
At 31st December 2022 725,417

5. Debtors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Trade debtors 1,289,387 706,258
Other debtors 990,805 1,872,949
2,280,192 2,579,207

6. Creditors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Trade creditors 562,056 672,005
Taxation and social security 40,861 40,981
Other creditors 5,955,042 5,728,904
6,557,959 6,441,890

7. Creditors: amounts falling due after more than one year
31/12/23 31/12/22
£    £   
Other creditors 66,300 78,000

Xerimis Ltd. (Registered number: 09387131)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/12/23 31/12/22
£    £   
Within one year 136,158 136,158
Between one and five years 544,632 544,632
In more than five years 226,930 363,088
907,720 1,043,878

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
100 Ordinary shares 0.01 1 1

10. Disclosure under Section 444(5B) of the Companies Act 2006

As the Income Statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with S444 (5B) of the Companies Act 2006.

The Auditors' Report was unqualified.

Samantha Daniels (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited (Statutory Auditor)

11. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. Parent company

Xerimis Limited is included in the consolidated financial statements of Xerimis Inc, a company incorporated in United States of America, which heads the smallest group that prepares consolidated financial statements.