REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31st December 2023 |
for |
Xerimis Ltd. |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Auditors: |
Chartered Certified Accountants |
Statutory Auditor |
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 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Creditors |
Amounts falling due after more than one year | 7 |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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 |
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 |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Office Equipment | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals | ( |
) |
At 31st December 2023 |
Depreciation |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
5. | Debtors: amounts falling due within one year |
31/12/23 | 31/12/22 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
31/12/23 | 31/12/22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
31/12/23 | 31/12/22 |
£ | £ |
Other creditors |
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 |
Between one and five years |
In more than five years |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
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. |
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. |