Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false192023-01-01No description of principal activity24truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11698003 2023-01-01 2023-12-31 11698003 2022-01-01 2022-12-31 11698003 2023-12-31 11698003 2022-12-31 11698003 c:Director4 2023-01-01 2023-12-31 11698003 d:OfficeEquipment 2023-01-01 2023-12-31 11698003 d:OfficeEquipment 2023-12-31 11698003 d:OfficeEquipment 2022-12-31 11698003 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11698003 d:ComputerEquipment 2023-01-01 2023-12-31 11698003 d:ComputerEquipment 2023-12-31 11698003 d:ComputerEquipment 2022-12-31 11698003 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11698003 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11698003 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 11698003 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 11698003 d:CurrentFinancialInstruments 2023-12-31 11698003 d:CurrentFinancialInstruments 2022-12-31 11698003 d:Non-currentFinancialInstruments 2023-12-31 11698003 d:Non-currentFinancialInstruments 2022-12-31 11698003 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11698003 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11698003 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11698003 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11698003 d:ShareCapital 2023-12-31 11698003 d:ShareCapital 2022-12-31 11698003 d:RetainedEarningsAccumulatedLosses 2023-12-31 11698003 d:RetainedEarningsAccumulatedLosses 2022-12-31 11698003 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11698003 c:OrdinaryShareClass1 2023-12-31 11698003 c:OrdinaryShareClass1 2022-12-31 11698003 c:FRS102 2023-01-01 2023-12-31 11698003 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11698003 c:FullAccounts 2023-01-01 2023-12-31 11698003 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11698003 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 11698003 2 2023-01-01 2023-12-31 11698003 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11698003









EXAGEN DEVELOPMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EXAGEN DEVELOPMENT LIMITED
REGISTERED NUMBER: 11698003

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
806,428
392,954

Tangible assets
 5 
148,974
73,767

  
955,402
466,721

Current assets
  

Work in progress
  
2,172,332
1,430,780

Debtors: amounts falling due after more than one year
 6 
40,750
-

Debtors: amounts falling due within one year
 6 
3,208,819
668,534

Cash and cash equivalents
  
121,529
565,108

  
5,543,430
2,664,422

Creditors: amounts falling due within one year
 7 
(3,849,642)
(469,056)

Net current assets
  
 
 
1,693,788
 
 
2,195,366

Total assets less current liabilities
  
2,649,190
2,662,087

Creditors: amounts falling due after more than one year
 8 
(8,905,988)
(5,807,240)

  

Net liabilities
  
(6,256,798)
(3,145,153)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(6,256,799)
(3,145,154)

Total Shareholders Deficit
  
(6,256,798)
(3,145,153)

Page 1

 
EXAGEN DEVELOPMENT LIMITED
REGISTERED NUMBER: 11698003
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






D Kemp
Director

Date: 26 September 2024

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
EXAGEN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The pricipal activity of the company was that of developing solar and battery storage projects.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company's liabilities exceeded assets. The company is reliant on continued support from the parent company and the directors confirm that they expect the support to continue for the foreseeable future. The net liability position is expected for a company whose projects are in development and require early stage funding. For these reasons, the directors continue to adopt the going concern basis in preparing the accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
EXAGEN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
33%
Reducing balance
Computer equipment
-
33%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Work in progress

Work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, work in progress are assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 4

 
EXAGEN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

(I) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.

Page 5

 
EXAGEN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 19).


4.


Intangible assets




Software Development

£



Cost


At 1 January 2023
392,954


Additions
485,698



At 31 December 2023

878,652



Amortisation


Charge for the year on owned assets
72,224



At 31 December 2023

72,224



Net book value



At 31 December 2023
806,428



At 31 December 2022
392,954



Page 6

 
EXAGEN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
2,755
101,488
104,243


Additions
25,418
96,862
122,280


Disposals
(742)
-
(742)



At 31 December 2023

27,431
198,350
225,781



Depreciation


At 1 January 2023
995
29,481
30,476


Charge for the year on owned assets
5,301
41,459
46,760


Disposals
(429)
-
(429)



At 31 December 2023

5,867
70,940
76,807



Net book value



At 31 December 2023
21,564
127,410
148,974



At 31 December 2022
1,760
72,007
73,767

Page 7

 
EXAGEN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Deposits
40,750
-


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
2,912,281
526,506

Other debtors
118,460
34,433

Prepayments and accrued income
178,078
107,595

3,208,819
668,534





7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
150,947
107,369

Amounts owed to group undertakings
3,344,099
4,488

Other taxation and social security
258,075
145,304

Other creditors
10,259
-

Accruals and deferred income
86,262
211,895

3,849,642
469,056





8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
8,905,988
5,807,240





9.


Share capital

Page 8

 
EXAGEN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



10.


Related party transactions

Where possible, the company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.


11.


Controlling party

Under FRS 102 section 1AC.34, the details of the parent company are:
Exagen Group Ltd
Registered office address: 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ
The entity is a subsidiary, and the financial statements have been consolidated into the parent company's group accounts.

 
Page 9