Company registration number 10519681 (England and Wales)
IXARIS GROUP HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IXARIS GROUP HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
IXARIS GROUP HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
3,267,241
1,041,438
Current assets
Debtors
5
70,098
67,252
Creditors: amounts falling due within one year
6
(5,429,008)
(3,036,079)
Net current liabilities
(5,358,910)
(2,968,827)
Net liabilities
(2,091,669)
(1,927,389)
Capital and reserves
Called up share capital
2,745
2,745
Other reserves
1,000,000
1,000,000
Profit and loss reserves
(3,094,414)
(2,930,134)
Total equity
(2,091,669)
(1,927,389)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
S Hanlon
Director
Company registration number 10519681 (England and Wales)
IXARIS GROUP HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
2,745
1,000,000
(3,216,428)
(2,213,683)
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
286,294
286,294
Balance at 31 December 2022
2,745
1,000,000
(2,930,134)
(1,927,389)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(164,280)
(164,280)
Balance at 31 December 2023
2,745
1,000,000
(3,094,414)
(2,091,669)
IXARIS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Ixaris Group Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Floor 3, 18 St. Swithins Lane, London, EC4N 8AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted were measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ Compensation for key management personnel.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Ixaris Group Holdings Limited is a wholly owned subsidiary of Nium Pte. Ltd and the results of Ixaris Group Holdings Limited are included in the consolidated financial statements of Nium Pte. Ltd which are available from 16 Raffles Quay, #20-05 Hong Leong Building, Singapore (048581).
1.2
Going concern
The financial statements have been prepared on a going concern basis, not withstanding that the company has made a loss in the year of £164,280 (2022: profit of £286,394) and has net liabilities of £2,091,669 (2022: £1,927,389) at the balance sheet date, as the parent company has confirmed that it will continue to provide financial support to the company for a period of at least 12 months from the date the financial statements are approved.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
IXARIS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 in the company's balance sheet 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 debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
IXARIS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2022: 0).
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3,267,241
1,041,438
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,041,438
Additions
2,225,803
At 31 December 2023
3,267,241
Carrying amount
At 31 December 2023
3,267,241
At 31 December 2022
1,041,438
IXARIS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 6 -
During 2023, Usentric Holdings Limited made a distribuition in specie to Ixaris Group Holdings Limited for the shares in a subsidiary which totalled to £17,169. Following this, Usentric Holdings Limited entered into liquidation.
Also in the year, Ixaris Group Holdings Limited made a capital contribution to a subsidiary which totalled to £2,208,634.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
70,098
67,252
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,948
2,827
Amounts owed to group undertakings
5,341,416
3,003,182
Other creditors
80,644
30,070
5,429,008
3,036,079
7
Other reserves
The other reserve represents a capital contribution of £1 million that was paid to the company by its parent company, Nium Pte. Ltd, in March 2021.
8
Related party transactions
The company has taken advantage of the exemption under FRS 102 Section 33 'Related Party Transactions' from disclosing transactions with its parent and fellow group companies.
9
Audit report information
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 auditor's report was unqualified.
Senior Statutory Auditor:
Paraskumar Shah FCA
Statutory Auditor:
Glazers
Date of audit report:
16 October 2024
IXARIS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Ultimate controlling party
The ultimate controlling party is Nium Pte. Ltd, a company incorporated and domiciled in Singapore. The group financial statements can be obtained from 16 Raffles Quay, #20-05 Hong Leong Building, Singapore (048581).