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REGISTERED NUMBER: 06949779 (England and Wales)















SIBELIUS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SIBELIUS LTD (REGISTERED NUMBER: 06949779)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SIBELIUS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Dr. A V Akoulitchev
J Berlino
P A Leyland
S C Diggle
D K Pratt



REGISTERED OFFICE: 6-7 Citibase, New Barclay House
234 Botley Road
Oxford
OX2 0HP



REGISTERED NUMBER: 06949779 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Churchill Stone FCA



AUDITORS: Mercer Lewin Ltd
Chartered Accountants and Registered Auditors
6-7 Citibase
New Barclay House
234 Botley Road
Oxford
OX2 0HP

SIBELIUS LTD (REGISTERED NUMBER: 06949779)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 36,130 61,108
Investments 6 811 811
36,941 61,919

CURRENT ASSETS
Stocks 173,561 443,603
Debtors 7 313,870 251,753
Cash at bank and in hand 1,233 70,066
488,664 765,422
CREDITORS
Amounts falling due within one year 8 945,797 436,426
NET CURRENT (LIABILITIES)/ASSETS (457,133 ) 328,996
TOTAL ASSETS LESS CURRENT
LIABILITIES

(420,192

)

390,915

CREDITORS
Amounts falling due after more than one
year

9

-

(2,561,331

)

PROVISIONS FOR LIABILITIES (21,000 ) (15,000 )
NET LIABILITIES (441,192 ) (2,185,416 )

CAPITAL AND RESERVES
Called up share capital 14,408 3,807
Share premium 9,180,161 5,718,218
Retained earnings (9,635,761 ) (7,907,441 )
(441,192 ) (2,185,416 )

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 Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





P A Leyland - Director


SIBELIUS LTD (REGISTERED NUMBER: 06949779)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Sibelius Ltd is a private company, limited by shares , registered 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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no judgements that are deemed to have had a significant effect on amounts recognised in the financial statements.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of turnover can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Turnover from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, turnover is recognised only to the extent that expenses recognised are recoverable.

GOODWILL
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

SIBELIUS LTD (REGISTERED NUMBER: 06949779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

RESEARCH AND DEVELOPMENT
Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

· It is technically feasible to complete the intangible asset so that it will be available for use or sale;
· There is the intention to complete the intangible asset and use or sell it;
· There is the ability to use or sell the intangible asset;
· The use or sale of the intangible asset will generate probable future economic benefits;
· There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
· The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 10 ) .

SIBELIUS LTD (REGISTERED NUMBER: 06949779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 30,000 12,168 42,168
AMORTISATION
At 1 January 2023
and 31 December 2023 30,000 12,168 42,168
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

5. TANGIBLE FIXED ASSETS
Leasehold Computer
improvements equipment Totals
£    £    £   
COST
At 1 January 2023 96,035 319,264 415,299
Additions - 1,605 1,605
At 31 December 2023 96,035 320,869 416,904
DEPRECIATION
At 1 January 2023 48,017 306,174 354,191
Charge for year 19,207 7,376 26,583
At 31 December 2023 67,224 313,550 380,774
NET BOOK VALUE
At 31 December 2023 28,811 7,319 36,130
At 31 December 2022 48,018 13,090 61,108

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 811
NET BOOK VALUE
At 31 December 2023 811
At 31 December 2022 811

The company owns 100% of the ordinary shares of Sibelius Natural Products Inc, a company registered in the United States of America. During the year ended 31 December 2023, Sibelius Natural Products Inc made a profit of $8,904 and its capital and reserves as at that date were $13,952.

SIBELIUS LTD (REGISTERED NUMBER: 06949779)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,995 (1,938 )
Amounts owed by group undertakings 35,401 58,097
Other debtors 263,474 195,594
313,870 251,753

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 36,315 -
Trade creditors 308,739 44,925
Taxation and social security 202,851 15,157
Other creditors 397,892 376,344
945,797 436,426

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors - 2,561,331

Included in the 2022 comparatives above are loans of £1,075,000 which have been advanced under the government's Future Funds Scheme. These loans have a conversion option and the board considers that these loans will convert into share capital in due course. No provision has been made for the interest which would be payable if the loans were to be repaid, in line with other convertible loans included above.

These have now been converted to share capital.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Churchill Stone FCA (Senior Statutory Auditor)
for and on behalf of Mercer Lewin Ltd