Registered Number 14940604
XR MUSICA LTD
Micro-entity Accounts
30 June 2024
Notes to the Micro-entity Accounts for the period ended 30 June 2024
1Employees
|
2024 |
Average number of employees during the period |
0
|
2Off balance sheet arrangements
Footnote: Research & Development (R&D) Activities
1. Basis of Preparation
These financial statements have been prepared in accordance with the provisions applicable to micro-entities under Section 396(3) and Part 15 of the Companies Act 2006 and in compliance with FRS 105: The Financial Reporting Standard applicable to the Micro-Entities Regime.
2. Research & Development Activities
Under Section 836 of the Companies Act 2006, XR MUSICA LTD is classified as a micro-entity engaged in research and development (R&D). The company is developing an eXtended Reality (XR) digital music technology intervention designed to support mental health in neurodiverse individuals, particularly children with autism.
The company’s research focuses on integrating digital music therapy with XR technologies to improve engagement and therapeutic outcomes for neurodiverse children. The research forms the foundation for future clinical applications and potential commercialisation.
3. Government Grant & Financial Performance
During the financial year, the company was awarded a research grant from the National Institute for Health Research (NIHR) to support its R&D activities. The total grant awarded was £10,000, of which £6541.90 was utilised within the financial period for eligible research-related expenses. The remaining £3458.10 is recognised as deferred income and will be utilised in subsequent periods to continue research efforts.
As a research-focused entity, XR MUSICA LTD did not generate any revenue or make a profit during this period. The company remains committed to advancing its R&D initiatives in alignment with its mission to improve mental health care for neurodiverse individuals.