SCYMARIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM INCORPORATION ON 3 JULY 2023 ENDED 31 DECEMBER 2023
Scymaris Gruop Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brixham Laboratory, Freshwater Quarry, Brixham, TQ5 8BA, United Kingdom. The company number is 14977315.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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:
The Going Concern status of the Company is dictated by that of its trading subsidiary, Scymaris Ltd.
The directors have assessed the Statement of Financial Position of Scymaris Ltd and likely future cash flows at the date of approving these financial statements. This assessment took account of the fact that a strategic decision was made in 2023 to invest further in the operational capacity (headcount and expansion of laboratory space) of Scymaris Ltd to support its ongoing growth and continued focus on excellent client service. The directors have a reasonable expectation that Scymaris Ltd has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The Company has no employees other than the directors, who did not receive any remuneration.
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