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2023-04-01
Sage Accounts Production 24.0 - FRS102_2024
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Company registration number:
10755261
(England and Wales)
Elixir AI Limited
Unaudited filleted financial statements
for the period ended
30 March 2024
Elixir AI Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Elixir AI Limited
Directors and other information
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Directors |
Dr E Cartwright |
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Dr A Palmer-Walsh |
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Company number |
10755261 |
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Registered office |
7 Florence Gardens |
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Lawford |
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Manningtree |
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Essex |
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CO11 2FB |
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Business address |
7 Florence Gardens |
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Lawford |
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Manningtree |
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Essex |
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CO11 2FB |
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Accountants |
Griffin Chapman |
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4 & 5 The Cedars, Apex 12 |
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Old Ipswich Road |
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Colchester |
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Essex |
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CO7 7QR |
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Elixir AI Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Elixir AI Limited
Period ended 30 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elixir AI Limited for the period ended 30 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Elixir AI Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Elixir AI Limited and state those matters that we have agreed to state to the board of directors of Elixir AI Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elixir AI Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Elixir AI Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Elixir AI Limited. You consider that Elixir AI Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Elixir AI Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
17 March 2025
Elixir AI Limited
Statement of financial position
30 March 2024
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30/03/24 |
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31/03/23 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Cash at bank and in hand |
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53,636 |
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6 |
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_______ |
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_______ |
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53,636 |
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6 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
136,804) |
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(
81,442) |
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_______ |
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_______ |
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Net current liabilities |
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(
83,168) |
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(
81,436) |
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_______ |
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_______ |
Total assets less current liabilities |
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(
83,168) |
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(
81,436) |
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_______ |
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_______ |
Net liabilities |
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(
83,168) |
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(
81,436) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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8 |
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90 |
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90 |
Share premium account |
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30,692 |
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30,692 |
Profit and loss account |
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(
113,950) |
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(
112,218) |
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_______ |
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_______ |
Shareholders deficit |
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(
83,168) |
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(
81,436) |
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_______ |
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_______ |
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For the period ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
14 March 2025
, and are signed on behalf of the board by:
Dr E Cartwright
Director
Company registration number:
10755261
Elixir AI Limited
Notes to the financial statements
Period ended 30 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Florence Gardens, Lawford, Manningtree, Essex, CO11 2FB.
The principal activity of the company continues to be that of research and developmnet of wearable medical software technology that predicts infection.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis despite the company having net liabilities of £83,168.The company has continued to apply for funding from both investors and research grants after the balance sheet date to continue the research and development work. The directors feel confident that further investment can be obtained going forward.The directors continue to support the company and therefore adopt the going concern basis in preparing the financial statements, which assumes the company will continue in operation for the following 12 months from the date these accounts are approved.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
- |
33 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
(2023:
2
).
5.
Loss before taxation
Loss before taxation is stated after charging/(crediting):
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Period |
Year |
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ended |
ended |
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30/03/24 |
31/03/23 |
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£ |
£ |
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Depreciation of tangible assets |
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- |
190 |
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_______ |
_______ |
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6.
Tangible assets
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Fixtures, fittings and equipment |
Total |
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£ |
£ |
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Cost |
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At 1 April 2023 and 30 March 2024 |
9,050 |
9,050 |
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_______ |
_______ |
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Depreciation |
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At 1 April 2023 and 30 March 2024 |
9,050 |
9,050 |
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_______ |
_______ |
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Carrying amount |
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At 30 March 2024 |
- |
- |
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_______ |
_______ |
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At 31 March 2023 |
- |
- |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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30/03/24 |
31/03/23 |
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£ |
£ |
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Convertible loans |
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70,000 |
70,000 |
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Trade creditors |
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30,000 |
13 |
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Other creditors |
|
36,804 |
11,429 |
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|
_______ |
_______ |
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136,804 |
81,442 |
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_______ |
_______ |
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8.
Called up share capital
Issued, called up and fully paid
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30/03/24 |
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31/03/23 |
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No |
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£ |
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No |
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£ |
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Ordinary shares of £
0.01 each |
|
8,200 |
|
82 |
|
8,200 |
|
82 |
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Ordinary "A" shares of £
0.01 each |
|
800 |
|
8 |
|
800 |
|
8 |
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|
|
_______ |
|
_______ |
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_______ |
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_______ |
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9,000 |
|
90 |
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9,000 |
|
90 |
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_______ |
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_______ |
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_______ |
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_______ |
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