Silverfin false false 31/08/2024 01/09/2023 31/08/2024 N Dundovic 18/08/2017 S Dundovic 18/08/2017 B Elfversson 13/02/2025 29 May 2025 The principal activity of the company during the financial year was that of a neurotechnology development of innovative neuromodulation treatment. 10923314 2024-08-31 10923314 bus:Director1 2024-08-31 10923314 bus:Director2 2024-08-31 10923314 bus:Director3 2024-08-31 10923314 2023-08-31 10923314 core:CurrentFinancialInstruments 2024-08-31 10923314 core:CurrentFinancialInstruments 2023-08-31 10923314 core:ShareCapital 2024-08-31 10923314 core:ShareCapital 2023-08-31 10923314 core:SharePremium 2024-08-31 10923314 core:SharePremium 2023-08-31 10923314 core:RetainedEarningsAccumulatedLosses 2024-08-31 10923314 core:RetainedEarningsAccumulatedLosses 2023-08-31 10923314 core:PlantMachinery 2023-08-31 10923314 core:OfficeEquipment 2023-08-31 10923314 core:ComputerEquipment 2023-08-31 10923314 core:PlantMachinery 2024-08-31 10923314 core:OfficeEquipment 2024-08-31 10923314 core:ComputerEquipment 2024-08-31 10923314 2023-09-01 2024-08-31 10923314 bus:FilletedAccounts 2023-09-01 2024-08-31 10923314 bus:SmallEntities 2023-09-01 2024-08-31 10923314 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 10923314 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10923314 bus:Director1 2023-09-01 2024-08-31 10923314 bus:Director2 2023-09-01 2024-08-31 10923314 bus:Director3 2023-09-01 2024-08-31 10923314 core:PlantMachinery core:TopRangeValue 2023-09-01 2024-08-31 10923314 core:OfficeEquipment core:TopRangeValue 2023-09-01 2024-08-31 10923314 core:ComputerEquipment core:TopRangeValue 2023-09-01 2024-08-31 10923314 2022-09-01 2023-08-31 10923314 core:PlantMachinery 2023-09-01 2024-08-31 10923314 core:OfficeEquipment 2023-09-01 2024-08-31 10923314 core:ComputerEquipment 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Company No: 10923314 (England and Wales)

PARASYM LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

PARASYM LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

PARASYM LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
PARASYM LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,990 10,302
2,990 10,302
Current assets
Stocks 4 43,659 21,727
Debtors 5 273,858 172,442
Cash at bank and in hand 278,696 172,458
596,213 366,627
Creditors: amounts falling due within one year 6 ( 150,562) ( 25,336)
Net current assets 445,651 341,291
Total assets less current liabilities 448,641 351,593
Net assets 448,641 351,593
Capital and reserves
Called-up share capital 111 111
Share premium account 499,441 499,440
Profit and loss account ( 50,911 ) ( 147,958 )
Total shareholders' funds 448,641 351,593

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Parasym Ltd (registered number: 10923314) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S Dundovic
Director

29 May 2025

PARASYM LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
PARASYM LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Parasym Ltd (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 4th Floor, 18 St. Cross Street, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 September 2023 29,154 869 8,337 38,360
Additions 0 0 3,518 3,518
At 31 August 2024 29,154 869 11,855 41,878
Accumulated depreciation
At 01 September 2023 19,242 650 8,166 28,058
Charge for the financial year 9,912 219 699 10,830
At 31 August 2024 29,154 869 8,865 38,888
Net book value
At 31 August 2024 0 0 2,990 2,990
At 31 August 2023 9,912 219 171 10,302

4. Stocks

2024 2023
£ £
Stocks 43,659 21,727

5. Debtors

2024 2023
£ £
Trade debtors 170,201 172,442
Other debtors 103,657 0
273,858 172,442

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 32,823 0
Other taxation and social security 59,400 10,563
Other creditors 58,339 14,773
150,562 25,336

7. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 5,974 81

8. Related party transactions

Included within other creditors is a balance of £1,816 (2023: £13,693) owed to the directors.

At the year end the company was owed £86,700 (2023: Nil) by a subsidiary.