1.
General Information
Expian Ltd
is a private company, limited by shares, incorporated in England & Wales under the Companies Act 2006, registered number
12698240
. The registered office is Spaces Mappin House, 4 Winsley Street, London, W1W 8HF.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The acccounts have continued to be prepared on a going concern basis. The company is supported by its directors and shareholders who have provided short term working capital and will not look for repayment of funds until the company is in a financial position to do so. The company does not consider that a material uncertainty about its going concern status currently exists and deems it approporiate to continue accounting on a going concern basis. In making this assessment the directors have considered the likely trading conditions for a period of twelve months from the date of approval of these accounts.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estmate of the usefull life cannot be made, the useful life shall not exceed ten years.
2.5.
Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
Expian Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives using the straight line method.
The estimated useful lives range as follows:
| Computer Equipment |
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Website
|
5 years straight line
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2.7.
Cash and Cash Equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.8.
Financial Instruments
The company only enters into basic financial instrument 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 related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivable and payable are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company or public benefit entitity concessionary loan.
2.9.
Interest Receivable
Interest income is recognised in profit or loss using the effective interest method.
2.10.
Interest Payable
Interest expenses are charged to the profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Expian Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.11.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.12.
Pensions
Defined contribution pension plan
The company operates a defined contribution plan for its employees.A defined contribution plan is a pension plan under which the company pays fixed contributions into a seperate entity. Once the contibutions have been paid the company has no further payment obligation.
Contributions are recognised as an expense in the profit and loss account as they become payable. Amounts not paid are shown in accruals as a liability on the Balance Sheet. The assets of the scheme are held seperately from the company in independently administered funds.
2.13.
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.14.
Creditors
Short-term creditors are measured at 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.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 7)
Expian Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
4.
Prior Period Adjustment
A prior year adjustment has been recorded to recognise revenue on a more appropriate basis. This reflects the evolving nature of the bespoke projects performed by the company. The effect of the prior year adjustment is to reduce turnover and profits in the prior period by £398,083, with a corresponding reduction in the Profit & Loss Reserve
5.
Intangible Assets
| Development Costs | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 January 2024 |
|
||
| As at 31 December 2024 |
|
||
| Amortisation | |||
| As at 1 January 2024 |
|
||
| Provided during the period |
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||
| As at 31 December 2024 |
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||
| Net Book Value | |||
| As at 31 December 2024 |
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||
| As at 1 January 2024 |
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||
6.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| Additions |
|
| As at 31 December 2024 |
|
| Depreciation | |
| As at 1 January 2024 |
|
| Provided during the period |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
Expian Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7.
Debtors
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
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| Prepayments and accrued income |
|
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| Other debtors |
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| Corporation tax recoverable assets | - |
|
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| VAT |
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|
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8.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
|
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| Other taxes and social security |
|
|
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| Other creditors |
|
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| Accruals and deferred income |
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| Amounts owed to group undertakings |
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9.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Bank loans | - |
|
|
10.
Loans
An analysis of the maturity of loans is given below:
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
|
|
|
Expian Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Bank loans | - |
|
|
11.
Deferred Taxation
The company has tax losses carried forward of £6,020,792 (2023: £3,067,391), which could be offset against future trading profits. No deferred tax asset has been recognised for tax losses carried forward due to uncertainties in forecasting future taxable profits.
12.
Share Capital
|
2024
|
2023
|
|||
|
£
|
£
|
|||
|
1,625,000 Ordinary A Shares of €1.00 each
|
1,482,699
|
1,482,699
|
||
|
875,000 Ordinary B Shares of €1.00 each
|
798,376
|
798,376
|
||
|
125,000 Ordinary C Shares of €1.00 each
|
109,658
|
109,658
|
||
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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|
|
|||
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2,390,733
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
|
2,390,733
|
13.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £41,919 (2023: £29,167).
At the balance sheet date contributions of £6,042 (2023: £4,301) were due to the fund and are included in creditors.
14.
Related Party Disclosures
During the year Digitalist UK limited, a company with common shareholders, recharged office costs of £21,709 (2023: £75,086) to Expian Limited. At the year end £Nil (2023: £8,684) was due to Digitalist UK Limited.
During the year Digitalist Open Tech Finland Oy, a company with common shareholders, recharged costs of £100,328 (2023: £Nil) to Expian Limited. At the year end a balance of £26,868 (2022: £Nil) remained outstanding.
The company received loans totalling £756,000 (2023: 507,500) from a director. The company repaid £21,000l (2023: £Nil) during the year. This loan attracts annual interest of 6.95% and at the year end the balance outstanding was £1,530,023 (2023: £721,525).
The company received loans throughout the year totalling £1,404,000 (2023: £942,490) from its parent company. The company repaid £39,000 (2023: £Nil) during the year. The loan attracts interest at the rate of EUROBOR 6-month with margin 3% calculated on the basis of the actual days elapsed. At the year end the balance outstanding was £2,920,300 (2023: 1,342,642)
Expian Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
15.
Controlling Parties
The company's ultimate controlling party is
Turret Oy Ab
, a company incorporated in Finland, at the registered office Keilaranta 15 B 020150 Espoo.
16.
Audit Information
The auditor's report on the accounts of
Expian Ltd
for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by
Robert Anderson
(Senior Statutory Auditor)
for and on behalf of
Streets Audit LLP
, Statutory Auditor.
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Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
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