ACCOUNTS - Final Accounts preparation

Company Registration Number 11176050

	EXIGENT IMS LIMITED

	FINANCIAL STATEMENTS

	30 JUNE 2023

EXIGENT IMS LIMITED

REGISTERED NUMBER: 11176050

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2023

		2023		As restated Unaudited 2022
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	76,872		128,284
		76,872		128,284
Creditors: amounts falling due within one year	6	(175,970)		(139,553)
Net current liabilities			(99,098)		(11,269)
Total assets less current liabilities			(99,098)		(11,269)

Net liabilities			(99,098)		(11,269)

Capital and reserves
Called up share capital	7	1	1
Foreign exchange reserve	8	(6,174)	2,327
Profit and loss account	8	(92,925)	(13,597)
		(99,098)	(11,269)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S Bashir

Director

Date: 17 October 2025

The notes on pages 2 to 6 form part of these financial statements.

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EXIGENT IMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

1.	General information

Exigent IMS Limited is a private company limited by shares incorporated in England and Wales with a registered number 11176050. Its registered office is 77 Cornhill, London, England, EC3V 3QQ. The principal activities during the year were providing information technology services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The trade of this company was transferred in the 2024 accounting year to Exigent Limited, a subsidiary of the parent company of this company, and these accounts have been prepared on a basis other than going concern. No adjustments to the carrying value of assets or liabilities were required due to the accounts being prepared on a basis other than going concern.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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EXIGENT IMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

2.5

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.

2.6

Creditors

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.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Overseas tax liabilities
The directors in conjunction with group management have assessed whether there is an overseas VAT liability which needs to be recognised in the financial statements and whether there are any potential interest and penalties which also needs to be recognised and how many years back any potential liability should cover.
Based on this assessment the directors have determined that there is a potential overseas VAT liability of three years back from the current accounting year end date of 30 June 2023. This liability been accounted for by way of prior period adjustment and the impact of this on the company results is explained further in note 9 in these financial statements.

Employees

The Company has no employees in the current and previous period and the directors are remunerated by other companies in the group.

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EXIGENT IMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

Debtors

					2023	As restated Unaudited 2022
					£	£


Trade debtors	24,738	114,975
Amounts owed by group undertakings	30,024	13,309
Corporation tax debtor	22,110	-
	76,872	128,284

6.	Creditors: Amounts falling due within one year
		2023	As restated Unaudited 2022
		£	£

Corporation tax	-	23,182
Other taxation and social security	155,270	116,371
Accruals and deferred income	20,700	-
	175,970	139,553

7.	Share capital
		2023	As restated Unaudited 2022
		£	£

Allotted, called up and fully paid

1 (2022 - 1) Ordinary share of £1.00	1	1

Reserves

Foreign exchange reserve

This reserve includes the gains and losses from translating balances in overseas currency into sterling at each accounting year end over time.

Profit and loss account

The profit and loss account includes current and prior period retained profits and losses.

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EXIGENT IMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

9.	Prior year adjustment

A prior year adjustment has been made for an overseas VAT liability which has been identified in the current year and there is in creditors under one year, a balance of recognised of £116,371 in the year ended 30 June 2022 including £58,767 which relates to the year ended 30 June 2021. This has had a corresponding reduction in sales in the accounting years concerned and the effect on opening profit and reserves is shown below:

					2023	As restated Unaudited 2022
					£	£


Original opening profit and loss reserves	102,774	33,087
Liability adjustment	(116,371)	(58,767)
Revised opening profit and loss reserves	(13,597)	(25,680)

The impact of these adjustments is that it reduced opening profit and losses reserves by £58,767 for the year ended 30 June 2022 and by £116,371 for the year ended 30 June 2023.

10.	Contingent liabilities

The company has given a fixed and floating charge over its property and undertakings in favour of Wilmington Trust.

11.	Related party transactions
	The Company has taken advantage of the exemption contained in Section 33 of FRS 102 'Related Party Disclosures' from disclosing other related party transactions as they are with other companies that are a wholly owned within the group.

12.	Controlling party

Up to 26 October 2023, the ultimate controlling party was D Holme via the control of Exigent Group Limited.
From 26 October 2023, the ultimate parent company is Morae Global Corporation, a company which is incorporated in the United States of America, and the immediate parent company is Exigent Group Limited, a company which is incorporated in the UK. The registered office of Morae Global Corporation is 811 Louisiana St Suite 1020 77002.

13.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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EXIGENT IMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

14.	Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 which explains that the trade of this company was transferred in the 2024 accounting year to Exigent Limited, a subsidiary of the parent company of this company. Therefore, the directors do not consider it appropriate to prepare the accounts on a going concern basis. These accounts have been prepared on a basis other than going concern as explained in Note 2.2.

The audit report was signed on 17 October 2025 by Huw Nicholls (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

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