Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date. All intangible assets are considered to have a finite useful life. The estimate of the useful life is deemed to be 5 years.true 2 2024-01-01 false 2 true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14782360 2024-01-01 2024-12-31 14782360 2023-04-05 2023-12-31 14782360 2024-12-31 14782360 2023-12-31 14782360 c:PriorPeriodIncreaseDecrease 2024-01-01 2024-12-31 14782360 d:Director1 2024-01-01 2024-12-31 14782360 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 14782360 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 14782360 c:CurrentFinancialInstruments 2024-12-31 14782360 c:CurrentFinancialInstruments 2023-12-31 14782360 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 14782360 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 14782360 c:ShareCapital 2024-12-31 14782360 c:ShareCapital 2023-04-05 2023-12-31 14782360 c:ShareCapital 2023-12-31 14782360 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 14782360 c:RetainedEarningsAccumulatedLosses 2024-12-31 14782360 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2024-01-01 2024-12-31 14782360 c:RetainedEarningsAccumulatedLosses 2023-04-05 2023-12-31 14782360 c:RetainedEarningsAccumulatedLosses 2023-12-31 14782360 d:OrdinaryShareClass1 2024-01-01 2024-12-31 14782360 d:OrdinaryShareClass1 2024-12-31 14782360 d:OrdinaryShareClass1 2023-12-31 14782360 d:FRS102 2024-01-01 2024-12-31 14782360 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 14782360 d:FullAccounts 2024-01-01 2024-12-31 14782360 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14782360 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 14782360 e:PoundSterling 2024-01-01 2024-12-31 14782360 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2024-01-01 2024-12-31 14782360 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2023-12-31 14782360 c:PreviouslyStatedAmount 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14782360 XAIROS UK LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
XAIROS UK LIMITED REGISTERED NUMBER: 14782360 BALANCE SHEET AS AT 31 DECEMBER 2024
|  |  |  | As restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible fixed assets |  |  | 32,290 |  | -
|  |  | 32,290 |  | -
Current assets |  |  |  |  |
Stocks |  | 14,435 |  | 39,525 |
Cash at bank and in hand | 5 | 78,296 |  | - |
Creditors: amounts falling due within one year | 6 | (176,498) |  | (56,175) |
Net current liabilities |  |  | (83,767) |  | (16,650)
Total assets less current liabilities |  |  | (51,477) |  | (16,650)
Net liabilities |  |  | (51,477) |  | (16,650)
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 1 |  | 1
Profit and loss account |  |  | (51,478) |  | (16,651)
|  |  | (51,477) |  | (16,650)
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 profit and loss account 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:
D P Mitlyng
Director
Page 1
XAIROS UK LIMITED REGISTERED NUMBER: 14782360 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
Date: 12 March 2025
The notes on pages 5 to 9 form part of these financial statements. Page 2
XAIROS UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 (as previously stated) | 1 | - | 1
Prior year adjustment - (Note 9) | - | (16,651) | (16,651)
At 1 January 2024 (as restated) | 1 | (16,651) | (16,650)
Comprehensive income for the year |  |  |
Loss for the year | - | (34,827) | (34,827)
At 31 December 2024 | 1 | (51,478) | (51,477)
| The notes on pages 5 to 9 form part of these financial statements.
Page 3
XAIROS UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Loss for the period | - | (16,651) | (16,651)
Contributions by and distributions to owners |  |  |
Shares issued during the period | 1 | - | 1
At 31 December 2023 | 1 | (16,651) | (16,650)
| The notes on pages 5 to 9 form part of these financial statements.
Page 4
XAIROS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Xairos UK Limited is a private Company, limited by shares, domiciled in England and Wales with registration number 14782360. The registered office of the Company is C/O Forvis Mazars LLP, The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, MK9 1FF. The principal activity of the Company is manufacturing of aeronautical machinery. The financial statements are presented in Pounds Sterling (£), which is also the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. 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 Company is deemed to be a going concern and therefore the accounts have been prepared on the going concern basis. The parent company will fulfil negative reserves through the continued support of cash injections. On the basis of the above, the shareholders consider the Company to be a going concern for the foreseeable future.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 5
XAIROS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | 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: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. 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.
| 2.5 | 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 shall be 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 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. Page 6
XAIROS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date. All intangible assets are considered to have a finite useful life. The estimate of the useful life is deemed to be 5 years.
| 2.7 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | 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. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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XAIROS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Intangible assets
|  | Assets under development
|  | £
| At 1 January 2024 | -
| Additions | 32,290
| At 31 December 2024 | 32,290
| Net book value |
| At 31 December 2024 | 32,290
| At 31 December 2023 | -
5. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 78,296 | -
|  | 78,296 | -
6. | Creditors: Amounts falling due within one year
|  |  |  |  |  | As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 69,143 | 34,388
| Amounts owed to group undertakings | 92,920 | 21,787
| Accruals and deferred income | 14,435 | -
|  | 176,498 | 56,175
7. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
Page 8
XAIROS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7.Share capital (continued)
|  | 1,000 (2023 - 1,000) Ordinary shares of £0.001 each | 1 | 1
8. | Reserves
Profit and loss account The reserve represents the cumulative profits and losses of the company after the payment of any dividends or charitable donations.
9. | Prior year adjustment
During the current year, management identified that certain expenses amounting to £16,651 incurred in the prior period had not been recorded in the financial statements for that period. The omission has been corrected by restating the comparative figures. The adjustment has been accounted for in accordance with FRS 102 Section 1A and the impact of the adjustment is an increase in prior year expenses, reducing the prior year profit by the same amount. In this year the retained earnings b/fwd has decreased by £16,651.
10. | Related party transactions
| The Directors of Xairos UK Limited are also the Directors of Xairos Systems Inc. The brought forward balance of £21,788.41 owing to Xairos Systems Inc. was increased to £92,921.58, and is included in Amounts owed to group undertakings in note 8.
11. | Controlling party
The immediate and ultimate parent company is Xairos Systems Inc.holding 100% of the company's shares. Xairos Systems Inc is a company incorporated in Colorado, United States.
Page 9