ACCOUNTS - Final Accounts preparation

Registered number: NI723771

Xaphe Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 31 December 2025

Xaphe Limited

Registered number: NI723771

Balance Sheet

As at 31 December 2025

		13 month period to 31 December 2025
Note		£


Current assets
Debtors: amounts falling due within one year	4	21,836
Cash at bank and in hand	5	42,151
		63,987
Creditors: amounts falling due within one year	6	(12,042)
Net current assets			51,945
Total assets less current liabilities			51,945

Net assets			51,945

Capital and reserves
Called up share capital	9	100
Profit and loss account		51,845
		51,945

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Xaphe Limited

Registered number: NI723771

Balance Sheet (continued)

As at 31 December 2025

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 Period 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 30 June 2026.

Professor Nicholas James Dunne	Professor Helen Olga McCarthy
Director	Director

The notes on pages 3 to 7 form part of these financial statements.

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Xaphe Limited

Notes to the Financial Statements

For the Period Ended 31 December 2025

1.	General information

Xaphe Limited is a private company limited by shares incorporated in Northern Ireland within the United Kingdom. The registration number and address of the registered office are given in the company information section of these financial statements.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The Directors of Xaphe Limited have reviewed the resources available and believe that the company has the adequate resources to continue in operational existence for the forseeable future.

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Xaphe Limited

Notes to the Financial Statements

For the Period Ended 31 December 2025

2.Accounting policies (continued)

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:

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.

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

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Xaphe Limited

Notes to the Financial Statements

For the Period Ended 31 December 2025

2.Accounting policies (continued)

2.5

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 separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

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 balance sheet date in the countries where the Company operates and generates income.

2.7

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.

2.8

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.

2.9

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.

Employees

The average monthly number of employees, including the directors, during the period was 5.

Debtors

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Xaphe Limited

Notes to the Financial Statements

For the Period Ended 31 December 2025

					13 month period to 31 December 2025
					£


	Trade debtors	12,640
	Grants receivable	9,196
		21,836

5.	Cash and cash equivalents
		13 month period to 31 December 2025
		£

	Cash at bank and in hand	42,151
		42,151

6.	Creditors: Amounts falling due within one year
		13 month period to 31 December 2025
		£

	Corporation tax	5,888
	Other taxation and social security	1,265
	Other creditors	1,889
	Accruals and deferred income	3,000
		12,042

7.	Controlling party

The ultimate controlling party of Xaphe Limited are the directors of the company.

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Xaphe Limited

Notes to the Financial Statements

For the Period Ended 31 December 2025

8.	Related party transaction

During the period, Xaphe Limited entered into transactions totalling £19,725 with the Medical Engineering Research Centre at Dublin City University, an entity in which Professor Nicholas Dunne is also a director. At the year end, the balance due from the Medical Engineering Research Centre at Dublin City University in respect of these transactions amounted to £12,150.

9.	Share capital
		13 month period to 31 December 2025
		£

		Allotted, called up and fully paid

		100 shares of £1.00 each	100

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