Registered number: 04457299
Xanthos Limited
Unaudited
Financial Statements
Information For Filing With The Registrar
For the year ended 31 December 2025
Xanthos Limited
Company information
2
Statement of financial position
3
Notes to the financial statements
5
Company information
Directors
D J McCormick
M A McCormick (appointed 12-01-2026)
S R Milbank (appointed 01-04-2025, resigned 31-12-2025)
M J Sparrow (resigned 31-12-2025)
Company secretary
M A McCormick (appointed 12-01-2026)
Registered number
04457299
Registered office
Unit 2.09, St Johns Innovation Centre,
Cowley Road
Cambridge
CB4 0WS
2
Xanthos Limited
Registered number: 04457299
Statement of financial position
As at 31 December 2025
Note
| 2025
£
| 2025
£
| 2024
£
| 2024
£
| ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Fixed assets
|
)
|
)
|
)
|
)
| ||||||
Intangible assets
|
4
|
)
|
17,407
)
|
)
|
5,566
)
| |||||
Tangible fixed assets
|
5
|
)
|
871
)
|
)
|
2,857
)
| |||||
)
|
18,278
)
|
)
|
8,423
)
| |||||||
Current assets
|
)
|
)
|
)
|
)
| ||||||
Debtors
|
6
|
87,936
)
|
)
|
203,422
)
|
)
| |||||
Cash at bank and in hand
|
13,333
)
|
)
|
8,993
)
|
)
| ||||||
101,269
)
|
)
|
212,415
)
|
)
| |||||||
Creditors: amounts falling due within one year
|
7
|
(142,966)
|
)
|
(96,700)
|
)
| |||||
Net current (liabilities)/assets
|
)
|
(41,697)
|
)
|
115,715
)
| ||||||
Total assets less current liabilities
|
)
|
(23,419)
|
)
|
124,138
)
| ||||||
Creditors: amounts falling due after more than one year
|
)
|
)
|
)
|
(87,151)
| ||||||
)
|
(23,419)
|
)
|
36,987
)
| |||||||
Provisions for liabilities
|
)
|
)
|
)
|
)
| ||||||
Deferred taxation
|
8
|
(217)
|
)
|
(714)
|
)
| |||||
)
|
(217)
|
)
|
(714)
| |||||||
Net (liabilities)/assets
|
)
|
(23,636)
|
)
|
36,273
)
| ||||||
Capital and reserves
|
)
|
)
|
)
|
)
| ||||||
Called up share capital
|
)
|
2
)
|
)
|
2
)
| ||||||
Profit and loss account
|
)
|
(23,638)
|
)
|
36,271
)
| ||||||
Total capital and reserves
|
)
|
(23,636)
|
)
|
36,273
)
|
3
Xanthos Limited
Registered number: 04457299
Statement of financial position
As at 31 December 2025
For the year ending 31 December 2025, the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit 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 Single statement of comprehensive income in accordance with the 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:
| D J McCormick | |
| Director |
Date: 17 September 2026
4
Xanthos Limited
Notes to the financial statements
For the year ended 31 December 2025
1
General information
Xanthos Limited is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is Unit 2.09, St Johns Innovation Centre, Cowley Road, Cambridge.
2
Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all periods presented, unless otherwise stated.
2.1
Basis of preparation of financial statements
The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) 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 company's functional and presentational currency is the Pound Sterling.
2.2
Disclosure exemptions for qualifying entities under FRS 102
The company has taken advantage of the following disclosure exemptions in preparing its financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
- the requirements of Section 7 Statement of Cash Flows and paragraph 3.17(d).
- the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A as equivalent information is included in the consolidated financial statements of the group in which the company is consolidated.
- the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23 as the company is a subsidiary and the share-based payment arrangement concerns equity instruments of another group entity.
- the requirement of paragraph 33.7.
The company formed part of the Milbank Ventures Limited group during the year ended 31 December 2025 and its results for that period were included within the consolidated financial statements of Milbank Ventures Limited. On 31 December 2025, the entire issued share capital of the company was sold by Milbank Group Limited and the company consequently ceased to be a member of the Milbank Ventures Limited group.
2.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue trading for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.4
Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
5
Xanthos Limited
Notes to the financial statements
For the year ended 31 December 2025
2
Accounting policies
2.4
Revenue
Rendering of services
Revenue from a contract to provide services is recognised in the period in which 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 transaction;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income
Interest income is recognised using the effective interest rate method when it is probable that the company will receive the consideration due under the transaction and the amount of the revenue can be measured reliably.
2.5
Leases
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the lessee. If the lease does not transfer substantially all the risks and rewards incidental to ownership, it is classified as an operating lease. Lease classification is dependent on the substance of the transaction rather than the form of the contract. Classification is made at the inception of the lease and is not changed during the term of the lease unless both the lessee and lessor agree to change the provisions of the lease, at which point the classification is re-evaluated.
Operating leases
Payments under operating leases are recognised as expenses in profit or loss over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern of the lessee's benefit, even if the payments are not on that basis.
Benefits received and receivable as an incentive to enter into an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern of the lessee's benefit.
2.6
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 as accruals in the Statement of financial position. The assets of the scheme are held separately from the company in independently administered funds.
6
Xanthos Limited
Notes to the financial statements
For the year ended 31 December 2025
2
Accounting policies
2.7
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
2.8
Exceptional items
Exceptional items are transactions that fall within the operating activities of the company but are identifiable due to their size or incidence.
2.9
Intangible assets
Intangible assets are initially recognised at cost. Subsequently, they are measured using the cost model. 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 estimate of the useful life cannot be made, the life shall not exceed 10 years.
If factors such as a change in how an intangible asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the company reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate.
2.10
Tangible fixed assets
Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs 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.
Subsequently, tangible fixed assets are measured using the cost model. Under the cost model, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.
7
Xanthos Limited
Notes to the financial statements
For the year ended 31 December 2025
2
Accounting policies
2.10
Tangible fixed assets
Depreciation is calculated to allocate the depreciable amount of tangible fixed assets to their residual values over their estimated useful lives on the following bases:
Fixtures and fittings - 25%
Office equipment - 33%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
2.11
Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
2.12
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'.
2.13
Financial instruments
Financial assets
Financial assets are initially measured at transaction price, including transaction costs, and subsequently held at cost less accumulated impairment, or at amortised cost using the effective interest method in the case of debt instruments meeting the criteria for recognition as basic financial instruments.
At each reporting date, financial assets are assessed for objective evidence of impairment with any impairment loss recognised in profit or loss. An impairment loss is calculated as the difference between the carrying amount and the best estimate of the recoverable amount which is an approximation of its sale value at the balance sheet date or, for basic debt instruments, the present value of estimated cash flows discounted at the asset’s original effective interest rate.
8
Xanthos Limited
Notes to the financial statements
For the year ended 31 December 2025
2
Accounting policies
2.13
Financial instruments
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when:
- the contractual rights to the cash flows from the asset expire or are settled; or
- substantially all the risks and rewards of the ownership of the asset are transferred to another party; or
- despite having retained some significant risks and rewards of ownership, 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, unless the arrangement constitutes a financing transaction, are initially measured at transaction price, including transaction costs.
Loans from persons within a director's group of close family members, when that group contains at least one shareholder in the company, to the company are also initially measured at transaction price.
A financial liability, where the arrangement constitutes a financing transaction, is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument as determined at initial recognition adjusted for transaction costs.
Basic financial liabilities are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, either by way of the contractual obligation having been discharged, cancelled or expired.
3
Employees
The average monthly number of employees, including directors, during the year was 9 (2024 - 12).
9
Xanthos Limited
Notes to the financial statements
For the year ended 31 December 2025
4
Intangible assets
Development expenditure
£
| Computer software
£
| Total
£
| ||||
|---|---|---|---|---|---|---|
Cost
|
)
|
)
|
)
| |||
At 1 January 2025
|
87,571
)
|
6,837
)
|
94,408
)
| |||
Additions
|
-
)
|
20,271
)
|
20,271
)
| |||
Disposals
|
-
)
|
(2,303)
|
(2,303)
| |||
At 31 December 2025
|
87,571
)
|
24,805
)
|
112,376
)
| |||
Amortisation and impairment
|
)
|
)
|
)
| |||
At 1 January 2025
|
(87,571)
|
(1,271)
|
(88,842)
| |||
Charge for the year on owned assets
|
-
)
|
(7,414)
|
(7,414)
| |||
Disposals
|
-
)
|
1,287
)
|
1,287
)
| |||
At 31 December 2025
|
(87,571)
|
(7,398)
|
(94,969)
| |||
Net book value
|
)
|
)
|
)
| |||
At 31 December 2025
|
-
)
|
17,407
)
|
17,407
)
| |||
At 31 December 2024
|
-
)
|
5,566
)
|
5,566
)
|
5
Tangible fixed assets
Fixtures and fittings
£
| Office equipment
£
| Total
£
| ||||
|---|---|---|---|---|---|---|
Cost
|
)
|
)
|
)
| |||
At 1 January 2025
|
2,354
)
|
34,858
)
|
37,212
)
| |||
Additions
|
-
)
|
734
)
|
734
)
| |||
Disposals
|
-
)
|
(2,073)
|
(2,073)
| |||
At 31 December 2025
|
2,354
)
|
33,519
)
|
35,873
)
| |||
Depreciation and impairment
|
)
|
)
|
)
| |||
At 1 January 2025
|
(2,247)
|
(32,108)
|
(34,355)
| |||
Charge for the year on owned assets
|
(30)
|
(2,690)
|
(2,720)
| |||
Disposals
|
-
)
|
2,073
)
|
2,073
)
| |||
At 31 December 2025
|
(2,277)
|
(32,725)
|
(35,002)
| |||
Net book value
|
)
|
)
|
)
| |||
At 31 December 2025
|
77
)
|
794
)
|
871
)
| |||
At 31 December 2024
|
107
)
|
2,750
)
|
2,857
)
|
10
Xanthos Limited
Notes to the financial statements
For the year ended 31 December 2025
6
Debtors
2025
£
| 2024
£
| |||
|---|---|---|---|---|
Due within one year
|
)
|
)
| ||
Debtors
|
57,788
)
|
95,556
)
| ||
Amounts owed by group undertakings
|
-
)
|
78,483
)
| ||
Other debtors
|
9,718
)
|
4,252
)
| ||
Prepayments and accrued income
|
20,430
)
|
25,131
)
| ||
87,936
)
|
203,422
)
|
7
Creditors: amounts falling due within one year
2025
£
| 2024
£
| |||
|---|---|---|---|---|
Trade creditors
|
30,601
)
|
18,006
)
| ||
Amounts owed to group undertakings
|
-
)
|
14,453
)
| ||
Other taxation and social security
|
36,461
)
|
40,805
)
| ||
Other creditors
|
50,807
)
|
13,724
)
| ||
Accruals and deferred income
|
25,097
)
|
9,712
)
| ||
142,966
)
|
96,700
)
|
8
Deferred taxation
The deferred tax balance is made up as follows:
2025
£
| 2024
£
| |||
|---|---|---|---|---|
Accelerated capital allowances
|
(217)
|
(714)
|
2025
£
| ||
|---|---|---|
At 1 January 2025
|
(714)
| |
Charged to profit or loss
|
497
)
| |
At 31 December 2025
|
(217)
|
11