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REGISTERED NUMBER: 08384159 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Colex Connect Ltd

Colex Connect Ltd (Registered number: 08384159)






Contents of the Financial Statements
for the year ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

Colex Connect Ltd

Company Information
for the year ended 31 March 2022







DIRECTORS: A Schlagman
C Smith





REGISTERED OFFICE: C/O Bennett Brooks & Co Limited
Suite 345
50 Eastcastle Street
London
London
W1W 8EA





REGISTERED NUMBER: 08384159 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Ltd
Chartered Accountants
2 Maple Court
Davenport Street
Macclesfield
Cheshire
SK10 1JE

Colex Connect Ltd (Registered number: 08384159)

Balance Sheet
31 March 2022

2022 2021
Notes £ £
FIXED ASSETS
Tangible assets 4 1,476 722

CURRENT ASSETS
Debtors 5 103,468 2,752
Cash at bank 498,669 101,977
602,137 104,729
CREDITORS
Amounts falling due within one year 6 (131,802 ) (97,767 )
NET CURRENT ASSETS 470,335 6,962
TOTAL ASSETS LESS CURRENT
LIABILITIES

471,811

7,684

CREDITORS
Amounts falling due after more than one year 7 (790,704 ) (45,359 )
NET LIABILITIES (318,893 ) (37,675 )

CAPITAL AND RESERVES
Called up share capital 8 1,136 1,136
Share premium 1,883,592 1,883,592
Other reserves 7,253 7,253
Retained earnings (2,210,874 ) (1,929,656 )
SHAREHOLDERS' FUNDS (318,893 ) (37,675 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2022 and were signed on its behalf by:





A Schlagman - Director


Colex Connect Ltd (Registered number: 08384159)

Notes to the Financial Statements
for the year ended 31 March 2022

1. STATUTORY INFORMATION

Colex Connect Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. Having reviewed the future cash flows of the business, the directors are satisfied that the company will have adequate resources to meet its liabilities as they fall due. On this basis, the directors believe it appropriate to prepare the accounts on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:


Computer equipment-33% on cost
Fixtures and fittings-20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share capital
Ordinary shares are classed as equity.

Colex Connect Ltd (Registered number: 08384159)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

2. ACCOUNTING POLICIES - continued

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Share based payments
The fair value of equity settled share based payments is recognised as an expense over the term of the vesting period, to reflect the value of the employee services rendered. A provision is made within Other Reserves representing the Share Premium until the Option is exercised or lapses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 April 2021 9,202
Additions 1,694
At 31 March 2022 10,896
DEPRECIATION
At 1 April 2021 8,480
Charge for year 940
At 31 March 2022 9,420
NET BOOK VALUE
At 31 March 2022 1,476
At 31 March 2021 722

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 101,435 1,940
Other debtors 2,033 812
103,468 2,752

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Bank loans and overdrafts 9,441 4,641
Trade creditors 37,154 -
Taxation and social security 66,312 79,510
Other creditors 18,895 13,616
131,802 97,767

Colex Connect Ltd (Registered number: 08384159)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£ £
Bank loans 36,624 45,359
Other creditors 754,080 -
790,704 45,359

8. CALLED UP SHARE CAPITAL


Allotted and issued:
Number: Class: Nominal 2022 2021
value: £ £
113,586 Ordinary £0.01 1,136 1,136

9. SHARE-BASED PAYMENT TRANSACTIONS

The company established an equity settled share based payment "EMI Scheme" to incentivise employees. The number of options vested at the balance sheet date was 7,253. At the Balance Sheet date no options had been exercised. The options lapse on the 11 August 2025 and 22 March 2029. Share options were valued using the Black Scholes Share Option Valuation Model.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Colex Connect Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Colex Connect Ltd for the year ended 31 March 2022 which comprise the Profit and Loss, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Colex Connect Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Colex Connect Ltd and state those matters that we have agreed to state to the Board of Directors of Colex Connect Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Colex Connect Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Colex Connect Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Colex Connect Ltd. You consider that Colex Connect Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Colex Connect Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bennett Brooks & Co Ltd
Chartered Accountants
2 Maple Court
Davenport Street
Macclesfield
Cheshire
SK10 1JE


1 September 2022