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REGISTERED NUMBER: 10194513 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2022

for

Neurofenix Limited

Neurofenix Limited (Registered number: 10194513)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Neurofenix Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: Mr D Athanasiou
Mr C S Carignan
Ms F S Dehghan
Mr A M Elder
Mr G Singla Buxarrais





REGISTERED OFFICE: 9 Shottery Brook Office Park
Timothys Bridge Road
Stratford-Upon-Avon
CV37 9NR





REGISTERED NUMBER: 10194513 (England and Wales)





AUDITORS: Copia Wealth & Tax Limited
Chartered Accountants and Registered Auditors
8 Pendeford Place
Pendeford Business Park
Wobaston Road
Wolverhampton
WV9 5HD

Neurofenix Limited (Registered number: 10194513)

Balance Sheet
31 December 2022

31.12.22 31.12.21
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 56,123 25,206
Investments 5 9 9
56,132 25,215

CURRENT ASSETS
Stocks 40,759 -
Debtors 6 1,134,926 764,515
Cash at bank 4,437,778 497,608
5,613,463 1,262,123
CREDITORS
Amounts falling due within one year 7 80,999 622,058
NET CURRENT ASSETS 5,532,464 640,065
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,588,596

665,280

CAPITAL AND RESERVES
Called up share capital 9 360 203
Share premium 8,469,665 2,139,895
Retained earnings (2,881,429 ) (1,474,818 )
SHAREHOLDERS' FUNDS 5,588,596 665,280

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





Mr G Singla Buxarrais - Director


Neurofenix Limited (Registered number: 10194513)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Neurofenix Limited 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.

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.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern
The financial statements have been prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Neurofenix Limited (Registered number: 10194513)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Trade debtors and amounts owed by group undertakings
Trade debtors amounts owed by group undertakings are recognised initially at transaction price. They are subsequently measured and amortised at cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due, according to the original terms of the receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 6 ) .

Neurofenix Limited (Registered number: 10194513)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 35,499
Additions 50,746
At 31 December 2022 86,245
DEPRECIATION
At 1 January 2022 10,293
Charge for year 19,829
At 31 December 2022 30,122
NET BOOK VALUE
At 31 December 2022 56,123
At 31 December 2021 25,206

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 9
NET BOOK VALUE
At 31 December 2022 9
At 31 December 2021 9

The company owns 100% share capital of Neurofenix Inc. registered at 3350 Riverwood Pkwy, Suite 1900, Atlanta, GA 30339, United States.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
as restated
£    £   
Trade debtors 26,760 9,778
Amounts owed by group undertakings 1,062,664 711,803
Other debtors 45,502 42,934
1,134,926 764,515

Neurofenix Limited (Registered number: 10194513)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
as restated
£    £   
Trade creditors 20,447 4,820
Taxation and social security 11,869 8,495
Other creditors 48,683 608,743
80,999 622,058

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
as restated
£    £   
Within one year 9,830 9,576
Between one and five years 5,685 15,515
15,515 25,091

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: as
restated
£    £   
19,524,136 Ordinary 0.00001 195 195
800,000 Ordinary A 0.00001 8 8
15,676,886 B Ordinary 0.00001 157 -
360 203

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Shaun Philpott FCA (Senior Statutory Auditor)
for and on behalf of Copia Wealth & Tax Limited

Neurofenix Limited (Registered number: 10194513)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. PENSION COMMITMENTS

The company provides a Workplace Pension Scheme via the provider "The People's Pension"

20222021
££
Unpaid contributions due to the fund are included in other
creditors and amounted to:1,127996

12. PRIOR YEAR ADJUSTMENTS

The balance sheet for the year ended 31 December 2021 has been restated to reflect the correct treatment of:

The investment purchase of 100% share capital in Neurofenix Inc. for $10 on the 16th March 2020. As a result of the restatement, in the balance sheet at 31 December 2021, the fixed asset investment account been increased by £9 and the intercompany account has reduced by £9.

The trade creditors at 31st December 2021 has been understated by £16,849. As a result of the restatement, in the balance sheet at 31 December 2021, the trade creditors has been increased by £16,849. and the retained earnings have reduced by £16,849.

The share premium account has been understated by £10,000 in relation to the A Ordinary shares. As a result of the restatement, in the balance sheet at 31 December 2021, the share premium account has been increased by £10,000. and the retained earnings have reduced by £10,000.