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Registered number: 11359129









AMAXA LTD









ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
AMAXA LTD
 
 
COMPANY INFORMATION


Director
Jane Tkachenko 




Registered number
11359129



Registered office
31 John Islip Street

London

United Kingdom

SW1P 4FE




Independent auditors
Zenith Audit Ltd
Statutory Auditors

First Floor

18 Devonshire Row

London

EC2M 4RH





 
AMAXA LTD
 

CONTENTS



Page
Group Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14 - 15
Consolidated Statement of Cash Flows
16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 35


 
AMAXA LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Introduction
 
The director presents her report together with the financial statement for the year ended 30 June 2023.

Business review
 
The Group is engaged in the marketing and supply of proprietory pharmaceutical goods in overseas markets. Products are sourced from manufacturers overseas and marketed, sold and transported by the Group to the relevant overseas markets. 

Principal risks and uncertainties
 
The operating landscape for the Group remains challenging, primarily due to the unstable political situation in Eastern Europe. The ongoing war in Ukraine stands out as a significant risk, given that the Ukrainian market constitutes the largest fraction of the Group's turnover.
Currency fluctuations in the respective markets pose another risk. Since clients transact in local currencies, adverse effects from currency fluctuations may lead to delays in payments.
Additionally, it is important to acknowledge the impact of potential government-imposed price caps on specific products, which could adversely affect the company's sales margins. Lastly, possible logistic challenges arising from the situation around the Ukrainian border with Poland are also factors that need consideration.
These identified risks contribute to the overall complexity of the business environment in which the Group operates.

Financial key performance indicators
 
The group turnover has experienced a 14.6% decrease compared to 2022, declining from €17,331,958 to €14,798,721. However, post-year-end figures indicate a noteworthy revenue growth. In this context, the calendar year demonstrates an increased turnover of 25.5%, rising from €12,568,702.21 in 2022 to €15,774,353.52 in 2023. Consequently, the group has witnessed a sales recovery, as preliminary results indicate growth in the third and fourth quarters of the 2023 calendar year.


This report was approved by the board on 29 February 2024 and signed on its behalf.



Jane Tkachenko
Director

Page 1

 
AMAXA LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The director presents her report and the financial statements for the year ended 30 June 2023.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable her to ensure that the financial statements comply with the Companies Act 2006She is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to 2,724,185 (2022 - 4,273,846).

Director

The director who served during the year was:

Jane Tkachenko 

Future developments

The Group is actively planning the launch of new products, expansion into Central Asia markets, and focusing on sales growth in core markets. The overall aim is to diversify and strengthen market penetration and launch new products, reflecting the company's commitment to industry trends.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

 
AMAXA LTD
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Post balance sheet events

Following the balance sheet date of June 30, 2023, the business continues to be affected by military actions in Ukraine, the primary business territory of the Group. Although business operations are proceeding as usual, it is anticipated that the turnover for the current financial year may decrease by approximately 14.6%. At present, there are no other impacts on the business. For the calendar year 2024, the group anticipates a growth of around 10%, due to expansion into Central Asia markets and the sales of newly launched products.
Post year end, the Group incorporated a new subsidiary AMAXA East Europe Services LLP, incorporated in Kyiv, Ukraine to provide outstaffing, marketing and promotion services. The Group also opened a new representative office in Moldova in January 2024.

Auditors

The auditorsZenith Audit Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 February 2024 and signed on its behalf.
 





Jane Tkachenko
Director

Page 3

 
AMAXA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMAXA LTD
 

Opinion


We have audited the financial statements of Amaxa Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
AMAXA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMAXA LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
AMAXA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMAXA LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
AMAXA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMAXA LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We performed risk assessment procedures and obtained an understanding of the Company and its environment, the applicable financial reporting framework, the applicable laws and regulations, the Company's system of internal control and the fraud risk factors relevant to the Company that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the Company's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations.
We considered compliance with UK Companies Act 2006, and the applicable tax legislation as the key laws and regulations which non-compliance could directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the Company may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to:
- Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;
- Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity relating to the processing of journal entries;
- Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period;
- Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud;
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions and override of internal controls.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
AMAXA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMAXA LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Milena Mitova (Senior Statutory Auditor)
  
for and on behalf of
Zenith Audit Ltd
 
Statutory Auditors
  
First Floor
18 Devonshire Row
London
EC2M 4RH

29 February 2024
Page 8

 
AMAXA LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note

  

Turnover
 4 
14,798,721
17,331,958

Cost of sales
  
(7,353,845)
(8,855,472)

Gross profit
  
7,444,876
8,476,486

Administrative expenses
  
(3,981,020)
(3,199,381)

Operating profit
 5 
3,463,856
5,277,105

Interest payable and similar expenses
 9 
(35,882)
(20,538)

Profit before taxation
  
3,427,974
5,256,567

Tax on profit
 10 
(703,789)
(982,721)

Profit for the financial year
  
2,724,185
4,273,846

  

Currency translation differences
  
(8,414)
(1,495)

Other comprehensive income for the year
  
(8,414)
(1,495)

Total comprehensive income for the year
  
2,715,771
4,272,351

Profit for the year attributable to:
  

Owners of the parent Company
  
2,724,185
4,273,846

  
2,724,185
4,273,846

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
2,715,771
4,272,351

  
2,715,771
4,272,351

The notes on pages 18 to 35 form part of these financial statements.

Page 9

 
AMAXA LTD
REGISTERED NUMBER: 11359129

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note

Fixed assets
  

Intangible assets
 13 
16,863
2,195

Tangible assets
 14 
1,227,906
1,165,750

  
1,244,769
1,167,945

Current assets
  

Stocks
 16 
1,408,328
1,588,009

Debtors: amounts falling due within one year
 17 
3,830,118
2,024,918

Cash at bank and in hand
 18 
5,198,763
5,472,675

  
10,437,209
9,085,602

Creditors: amounts falling due within one year
 19 
(2,097,501)
(1,736,238)

Net current assets
  
 
 
8,339,708
 
 
7,349,364

Total assets less current liabilities
  
9,584,477
8,517,309

Creditors: amounts falling due after more than one year
 20 
-
(1,347,688)

Net assets
  
9,584,477
7,169,621


Capital and reserves
  

Called up share capital 
 21 
44,008
44,008

Foreign exchange reserve
 22 
(9,817)
(1,403)

Profit and loss account
 22 
9,550,286
7,127,016

Equity attributable to owners of the parent Company
  
9,584,477
7,169,621

  
9,584,477
7,169,621


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 February 2024.




Jane Tkachenko
Director

The notes on pages 18 to 35 form part of these financial statements.

Page 10

 
AMAXA LTD
REGISTERED NUMBER: 11359129

COMPANY BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note

Fixed assets
  

Intangible assets
 13 
16,863
-

Tangible assets
 14 
1,221,811
1,149,124

Investments
 15 
2,321
2,321

  
1,240,995
1,151,445

Current assets
  

Stocks
 16 
1,408,276
1,587,953

Debtors: amounts falling due within one year
 17 
3,893,095
2,023,699

Cash at bank and in hand
 18 
5,133,828
5,468,167

  
10,435,199
9,079,819

Creditors: amounts falling due within one year
 19 
(2,095,356)
(1,722,922)

Net current assets
  
 
 
8,339,843
 
 
7,356,897

Total assets less current liabilities
  
9,580,838
8,508,342

  

Creditors: amounts falling due after more than one year
 20 
-
(1,347,688)

  

Net assets excluding pension asset
  
9,580,838
7,160,654

Net assets
  
9,580,838
7,160,654


Capital and reserves
  

Called up share capital 
 21 
44,008
44,008

Profit and loss account
 22 
9,536,830
7,116,646

  
9,580,838
7,160,654


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 February 2024.


Jane Tkachenko
Director

The notes on pages 18 to 35 form part of these financial statements.

Page 11

 
AMAXA LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity


At 1 July 2022
44,008
(1,403)
7,127,016
7,169,621


Comprehensive income for the year

Profit for the year

-
-
2,724,185
2,724,185

Currency translation differences
-
(8,414)
-
(8,414)


Other comprehensive income for the year
-
(8,414)
-
(8,414)


Total comprehensive income for the year
-
(8,414)
2,724,185
2,715,771


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(300,915)
(300,915)


Total transactions with owners
-
-
(300,915)
(300,915)


At 30 June 2023
44,008
(9,817)
9,550,286
9,584,477


The notes on pages 18 to 35 form part of these financial statements.

Page 12

 
AMAXA LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity


At 1 July 2021
44,008
92
2,853,170
2,897,270


Comprehensive income for the year

Profit for the year

-
-
4,273,846
4,273,846

Currency translation differences
-
(1,495)
-
(1,495)


Other comprehensive income for the year
-
(1,495)
-
(1,495)


Total comprehensive income for the year
-
(1,495)
4,273,846
4,272,351


Total transactions with owners
-
-
-
-


At 30 June 2022
44,008
(1,403)
7,127,016
7,169,621


The notes on pages 18 to 35 form part of these financial statements.

Page 13

 
AMAXA LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity


At 1 July 2022
44,008
7,116,646
7,160,654


Comprehensive income for the year

Profit for the year

-
2,721,099
2,721,099


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
2,721,099
2,721,099


Contributions by and distributions to owners

Dividends: Equity capital
-
(300,915)
(300,915)


Total transactions with owners
-
(300,915)
(300,915)


At 30 June 2023
44,008
9,536,830
9,580,838


The notes on pages 18 to 35 form part of these financial statements.

Page 14

 
AMAXA LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Profit and loss account
Total equity


At 1 July 2021
44,008
2,866,085
2,910,093


Comprehensive income for the year

Profit for the year

-
4,250,561
4,250,561


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
4,250,561
4,250,561


Total transactions with owners
-
-
-


At 30 June 2022
44,008
7,116,646
7,160,654


The notes on pages 18 to 35 form part of these financial statements.

Page 15

 
AMAXA LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022

Cash flows from operating activities

Profit for the financial year
2,724,185
4,273,846

Adjustments for:

Depreciation of tangible assets
82,782
72,566

Interest paid
35,882
20,538

Taxation charge
703,789
982,721

Decrease in stocks
179,681
1,726,062

(Increase)/decrease in debtors
(1,645,811)
484,245

(Decrease) in creditors
(632,542)
(2,131,951)

Corporation tax (paid)
(1,507,817)
(686,648)

Foreign exchange
(2,051)
(16,602)

Net cash generated from operating activities

(61,902)
4,724,777


Cash flows from investing activities

Purchase of intangible fixed assets
(16,863)
-

Purchase of tangible fixed assets
(149,106)
(138,456)

Net cash from investing activities

(165,969)
(138,456)

Cash flows from financing activities

Loans from join ventures repaid
-
(200,000)

Dividends paid
(10,159)
-

Interest paid
(35,882)
(20,538)

Net cash used in financing activities
(46,041)
(220,538)

Net (decrease)/increase in cash and cash equivalents
(273,912)
4,365,783

Cash and cash equivalents at beginning of year
5,472,675
1,106,892

Cash and cash equivalents at the end of year
5,198,763
5,472,675


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,198,763
5,472,675

5,198,763
5,472,675


The notes on pages 18 to 35 form part of these financial statements.

Page 16

 
AMAXA LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023




At 1 July 2022
Cash flows
At 30 June 2023



Cash at bank and in hand

5,472,675

(273,912)

5,198,763


5,472,675
(273,912)
5,198,763

The notes on pages 18 to 35 form part of these financial statements.

Page 17

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Amaxa Ltd, is a private company limited by shares incorporated in England & Wales. The Group's registered office and registered number are shown on the Company information page. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The Group's financial statements consolidate those of the parent company and its subsidiaries as of 30 June 2023. 
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as
applicable.

  
2.3

Going Concern

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis in preparation of the financial statements. 

Page 18

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

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.

On consolidation, the results of overseas operations are translated into Euros at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

  
2.6

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
 

Page 19

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

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 and the Group operate and generate 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; and
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.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, 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 useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is 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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 20

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
6%
Plant and machinery
-
20%
Motor vehicles
-
20%
Other fixed assets
-
20%

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

The investments are assessed impairment at each reporting date and any impairment losses or reversals of impairment losses are immediately recognised in profit or loss. 
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefit from its activities. 

  
2.12

Stocks

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 
2.13

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.

 
2.14

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 21

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 22

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 23

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.
Useful lives of tangible fixed assets 
The cost of tangible fixed assets is depreciated over its estimated useful economic life. Management estimates the useful lives of these tangible assets to vary. Changes in the expected level of usage could impact on the useful economic lives and the residual values of these assets; therefore, future depreciation charges could be revised. 
Stock 
The company writes down stock to net realisable value based on an estimate of the realisable value of stock. Written down stock is recorded where events or changes in circumstances indicate that the balances may not be realised. The identification of write-downs requires the use of judgement and estimates. Where the expectation is different from the original estimate or judgement, such difference will impact the carrying value of stock and write-downs of stock in the periods in which such estimates or judgements have been changed.
 

Page 24

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022

Sales commission and Marketing Services
171,022
479,831

Sale of pharmaceutical goods
14,627,699
16,852,127

14,798,721
17,331,958


Analysis of turnover by country of destination:

2023
2022

Outside Europe
14,798,721
17,331,958

14,798,721
17,331,958



5.


Operating profit

The operating profit is stated after charging:

2023
2022

Exchange differences
91,299
18,192

Other operating lease rentals
37,036
23,403

Depreciation charges
82,782
72,566


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,714
13,944

Page 25

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022


Wages and salaries
543,464
416,594
378,485
237,202

Social security costs
194,361
196,901
118,930
110,251

737,825
613,495
497,415
347,453


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Average number of employees
30
28
20
20


8.


Director's remuneration

2023
2022

Director's emoluments
59,065
38,284

59,065
38,284



9.


Interest payable and similar expenses

2023
2022


Other loan interest payable
35,882
20,538

35,882
20,538

Page 26

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Taxation


2023
2022

Corporation tax


Current tax on profits for the year
703,789
994,324

Adjustments in respect of previous periods
-
(11,603)


703,789
982,721


Total current tax
703,789
982,721


Tax on profit
703,789
982,721

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19   %). The differences are explained below:

2023
2022


Profit on ordinary activities before tax
3,427,974
5,256,567


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19   %)
856,994
998,748

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
457
-

Capital allowances for year in excess of depreciation
1,371
(1,976)

Adjustments to tax charge in respect of prior periods
-
(11,603)

Change in tax rates leading to an increase (decrease) in the tax charge
(155,033)
(2,448)

Total tax charge for the year
703,789
982,721


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Dividends

2023
2022


Dividends
300,915
-

300,915
-


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was 2,721,099 (2022 - 4,250,561).


13.


Intangible assets

Group





Patents




Cost


At 1 July 2022
8,985


Additions
16,863


Foreign exchange movement
(1,719)



At 30 June 2023

24,129



Amortisation


At 1 July 2022
6,790


Charge for the year on owned assets
1,986


Foreign exchange movement
(1,510)



At 30 June 2023

7,266



Net book value



At 30 June 2023
16,863



At 30 June 2022
2,195



Page 28

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
           13.Intangible assets (continued)

Company




Patents




Cost


Additions
16,863



At 30 June 2023

16,863






Net book value



At 30 June 2023
16,863



At 30 June 2022
-

Page 29

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Tangible fixed assets

Group






Land & Buildings
Plant and machinery
Motor vehicles
Other fixed assets
Total




Cost or valuation


At 1 July 2022
1,198,663
15,246
17,027
4,234
1,235,170


Additions
113,689
33,309
-
2,108
149,106


Disposals
-
-
(125)
-
(125)


Exchange adjustments
-
(392)
(3,258)
(838)
(4,488)



At 30 June 2023

1,312,352
48,163
13,644
5,504
1,379,663



Depreciation


At 1 July 2022
60,095
3,257
5,135
933
69,420


Charge for the year on owned assets
65,795
7,286
3,135
4,580
80,796


Disposals
-
-
(125)
-
(125)


Exchange adjustments
-
(786)
2,636
(184)
1,666



At 30 June 2023

125,890
9,757
10,781
5,329
151,757



Net book value



At 30 June 2023
1,186,462
38,406
2,863
175
1,227,906



At 30 June 2022
1,138,568
11,989
11,892
3,301
1,165,750




The net book value of land and buildings may be further analysed as follows:


2023
2022

Long leasehold
1,186,462
1,138,568

1,186,462
1,138,568


Page 30

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

           14.Tangible fixed assets (continued)


Company






Land & Buildings
Plant and machinery
Total


Cost or valuation


At 1 July 2022
1,198,663
13,195
1,211,858


Additions
113,689
30,991
144,680



At 30 June 2023

1,312,352
44,186
1,356,538



Depreciation


At 1 July 2022
60,095
2,639
62,734


Charge for the year on owned assets
65,795
6,198
71,993



At 30 June 2023

125,890
8,837
134,727



Net book value



At 30 June 2023
1,186,462
35,349
1,221,811



At 30 June 2022
1,138,568
10,556
1,149,124





The net book value of land and buildings may be further analysed as follows:


2023
2022

Long leasehold
1,186,462
1,138,568

1,186,462
1,138,568


Page 31

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies




Cost or valuation


At 1 July 2022
2,321



At 30 June 2023
2,321





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

AMAXA LLC
Ukraine
Ordinary
100%
Amaxa International Operations FZ-LLC
UAE
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

AMAXA LLC
10,196
9,735

Amaxa International Operations FZ-LLC
(6,672)
(6,672)


16.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022

Finished goods and goods for resale
1,408,328
1,588,009
1,408,276
1,587,953

1,408,328
1,588,009
1,408,276
1,587,953


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 32

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022


Trade debtors
3,558,090
1,996,573
3,557,266
1,995,354

Other debtors
13,639
28,345
77,440
28,345

Prepayments and accrued income
258,389
-
258,389
-

3,830,118
2,024,918
3,893,095
2,023,699


Other debtors for the Company include loan to subsidiary of €64,094 ($70,000), carrying an interest rate of 4% p.a. and repayable by 31 December 2025.


18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022

Cash at bank and in hand
5,198,763
5,472,675
5,133,828
5,468,167

5,198,763
5,472,675
5,133,828
5,468,167



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022

Trade creditors
247,974
749,666
245,828
736,350

Amounts owed to related party (Note 20)
1,349,111
-
1,349,111
-

Corporation tax
178,693
982,721
178,693
982,721

Other taxation and social security
4,707
133
4,707
133

Other creditors
317,016
3,718
317,017
3,718

2,097,501
1,736,238
2,095,356
1,722,922


Amounts owed to related party were repaid subsequent to the year end.
Other creditors include dividends payable of €290,757 outstanding as at the year end.

Page 33

 
AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022

Amounts owed to related party
-
1,347,688
-
1,347,688

-
1,347,688
-
1,347,688


The company has a loan to a related party. The Loan total is £1,160,000, repayable within 548 days after the notice of demand. Loan interest is charged at 1.5% per annum. The loan was fully repaid in October 2023.


21.


Share capital

2023
2022
Allotted, called up and fully paid



40,000 (2022 - 40,000) Ordinary shares of £1.00each
44,008
44,008



22.


Reserves

Foreign exchange reserve

Foreign exchang reserve comprises of exchange differences arising on translation of financial results of the subsidiary to the Group's presentational and functional currency.

Profit and loss account

Profit and loss account comprises of distributable reserves.


23.


Post balance sheet events

Following the balance sheet date of June 30, 2023, the business continues to be affected by military actions in Ukraine, the primary business territory of the Group. Although business operations are proceeding as usual, it is anticipated that the turnover for the current financial year may decrease by approximately 14.6%. At present, there are no other impacts on the business. For the calendar year 2024, the group anticipates a growth of around 10%, due to expansion into Central Asia markets and the sales of newly launched products.
Post year end, the Group incorporated a new subsidiary AMAXA East Europe Services LLP, incorporated in Kyiv, Ukraine to provide outstaffing, marketing and promotion services. The Group also opened a new representative office in Moldova in January 2024.

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AMAXA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

24.


Controlling party

The ultimate controlling party and a person with significant control is Miss J Tkachenko.
 


25.


Auditor's liability limitation agreement

An auditors’ limitation of liability agreement has been approved by members for the financial period ended 30 June 2023. The principle terms and conditions are as below:
- The agreement limits the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the Company’s accounts and pursuant to this agreement the auditor may be guilty in relation to the Company.
- The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above 

 
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