Company Registration No. 03651154 (England and Wales)
Knexus Emea Limited
Unaudited accounts
for the year ended 31 December 2023
Knexus Emea Limited
Unaudited accounts
Contents
Knexus Emea Limited
Company Information
for the year ended 31 December 2023
Company Number
03651154 (England and Wales)
Registered Office
Congress House
Lyon Road
Harrow
HA1 2EN
England
Accountants
Balmoral Consultancy Services Limited
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Knexus Emea Limited
Statement of financial position
as at 31 December 2023
Tangible assets
11,796
2,245
Cash at bank and in hand
142,013
334,570
Creditors: amounts falling due within one year
(137,604)
(216,825)
Net current assets
279,205
368,112
Total assets less current liabilities
292,005
371,361
Creditors: amounts falling due after more than one year
(1,590,162)
(1,323,613)
Net liabilities
(1,298,157)
(952,252)
Called up share capital
2
2
Profit and loss account
(1,298,159)
(952,254)
Shareholders' funds
(1,298,157)
(952,252)
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 9 April 2024 and were signed on its behalf by
G Foux
Director
Company Registration No. 03651154
Knexus Emea Limited
Notes to the Accounts
for the year ended 31 December 2023
Knexus Emea Limited is a private company, limited by shares, registered in England and Wales, registration number 03651154. The registered office is Congress House, Lyon Road, Harrow, HA1 2EN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
At the year end the company had net liabilities of £1,407,515 (2022: £952,252).
It is the intention of the director to support the company for the foreseeable future. Therefore, there are no conditions or events that cast significant doubt on the company's ability to continue in the near future; these financial statements have been prepared on a going concern basis.
Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is GBP.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'.
All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'
Knexus Emea Limited
Notes to the Accounts
for the year ended 31 December 2023
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the
contract;
- the stage of completion of the contract at the end of the reporting period can be
measured reliably; and
- the costs incurred and the costs to complete the contract can be measured
reliably.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Tax is recognised in the Statement of Income and Retained Earnings, 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 reporting 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 Statement of Financial Position 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 reporting date.
Knexus Emea Limited
Notes to the Accounts
for the year ended 31 December 2023
Tangible fixed assets and depreciation
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.
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.
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 the Statement of Income and Retained Earnings.
Motor vehicles
20% on cost
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
Investments in subsidiaries are measured at cost less accumulated impairment
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the
Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Knexus Emea Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
-
1,130
8,242
9,372
Additions
14,000
-
-
14,000
At 31 December 2023
14,000
1,130
8,242
23,372
At 1 January 2023
-
1,130
5,997
7,127
Charge for the year
2,800
-
1,649
4,449
At 31 December 2023
2,800
1,130
7,646
11,576
At 31 December 2023
11,200
-
596
11,796
At 31 December 2022
-
-
2,245
2,245
5
Investments
Other investments
Valuation at 1 January 2023
1,004
Valuation at 31 December 2023
1,004
Amounts falling due within one year
Accrued income and prepayments
13,929
9,812
Other debtors
254,930
192,197
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
4,848
4,597
Obligations under finance leases and hire purchase contracts
2,698
-
Trade creditors
24,155
35,423
Taxes and social security
-
18,749
Other creditors
50,743
52,956
Deferred income
50,160
97,700
Knexus Emea Limited
Notes to the Accounts
for the year ended 31 December 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
15,192
-
Amounts owed to group undertakings and other participating interests
1,568,152
1,313,502
9
Transactions with related parties
As at the balance sheet date, the company owed the sum of £1,568,152 (2022: £1,313,502) to Knexus Group Limited.
Knexus EMEA Limited is the 100% subsidiary of Knexus Group Limited and G Foux is a director of Knexus Group Limited and Knexus EMEA Limited.
There are no terms as to interest or repayment of this loan.
The ultimate controlling party is G Foux by virtue of his majority shareholding in Knexus Group Limited which owns 100% of the shares in Knexus EMEA Limited.
11
Average number of employees
During the year the average number of employees was 6 (2022: 5).