Company registration number 03128279 (England and Wales)
CADEX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CADEX LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
CADEX LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
6,468
8,476
Net current assets
6,468
8,476
Capital and reserves
Called up share capital
3
226,000
226,000
Profit and loss reserves
(219,532)
(217,524)
Total equity
6,468
8,476
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 August 2024
Mr R H Davis
Director
Company registration number 03128279 (England and Wales)
CADEX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2021
226,000
(521,088)
(295,088)
Year ended 31 August 2022:
Profit and total comprehensive income
-
303,564
303,564
Balance at 31 August 2022
226,000
(217,524)
8,476
Year ended 31 August 2023:
Loss and total comprehensive income
-
(2,008)
(2,008)
Balance at 31 August 2023
226,000
(219,532)
6,468
CADEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Cadex Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis and the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash held at call with banks.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CADEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
CADEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 ordinary shares of £1 each
1,000
1,000
225,000 participating cumulative redeemable preference shares of £1 each
225,000
225,000
226,000
226,000
The rights attaching to the participating cumulative redeemable preference shares are that distributable profits of the company, which the directors shall from time to time determine to distribute as dividend, shall first be paid to the participating cumulative redeemable preference shareholders.
The annual preferential and cumulative dividend shall amount to 12.5 percent of the nominal value of the shares, in priority to any dividend payable on the ordinary share capital.
The preference shareholders held the right until 1 July 2004 to have their shares redeemed at a premium of £3 per share, on dates and amounts as specified in the company's Memorandum and Articles of Association.
The company has the right to redeem all or part of the preference shares, at any time on giving fourteen days notice of its intention to do so, provided that it redeems a minimum of 5,625 shares at any one time.
The preference shareholders are not entitled to attend or vote at any meeting of the company.
On a winding up the preference shareholders insofar as the shares have not been redeemed, have the rights to be repaid out of the assets of the company in priority to any payment to the ordinary shareholders, the nominal amount, together with the premium attached thereto and all arrears of dividends.
4
Related party transactions
Transactions with related parties
During the reporting period the company entered into the following transactions with related parties:
The director reversed a waiver of entitlement of amounts due amounting to £2,000 (2022: £168,901 waived) and at the reporting date the company owed the director nil (2022: nil).