IRIS Accounts Production v24.1.0.578 12875251 Board of Directors 1.10.22 30.9.23 30.9.23 13/9/2024 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh128752512022-09-30128752512023-09-30128752512022-10-012023-09-30128752512021-09-30128752512021-10-012022-09-30128752512022-09-3012875251ns15:EnglandWales2022-10-012023-09-3012875251ns14:PoundSterling2022-10-012023-09-3012875251ns10:Director12022-10-012023-09-3012875251ns10:PrivateLimitedCompanyLtd2022-10-012023-09-3012875251ns10:SmallEntities2022-10-012023-09-3012875251ns10:Audited2022-10-012023-09-3012875251ns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3012875251ns10:SmallCompaniesRegimeForAccounts2022-10-012023-09-3012875251ns10:FullAccounts2022-10-012023-09-3012875251ns10:Director22022-10-012023-09-3012875251ns10:CompanySecretary12022-10-012023-09-3012875251ns10:RegisteredOffice2022-10-012023-09-3012875251ns5:CurrentFinancialInstruments2023-09-3012875251ns5:CurrentFinancialInstruments2022-09-3012875251ns5:ShareCapital2023-09-3012875251ns5:ShareCapital2022-09-3012875251ns5:RetainedEarningsAccumulatedLosses2023-09-3012875251ns5:RetainedEarningsAccumulatedLosses2022-09-3012875251ns5:PlantMachinery2022-10-012023-09-3012875251ns5:PlantMachinery2022-09-3012875251ns5:PlantMachinery2023-09-3012875251ns5:PlantMachinery2022-09-3012875251ns5:CostValuation2022-09-3012875251ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-09-3012875251ns5:TransfersBetweenInvestmentClassesIncreaseDecreaseInInvestments2023-09-3012875251ns5:CostValuation2023-09-3012875251ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3012875251ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-30
REGISTERED NUMBER: 12875251 (England and Wales)















Financial Statements for the Year Ended 30 September 2023

for

Connexin Networks Limited

Connexin Networks Limited (Registered number: 12875251)

Contents of the Financial Statements
for the year ended 30 September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Connexin Networks Limited

Company Information
for the year ended 30 September 2023







DIRECTORS: Dr F Alamgir
K Y Yeung





SECRETARY: OHS Secretaries Limited





REGISTERED OFFICE: 9th Floor 107 Cheapside
London
United Kingdom
EC2V 6DN





REGISTERED NUMBER: 12875251 (England and Wales)





AUDITOR: RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
Two Humber Quays
Wellington Street
Hull
HU1 2BN

Connexin Networks Limited (Registered number: 12875251)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 927,163 580,293
Investments 5 7,129,068 8,142,240
8,056,231 8,722,533

CURRENT ASSETS
Stocks 217,933 393,919
Debtors 6 8,458,758 5,674,580
Cash at bank 1,359,613 952,552
10,036,304 7,021,051
CREDITORS
Amounts falling due within one year 7 11,817,812 13,147,802
NET CURRENT LIABILITIES (1,781,508 ) (6,126,751 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,274,723

2,595,782

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 6,274,722 2,595,781
6,274,723 2,595,782

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 13 September 2024 and were signed on its behalf by:





Dr F Alamgir - Director


Connexin Networks Limited (Registered number: 12875251)

Notes to the Financial Statements
for the year ended 30 September 2023


1. STATUTORY INFORMATION

Connexin Networks 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. The financial statements have been prepared under the historical cost convention.

The Directors have continued to adopt the going concern basis of preparation in these financial statements.

The Directors have prepared forecasts which demonstrate that the Company has sufficient cash reserves to enable it to settle its liabilities as they fall due for a period of at least 12 months from the date of signing these financial statements. The investors of the group have provided a letter of support confirming their intention to provide financial support to the group in order that it may continue to operate and to service its liabilities as they fall due. The company's business model allows the Directors to operate in a dynamic fashion where, due to the ability of the Directors to quickly scale down the operating costs of the business if required, new lines of business can be explored without risking longer term viability of the business.

On this basis the Directors have adopted the going concern basis of preparation.

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 - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any impairment for diminution in value.

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.


Connexin Networks Limited (Registered number: 12875251)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022 635,412
Additions 602,589
Disposals (85,500 )
At 30 September 2023 1,152,501
DEPRECIATION
At 1 October 2022 55,119
Charge for year 202,044
Eliminated on disposal (31,825 )
At 30 September 2023 225,338
NET BOOK VALUE
At 30 September 2023 927,163
At 30 September 2022 580,293

Connexin Networks Limited (Registered number: 12875251)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022 8,142,240
Impairments (999,923 )
Consideration adjustment (13,249 )
At 30 September 2023 7,129,068
NET BOOK VALUE
At 30 September 2023 7,129,068
At 30 September 2022 8,142,240

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,530,574 5,511,765
Amounts owed by group undertakings 6,865,395 40,008
Other debtors 62,789 122,807
8,458,758 5,674,580

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 706,377 315,547
Amounts owed to group undertakings 9,443,447 7,845,938
Taxation and social security 269,073 844,298
Other creditors 1,398,915 4,142,019
11,817,812 13,147,802

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

The Auditor's Report was unqualified.

Peter Adams FCA (Senior Statutory Auditor)
for and on behalf of RSM UK Audit LLP, Statutory Auditor

9. ULTIMATE CONTROLLING PARTY

The controlling party is Connexin Limited.

The smallest group in which the company's results are consolidated is that of Connexin Limited. Connexin Limited financial statements are available from its registered office, 9th Floor 107 Cheapside, London, United Kingdom, EC2V 6DN.