Company registration number 06421746 (England and Wales)
CATHEXIS EUROPE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CATHEXIS EUROPE LIMITED
COMPANY INFORMATION
Directors
R Brecher
M C Randelhoff
M H K Ross
G M O Shepperson
Company number
06421746
Registered office
Unit 1 Orchard Park Industrial Estate
Town Street
Sandiacre
Nottingham
NG10 5BP
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
CATHEXIS EUROPE LIMITED
CONTENTS
Page
Accountants' review report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CATHEXIS EUROPE LIMITED
INDEPENDENT  ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF CATHEXIS EUROPE LIMITED
- 1 -

We have reviewed the financial statements of Cathexis Europe Limited for the year ended 30 June 2024 which comprise , the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised) 'Engagements to review historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice. ISRE 2400 (Revised) also requires us to comply with the ethical and other professional requirements of our accounting body.

Scope of the assurance review

A review of financial statements in accordance with the ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the company, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

Use of our report

This report is made solely to the company’s directors, as a body, in accordance with the terms of our engagement letter dated 11 October 2022. Our review work has been undertaken so that we might state to the company’s directors those matters we have agreed to state to them in a reviewer’s 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 directors as a body, for our review work, for this report, or for the conclusions we have formed.

Ashgates Corporate Services Limited
Chartered Certified Accountants
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
Date
1 October 2024
CATHEXIS EUROPE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,236
61,883
Current assets
Stocks
4
334,264
295,820
Debtors
5
601,877
835,620
Cash at bank and in hand
734,255
923,525
1,670,396
2,054,965
Creditors: amounts falling due within one year
6
(383,656)
(762,375)
Net current assets
1,286,740
1,292,590
Total assets less current liabilities
1,348,976
1,354,473
Provisions for liabilities
(15,559)
(15,471)
Net assets
1,333,417
1,339,002
Capital and reserves
Called up share capital
7
2,000
2,000
Profit and loss reserves
1,331,417
1,337,002
Total equity
1,333,417
1,339,002
CATHEXIS EUROPE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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 by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
M H K Ross
Director
Company Registration No. 06421746
CATHEXIS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Cathexis Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Orchard Park Industrial Estate, Town Street, Sandiacre, Nottingham, NG10 5BP.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

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. Cost is determined using the first-in, first-out (FIFO) method.

 

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CATHEXIS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
13
12
CATHEXIS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Short leasehold improvements
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
8,821
109,869
4,180
122,870
Additions
-
0
13,114
-
0
13,114
Disposals
-
0
(4,909)
(4,180)
(9,089)
At 30 June 2024
8,821
118,074
-
0
126,895
Depreciation and impairment
At 1 July 2023
8,821
48,661
3,505
60,987
Depreciation charged in the year
-
0
10,251
-
0
10,251
Eliminated in respect of disposals
-
0
(3,074)
(3,505)
(6,579)
At 30 June 2024
8,821
55,838
-
0
64,659
Carrying amount
At 30 June 2024
-
0
62,236
-
0
62,236
At 30 June 2023
-
0
61,208
675
61,883
4
Stocks
2024
2023
£
£
Stocks
334,264
295,820
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
585,874
818,988
Other debtors
16,003
16,632
601,877
835,620
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
255,053
376,554
Taxation and social security
109,935
367,464
Other creditors
18,668
18,357
383,656
762,375
CATHEXIS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary A shares of £1 each
250
250
250
250
Ordinary B shares of £1 each
250
250
250
250
Ordinary C shares of £1 each
78
78
78
78
Ordinary D shares of £1 each
239
239
239
239
Ordinary E shares of £1 each
183
183
183
183
2,000
2,000
2,000
2,000
8
Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

 

The total amount of the financial commitments not included in the balance sheet in £156,000 (2023 - £195,000).

9
Parent company

The company's immediate parent is Cathexis Technologies Proprietary Limited, incorporated in South Africa.

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