2023-04-012024-03-312024-03-31false11914945MYNEXUS LIMITED2024-11-27iso4217:GBPxbrli:pure119149452023-04-01119149452024-03-31119149452023-04-012024-03-31119149452022-04-01119149452023-03-31119149452022-04-012023-03-3111914945bus:SmallEntities2023-04-012024-03-3111914945bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3111914945bus:FullAccounts2023-04-012024-03-3111914945bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111914945core:WithinOneYear2024-03-3111914945core:AfterOneYear2024-03-3111914945core:WithinOneYear2023-03-3111914945core:AfterOneYear2023-03-3111914945core:ShareCapital2024-03-3111914945core:SharePremium2024-03-3111914945core:RevaluationReserve2024-03-3111914945core:OtherReservesSubtotal2024-03-3111914945core:RetainedEarningsAccumulatedLosses2024-03-3111914945core:ShareCapital2023-03-3111914945core:SharePremium2023-03-3111914945core:RevaluationReserve2023-03-3111914945core:OtherReservesSubtotal2023-03-3111914945core:RetainedEarningsAccumulatedLosses2023-03-3111914945core:LandBuildings2024-03-3111914945core:PlantMachinery2024-03-3111914945core:Vehicles2024-03-3111914945core:FurnitureFittings2024-03-3111914945core:OfficeEquipment2024-03-3111914945core:NetGoodwill2024-03-3111914945core:IntangibleAssetsOtherThanGoodwill2024-03-3111914945core:ListedExchangeTraded2024-03-3111914945core:UnlistedNon-exchangeTraded2024-03-3111914945core:LandBuildings2023-03-3111914945core:PlantMachinery2023-03-3111914945core:Vehicles2023-03-3111914945core:FurnitureFittings2023-03-3111914945core:OfficeEquipment2023-03-3111914945core:NetGoodwill2023-03-3111914945core:IntangibleAssetsOtherThanGoodwill2023-03-3111914945core:ListedExchangeTraded2023-03-3111914945core:UnlistedNon-exchangeTraded2023-03-3111914945core:LandBuildings2023-04-012024-03-3111914945core:PlantMachinery2023-04-012024-03-3111914945core:Vehicles2023-04-012024-03-3111914945core:FurnitureFittings2023-04-012024-03-3111914945core:OfficeEquipment2023-04-012024-03-3111914945core:NetGoodwill2023-04-012024-03-3111914945core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3111914945core:ListedExchangeTraded2023-04-012024-03-3111914945core:UnlistedNon-exchangeTraded2023-04-012024-03-3111914945core:MoreThanFiveYears2023-04-012024-03-3111914945core:Non-currentFinancialInstruments2024-03-3111914945core:Non-currentFinancialInstruments2023-03-3111914945dpl:CostSales2023-04-012024-03-3111914945dpl:DistributionCosts2023-04-012024-03-3111914945core:LandBuildings2023-04-012024-03-3111914945core:PlantMachinery2023-04-012024-03-3111914945core:Vehicles2023-04-012024-03-3111914945core:FurnitureFittings2023-04-012024-03-3111914945core:OfficeEquipment2023-04-012024-03-3111914945dpl:AdministrativeExpenses2023-04-012024-03-3111914945core:NetGoodwill2023-04-012024-03-3111914945core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3111914945dpl:GroupUndertakings2023-04-012024-03-3111914945dpl:ParticipatingInterests2023-04-012024-03-3111914945dpl:GroupUndertakingscore:ListedExchangeTraded2023-04-012024-03-3111914945core:ListedExchangeTraded2023-04-012024-03-3111914945dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-04-012024-03-3111914945core:UnlistedNon-exchangeTraded2023-04-012024-03-3111914945dpl:CostSales2022-04-012023-03-3111914945dpl:DistributionCosts2022-04-012023-03-3111914945core:LandBuildings2022-04-012023-03-3111914945core:PlantMachinery2022-04-012023-03-3111914945core:Vehicles2022-04-012023-03-3111914945core:FurnitureFittings2022-04-012023-03-3111914945core:OfficeEquipment2022-04-012023-03-3111914945dpl:AdministrativeExpenses2022-04-012023-03-3111914945core:NetGoodwill2022-04-012023-03-3111914945core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3111914945dpl:GroupUndertakings2022-04-012023-03-3111914945dpl:ParticipatingInterests2022-04-012023-03-3111914945dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3111914945core:ListedExchangeTraded2022-04-012023-03-3111914945dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3111914945core:UnlistedNon-exchangeTraded2022-04-012023-03-3111914945core:NetGoodwill2024-03-3111914945core:IntangibleAssetsOtherThanGoodwill2024-03-3111914945core:LandBuildings2024-03-3111914945core:PlantMachinery2024-03-3111914945core:Vehicles2024-03-3111914945core:FurnitureFittings2024-03-3111914945core:OfficeEquipment2024-03-3111914945core:AfterOneYear2024-03-3111914945core:WithinOneYear2024-03-3111914945core:ListedExchangeTraded2024-03-3111914945core:UnlistedNon-exchangeTraded2024-03-3111914945core:ShareCapital2024-03-3111914945core:SharePremium2024-03-3111914945core:RevaluationReserve2024-03-3111914945core:OtherReservesSubtotal2024-03-3111914945core:RetainedEarningsAccumulatedLosses2024-03-3111914945core:NetGoodwill2023-03-3111914945core:IntangibleAssetsOtherThanGoodwill2023-03-3111914945core:LandBuildings2023-03-3111914945core:PlantMachinery2023-03-3111914945core:Vehicles2023-03-3111914945core:FurnitureFittings2023-03-3111914945core:OfficeEquipment2023-03-3111914945core:AfterOneYear2023-03-3111914945core:WithinOneYear2023-03-3111914945core:ListedExch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MYNEXUS LIMITED

Registered Number
11914945
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

MYNEXUS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Gaynor Matthews
James McMillan
Dean Whitehouse

Registered Address

Jactin House 24 Hood Street
Ancoats
Manchester
M4 6WX

Registered Number

11914945 (England and Wales)
MYNEXUS LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3170,755225,903
Tangible assets47631,159
Investments51-
171,519227,062
Current assets
Debtors61572,335
Cash at bank and on hand15,91615,092
16,07317,427
Creditors amounts falling due within one year7(1,840)(2,650)
Net current assets (liabilities)14,23314,777
Total assets less current liabilities185,752241,839
Creditors amounts falling due after one year8(3,451)(5,176)
Net assets182,301236,663
Capital and reserves
Called up share capital9494
Share premium325,215325,215
Profit and loss account(143,008)(88,646)
Shareholders' funds182,301236,663
The financial statements were approved and authorised for issue by the Board of Directors on 27 November 2024, and are signed on its behalf by:
James McMillan
Director
Registered Company No. 11914945
MYNEXUS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities. There were no material departures from that standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Share-based payments
The company provides share-based payment arrangements in the form of Unapproved Share Options to certain Non-Executive Directors and Board Advisors. Equity-settled arrangements are measured at fair value at the date of the grant. The fair value is expensed over the vesting period. The fair value of the services received in exchange for the grant of these options is recognised as an expense in the Income Statement. In the absence of observable market data, the Directors have valued the options granted with reference to recent company share transactions.
Foreign currency translation
Monetary assets and liabilities in foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are initially translated into sterling at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. All differences are charged to profit or loss.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if factors indicate that the carrying amount may be impaired. Amortisation is included in administrative expenses in the Income Statement. Trademarks are amortised in equal instalments over a period of 10 years which is their useful estimated economic life.
Research and development
All research costs are expensed as incurred. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Plant and machinery over 3-10 years (straight-line basis) Office equipment over 4 years (straight-line basis)
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
Interest bearing borrowings are recognised initially at the present value of future payments discounted at the market rate of interest. Subsequent to initial recognition, they are stated at amortised cost using the effective interest method.
Government grants or assistance
Government grants in relation to tangible and intangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to revenue expenditure are credited when the expenditure is charged to the profit and loss.
2.Average number of employees

20242023
Average number of employees during the year22
3.Intangible assets
Included below are development costs capitalised in accordance with FRS 102. These costs relate to the development of the myNexus on-line platform. The total amount capitalised at 31 March 2024 and 31 March 2023 is £276,21. These development assets were brought into use in the year ended 31 March 2023, from which date the costs have been amortised in equal instalments over a period of 5 years. Amortisation charged to the Income Statement, within administrative expenses, in the year is £55,048 (2023: 49,984). Also included in the above is the cost of trademarks acquired as at 31 March 2024 being £1,000 (2023: £1,000). This cost is being amortised in equal annual instalments over 10 years. Amortisation charged to the Income Statement, within administrative expenses, in the year is £100 (2023: £100).

Other

Total

££
Cost or valuation
At 01 April 23276,241276,241
At 31 March 24276,241276,241
Amortisation and impairment
At 01 April 2350,33850,338
Charge for year55,14855,148
At 31 March 24105,486105,486
Net book value
At 31 March 24170,755170,755
At 31 March 23225,903225,903
4.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 April 234361,4071,843
At 31 March 244361,4071,843
Depreciation and impairment
At 01 April 23127557684
Charge for year44352396
At 31 March 241719091,080
Net book value
At 31 March 24265498763
At 31 March 233098501,159
5.Fixed asset investments
On 26 March 2024 the company acquired the entire share capital of the dormant company Investreneur Limited. The net assets of the group undertaking at acquisition were £1.

Investments in groups1

Total

££
Cost or valuation
Additions11
At 31 March 2411
Net book value
At 31 March 2411
At 31 March 23--

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables818
Other debtors1492,073
Prepayments and accrued income-244
Total1572,335
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables114100
Amounts owed to related parties1-
Accrued liabilities and deferred income1,7252,550
Total1,8402,650
8.Creditors: amounts due after one year

2024

2023

££
Other creditors3,4515,176
Total3,4515,176
9.Contingent liabilities
The company has contracted to pay additional remuneration to certain directors in the event the company achieves a cumulative debt or equity instrument of at least £361,500 in the future. The total value of this contingent remuneration, including employers national insurance and pension contributions, at 31 March 2024 is £25,030 (2023: £25,030).
10.Related party transactions
Unapproved Share Options During the year the company granted Nil Unapproved Share Options (2023: 125) with a weighted average exercise price of £Nil (2023: £67.90) per share, to certain Directors and Board Advisors. All options granted have vesting conditions base on time and are forfeited on resignation of office. Options will lapse after 10 years and will vest immediately upon a change of control of the company. None of the Unapproved Share Options have been forfeited in the year (2023: Nil) leaving 1,433 outstanding at 31 March 2024 (2023: 1,433). Of these, 1,433 had vested (2023: 1,433) and none remain unvested (2023: Nil). The company charged £Nil (2023: £15,481) to the Income Statement in respect of these options as equity-settled share-based payments.