Adexa Limited
Company Registration No. 11627868
(England and Wales)
Annual Report and
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for filing with Registrar
Adexa Limited
Contents
Page
Statement of Financial Position
4 - 5
Statement of Changes in Equity
6
Notes to the Financial Statements
7 - 8
Adexa Limited
Directors' Report
For the year ended 31 December 2024
- 1 -

The Directors present their annual report and unaudited financial statements of Adexa Limited (the “Company”) for the year ended 31 December 2024.

Statement of Directors' responsibilities

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the Directors to prepare financial statements for each financial period. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards, including FRS 102 ("FRS 102") section 1A small entities and UK Companies Act 2006 (as amended). The financial statements are required to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 

In preparing these financial statements, the Directors are required to:

 

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy, at any time, the financial position of the Company and to enable the Directors to ensure that the financial statements comply with the UK Companies Act 2006 (as amended). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.
Principal activities

The principal activity of the Company continued to be that of investment holding.

Results and dividends
The Statement of Comprehensive Income for the year is set out on page 3.
Dividends paid for the year under review amounted to €NIL (2023: €NIL).
Directors

The Directors who held office during the year and up to the date of signing of the financial statements were as follows:

C S Smith
J L Medina
J L Gallienne
A K Fairclough
Company Secretary
The Company Secretary who held office throughout the year and to the date of this report was Praxis Secretaries (UK) Limited.
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Adexa Limited
Directors' Report
For the year ended 31 December 2024
- 2 -
By order of the Board of Directors
Praxis Secretaries (UK) Limited
Secretary
Date:
15 July 2025
Adexa Limited
Statement of Comprehensive Income
For the year ended 31 December 2024
- 3 -
2024
2023
Administrative expenses
(122,322)
(84,766)
Other operating income
178,276
337,307
Operating profit
55,954
252,541
Investment income
113,042
242,812
Interest payable and similar expenses
(64,908)
(69,121)
Other gains and losses
440,267
1,296,405
Profit before taxation
544,355
1,722,637
Taxation
-
0
-
0
Profit for the financial year
544,355
1,722,637
The notes on pages 7 to 8 form part of these financial statements
Adexa Limited
Statement of Financial Position
As at 31 December 2024
- 4 -
2024
2023
Notes
Non-current assets
Investments
15,031,101
33,882,296
Current assets
Debtors: amounts falling due within one year
10,055,920
10,023,012
Cash at bank and in hand
4,589,482
886,641
14,645,402
10,909,653
Current liabilities
Creditors: amounts falling due within one year
(9,211)
(18,366)
Net current assets
14,636,191
10,891,287
Total assets less current liabilities
29,667,292
44,773,583
Creditors: amounts falling due after more than one year
(10,014,300)
(10,016,867)
Net assets
19,652,992
34,756,716
Capital and reserves
Share capital
110,000
110,000
Share premium account
19,251,921
34,900,000
Revaluation reserve
677,341
780,487
Retained deficit
(386,270)
(1,033,771)
Total equity
19,652,992
34,756,716

The Directors of the Company have elected not to include a copy of the income statement within the financial statements.true

 

For the financial year ended 31 December 2024 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 of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Adexa Limited
Statement of Financial Position (Continued)
As at 31 December 2024
- 5 -
The financial statements were approved by the Board of Directors and authorised for issue on
15 July 2025
15 July 2025
and are signed on its behalf by:
........................................................
J L Gallienne
Director
Company Registration No. 11627868
The notes on pages 7 to 8 form part of these financial statements
Adexa Limited
Statement of Changes in Equity
For the year ended 31 December 2024
- 6 -
Share capital
Share premium account
Revaluation reserve
Retained deficit
Total
Balance at 1 January 2023
110,000
34,900,000
-
0
(1,975,921)
33,034,079
Profit for the year
-
-
-
1,722,637
1,722,637
Transfer between reserves
-
-
780,487
(780,487)
-
Balance at 31 December 2023
110,000
34,900,000
780,487
(1,033,771)
34,756,716
Profit for the year
-
-
-
544,355
544,355
Transfer between reserves
-
-
(103,146)
103,146
-
Return of capital to D Investment SA
-
(15,648,079)
-
-
(15,648,079)
Balance at 31 December 2024
110,000
19,251,921
677,341
(386,270)
19,652,992
The notes on pages 7 to 8 form part of these financial statements
Adexa Limited
Notes to the Financial Statements
For the year ended 31 December 2024
- 7 -
1
Company information

Adexa Limited (the "Company") is a private company limited by shares incorporated in England and Wales on 17 October 2018, registration number 11627868. The registered office is 5th Floor, 2 Copthall Avenue, London, United Kingdom, EC2R 7DA.

2
Accounting policies
The principle accounting policies adopted are set out below:
2.1
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 UK 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 Euro, 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, modified to include the revaluation of certain financial instruments at fair value.

2.2
Investments

Investments in listed company shares are remeasured to market value at each Statement of Financial Position Date.

 

Unrealised gains and losses on listed investments are initially recognised in the Statement of Comprehensive Income and are subsequently transferred to the revaluation reserve at the period end, if remaining unrealised. Impairments that offset previous gains of the same asset are transferred to the revaluation reserve. All other impairments are not transferred to the revaluation reserve.

 

Realised gains and losses are recognised in the Statement of Comprehensive Income.

2.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

2.4
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 Statement of Financial Position 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 debtors and cash and 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.

Adexa Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2
Accounting policies
(Continued)
- 8 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

2.5
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2.6
Taxation

The Company is subject to Corporation Tax at the applicable rate, which is currently 25% (2023: 19%).

2.7
Foreign exchange
Transactions in currencies other than Euro 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 the Statement of Comprehensive Income.
2.8

Employees

The average number of employees during the year were 0 (2023 - 0).

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