Firexo Limited - Filleted accounts

Registered number

11984806

Firexo Limited

Filleted Accounts

31 December 2024

Firexo Limited
Registered number:		11984806
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Intangible assets	3		203,613			185,991
Tangible assets	4		29,249			35,934
Investments	6		-			-
			232,862			221,925

Current assets
Stocks		330,053			842,386
Debtors	5	526,980			431,587
Cash at bank and in hand		-			-
		857,033			1,273,973

Creditors: amounts falling due within one year	6	(1,345,056)			(914,668)

Net current (liabilities)/assets			(488,023)			359,305

Total assets less current liabilities			(255,161)			581,230


Creditors: amounts falling due after more than one year	7		1,026,525			2,071,635
Capital and reserves
Called up share capital			100			100
Share premium			-			-
Profit and loss account			(1,281,786)			(1,490,505)

Shareholders'long term funds			(255,161)			581,230

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




D Breith
Director
Approved by the board on 14 April 2025

Firexo Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	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).

	Preparation of consolidated financial statements
	The financial statements contain information about Firexo Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

	Significant judgements and estimates
	The preparation of financial statements requires management to make judgements ,estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other source. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

	The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

	In the opinion of the Directors, there are no specific key judgements or areas of estimation to disclose,

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Motor Vehicles			20% straight line
	Fixtures, fittings, tools and equipment			33% straight line

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. 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.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	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.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). 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.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised 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. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					1		2


3	Intangible fixed assets							£
	Patent costs

	Cost
	At 1 January 2024							217,921
	Additions							41,491
	Disposals							-
	At 31 December 2024							259,412

	Amortisation
	At 1 January 2024							31,930
	Provided during the year							23,869
	On disposals							-
	At 31 December 2024							55,799

	Net book value
	At 31 December 2024							203,613
	At 31 December 2023							185,991

	Patents and licences are being written off in equal annual instalments over the estimated economic life of 10 years.
	Development costs are being written off over the period the company is expected to derive benefit not exceeding 10 years.

4	Tangible fixed assets
		Patents		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 January 2024	-		29,556		22,150		51,706
	Additions	-		843		-		843
	Surplus on revaluation	-		-		-		-
	Disposals	-		-		-		-
	At 31 December 2024	-		30,399		22,150		52,549

	Depreciation
	At 1 January 2024	-		12,673		3,099		15,772
	Charge for the year	-		6,162		1,366		7,528
	Surplus on revaluation	-		-		-		-
	On disposals	-		-		-		-
	At 31 December 2024	-		18,835		4,465		23,300

	Net book value
	At 31 December 2024	-		11,564		17,685		29,249
	At 31 December 2023	-		16,883		19,051		35,934


5	Debtors					2024		2023
£							£

	Trade debtors					40,846		387,883
	Amounts owed by associated undertakings					253,431		-
	Deferred tax asset					206,666		-
	Taxation and social security costs					1,144		19,379
	Other debtors					24,893		24,325
						526,980		431,587

	Amounts due after more than one year included above					-		-


6	Creditors: amounts falling due within one year					2024		2023
£							£

	Shareholders loan account					23,631		24,255
	Bank loans and overdrafts					273,053		240,484
	Other loans					198,321		-
	Trade creditors					745,444		382,067
	VAT					67,848		-
	Taxation and social security costs					1,647		-
	Other creditors					35,112		267,862
						1,345,056		914,668


7	Creditors: amounts falling due after one year					2024		2023
£							£

	Other loans					1,026,525		-
	Amounts owed to group undertakings					-		2,071,635
						1,026,525		2,071,635

8	Other information

	Firexo Limited is a private company limited by shares and incorporated in England. Its registered office is:
	2a Connaught Avenue
	London
	E4 7AA

9	Post Balance Sheet Event

	After the year end, Firexo Holdings Limited, signed an investment agreement which will result in the company receiving 5.978m euros in new equity investment. These funds will be used to support the ongoing growth capital requirements of the wider Group and it is the intention of Firexo Holdings to make a capital contribution into Firexo Limited of £1.2m through its subsidiaries. This is a very positive step for the business and will support the growth plans moving forward.

10	Ultimate Holding Company

	The ultimate parent company of Firexo Limited is Firexo Corporation , a US registered company .