Praxis42 Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04152524

Praxis42 Limited

Unaudited financial statements

31 March 2025

Praxis42 Limited

Statement of financial position

31 March 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	5	20,915	59,595
Tangible assets	6	13,195	20,989
Investments	7	56,900	56,900
		-------	---------
		91,010	137,484

Current assets

Debtors	8	1,457,595	1,209,013
Cash at bank and in hand		1,153,023	409,735
		-----------	-----------
		2,610,618	1,618,748

Creditors: Amounts falling due within one year	9	( 1,488,039)		( 1,466,072)
		-----------		-----------
Net current assets			1,122,579		152,676
			-----------		---------
Total assets less current liabilities			1,213,589		290,160

Provisions

Taxation including deferred tax	32	( 8,348)
	-----------	---------
Net assets	1,213,621	281,812
	-----------	---------

Capital and reserves

Called up share capital	4,650	4,650
Share premium account	44,450	44,450
Capital redemption reserve	5,700	5,700
Profit and loss account	1,158,821	227,012
	-----------	---------
Shareholders funds	1,213,621	281,812
	-----------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

Praxis42 Limited

Statement of financial position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 16 September 2025 , and are signed on behalf of the board by:

T Paxman

Director

Company registration number: 04152524

Praxis42 Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mercury House, Hadleigh Enterprise Park, Crockatt Road, Hadleigh, IP7 6RJ, Suffolk.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT, other sales related taxes and trade discounts. Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Software development	-	5 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computers and office equipment	-	33% straight line
Fixtures and fittings	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of employees during the year was 48 (2024: 51 ).

5. Intangible assets

	Software development
	£
Cost
At 1 April 2024	365,497
Additions	6,500
	---------
At 31 March 2025	371,997
	---------
Amortisation
At 1 April 2024	305,902
Charge for the year	45,180
	---------
At 31 March 2025	351,082
	---------
Carrying amount
At 31 March 2025	20,915
	---------
At 31 March 2024	59,595
	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2024	189,813	50,506	240,319
Additions	4,295	853	5,148
	---------	-------	---------
At 31 March 2025	194,108	51,359	245,467
	---------	-------	---------
Depreciation
At 1 April 2024	175,013	44,317	219,330
Charge for the year	10,485	2,457	12,942
	---------	-------	---------
At 31 March 2025	185,498	46,774	232,272
	---------	-------	---------
Carrying amount
At 31 March 2025	8,610	4,585	13,195
	---------	-------	---------
At 31 March 2024	14,800	6,189	20,989
	---------	-------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	56,900
	-------
Impairment
At 1 April 2024 and 31 March 2025	–
	-------

Carrying amount
At 31 March 2025	56,900
	-------
At 31 March 2024	56,900
	-------

8. Debtors

	2025	2024
	£	£
Trade debtors	777,923	1,000,730
Amounts owed by group undertakings	501,107	66,716
Other debtors	178,565	141,567
	-----------	-----------
	1,457,595	1,209,013
	-----------	-----------

9. Creditors: Amounts falling due within one year

	2025	2024
	£	£
Trade creditors	65,072	170,420
Amounts owed to group undertakings	161,158	68,230
Social security and other taxes	354,551	368,187
Other creditors	907,258	859,235
	-----------	-----------
	1,488,039	1,466,072
	-----------	-----------

10. Parent company

The ultimate parent company is Praxis42 Holdings Limited, Mercury House, Hadleigh Enterprise Park, Crockatt Road, Hadleigh, Ipswich, Suffolk, IP7 6RJ.

11. Taxation

	2025	2024
	£	£

Current tax

UK corporation tax on profits for the current period	137,028	140,356
Adjustments in UK corporation tax in respect of prior periods	(22,614)	–
	---------	---------
Total current tax	114,414	140,356
	---------	---------

Deferred tax

Origination and reversal of timing differences	(8,380)	(14,588)
	------	-------
Total deferred tax	(8,380)	(14,588)
	------	-------

	---------	---------
Total tax charge	106,034	125,768
	---------	---------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	55,167	7,500
Later than 1 year and not later than 5 years	165,000	–
	---------	------
	220,167	7,500
	---------	------

13. Related party transactions

The company has provided a guarantee to the holders of a loan issued to Praxis42 Holdings Limited, the parent company in respect to both capital and interest. At 31 March 2025 the guarantee amounted to the capital of £2,559,124. In addition to the above guarantee, the company has granted a debenture to the holders of the loan. The debenture provides a fixed and floating charge over all assets of the company. During the year, an intercompany loan totalling £501,107 was advanced to Praxis42 Holdings Limited from Praxis42 Limited . The loan is interest free. During the year, ComplyNet Limited advanced a loan totalling £161,058 to Praxis42 Limited . The loan is interest free.