REGISTERED NUMBER: 08032343 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024

FOR

CADONIX LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M Arnone

REGISTERED OFFICE:

John Eccles House

Robert Robinson Avenue

Oxford Science Park

Oxford

Oxfordshire

OX4 4GP

REGISTERED NUMBER:

08032343 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

4

10,785

15,858

CURRENT ASSETS

Debtors

5

601,380

202,150

Cash at bank and in hand

199,391

542,978

800,771

745,128

CREDITORS

Amounts falling due within one year

6

1,952,157

1,014,500

NET CURRENT LIABILITIES

(1,151,386

)

(269,372

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,140,601

)

(253,514

)

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

(1,141,601

)

(254,514

)

SHAREHOLDERS' FUNDS

(1,140,601

)

(253,514

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 September 2025 and were signed by:

M Arnone - Director

1.	STATUTORY INFORMATION

Cadonix Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The trading address of the company in the year was Unit 1 Pigeon Pie Estate, London Road, Milton Common, Thame, OX9 2NU.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as ReBuild Manufacturing LLC, the ultimate parent company, have confirmed their commitment to support the company in order for the company to meet its liabilities for a period in excess of twelve months and one day from the date of the audit report.

The accounting reference date was changed for the current period. As a result, the comparative figures are not entirely comparable.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from contracts for the provision of professional services is recognised as the performance obligations are satisfied 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 it is probable will be recovered.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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 and fittings 25% straight line

Computer equipment 25% straight line

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2024 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 December 2024

32,547

DEPRECIATION

At 1 April 2024

16,689

Charge for period

5,073

At 31 December 2024

21,762

NET BOOK VALUE

At 31 December 2024

10,785

At 31 March 2024

15,858

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.3.24

(Unaudited)

£

£

Trade debtors

573,918

186,772

Other debtors

27,462

15,378

601,380

202,150

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.3.24

(Unaudited)

£

£

Trade creditors

75,794

44,010

Amounts owed to group undertakings

624,690

-

Taxation and social security

17,598

16,274

Other creditors & accruals

1,234,075

954,216

1,952,157

1,014,500

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.3.24

(Unaudited)

£

£

Within one year

47,550

39,100

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.3.24

value:

£

£

1,000

Ordinary

£1

1,000

1,000

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rachel Lockwood (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed."

We would like to draw your attention to the following additional statement contained within our audit report as included within the full financial statements:-

"The comparative period ended 31st March 2024 was not audited."

10.	RELATED PARTY DISCLOSURES

During the current period the Company made a sale to a related party, that entity being a related party by virtue of being a member of the same group and not a wholly owned subsidiary. The sale made in the year to the related party was for £24,512 (Period ended 31st March 2024: £Nil). This amount remained outstanding at the end of the current period within trade debtors at the balance sheet date.

During the comparative period the Company made sales and purchases from two different related parties, those being related parties by virtue of being under common ownership as the Company but not part of the same group. The sales made in the comparative period to these two related parties were £148,333. The purchases made in the comparative period from these two related parties were £594,000. No amounts were outstanding as being owed to or owed from these entities at the comparative reporting date. These transactions were not conducted on arm's length terms.

11.	PRIOR YEAR ADJUSTMENTS

The following prior year adjustments have been posted to the comparative period:

Reason

Balance Sheet Impact

Profit & (Loss) Impact

Recognition of deferred revenue over contract length where it was not previously

£712,239

(£712,239)

Impairment of investment in subsidiary to nil which was previously dissolved

£265,000

(£265,000)

Recognition of accrual for estimate of staff costs not recognised

£190,000

(£190,000)

Total Impacts

£1,167,239

(£1,167,239)

12.	IMMEDIATE AND ULTIMATE PARENT COMPANY

The ultimate parent company is ReBuild Manufacturing LLC, a company incorporated in the United States of America. ReBuild Manufacturing LLC address is 161 Worcester Road, Suite 606, Framingham, MA 01701, USA. ReBuild Manufacturing LLC is the largest and only group company to prepare consolidated financial statements, which are not publicly available. The immediate parent company is ReBuild Cadonix, LLC registered at the same address as the ultimate parent company.

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.