Ionex SG Limited 07542023 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is the development and marketing of a patented technology for the removal of nitrates and other contaminants from water by ion exchange. Digita Accounts Production Advanced 6.30.9574.0 true true 07542023 2024-04-01 2025-03-31 07542023 2025-03-31 07542023 core:CurrentFinancialInstruments 2025-03-31 07542023 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 07542023 core:Goodwill 2025-03-31 07542023 core:PatentsTrademarksLicencesConcessionsSimilar 2025-03-31 07542023 bus:SmallEntities 2024-04-01 2025-03-31 07542023 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 07542023 bus:FilletedAccounts 2024-04-01 2025-03-31 07542023 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 07542023 bus:RegisteredOffice 2024-04-01 2025-03-31 07542023 bus:Director1 2024-04-01 2025-03-31 07542023 bus:Director5 2024-04-01 2025-03-31 07542023 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 07542023 core:Goodwill 2024-04-01 2025-03-31 07542023 core:NegativeGoodwill 2024-04-01 2025-03-31 07542023 core:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 07542023 countries:EnglandWales 2024-04-01 2025-03-31 07542023 2024-03-31 07542023 core:Goodwill 2024-03-31 07542023 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 07542023 2023-04-01 2024-03-31 07542023 2024-03-31 07542023 core:CurrentFinancialInstruments 2024-03-31 07542023 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07542023 core:Goodwill 2024-03-31 07542023 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 iso4217:GBP xbrli:pure

Registration number: 07542023

Prepared for the registrar
Ionex SG Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Ionex SG Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 8

Ionex SG Limited

Company Information

Directors | M M Critchley D C Critchley

Registered office | Unit 7 New Road Kibworth Beauchamp Leicester Leicestershire LE8 0LE

Accountants | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Ionex SG Limited

(Registration number: 07542023)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 9,347 | 9,831
Current assets |  |  |
Debtors | 5 | 267,780 | 292,800
Cash at bank and in hand |  | 403 | 234
|  | 268,183 | 293,034
Creditors: Amounts falling due within one year | 6 | (45,135) | (43,638)
Net current assets |  | 223,048 | 249,396
Net assets |  | 232,395 | 259,227
Capital and reserves |  |  |
Called up share capital |  | 1,000 | 1,000
Retained earnings |  | 231,395 | 258,227
Shareholders' funds |  | 232,395 | 259,227

For the financial 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 October 2025 and signed on its behalf by:

D C Critchley
Director

Ionex SG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 7
New Road
Kibworth Beauchamp
Leicester
Leicestershire
LE8 0LE

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

Ionex SG Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cash flow statement and remuneration of key management personnel.

Going concern

The financial statements have been prepared on a going concern basis on the assumption that support from fellow group companies will continue to be forthcoming for the foreseeable future.

Critical accounting judgements and key sources of estimation uncertainty

No significant estimates or judgements have been made by management in the preparation of these financial statements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Ionex SG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Goodwill and patents

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made. This is deemed by the directors to be the goodwill's useful economic life.
Patents are recognised at fair value at the acquisition date and are amortised over their useful life. They are valued at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Negative goodwill | 10% per annum
Patents | Over the period to expiry

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit. This is not in line with the group's accounting policy.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ionex SG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Retained earnings

Retained earnings are classified as equity and represent accumulated realised profits that the company has earned to date, less any dividends paid or other distributions made to it's shareholders. This balance therefore represents the distributable reserves of the company that can be used to make any future distributions to company shareholders, subject to the regulations specified in section 830 of the Companies Act 2006.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, loans from related parties and investments in non-puttable ordinary shares.
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet, The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount recognised in the statement of financial position when there is an 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.
Impairment
At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Ionex SG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount recognised in the statement of financial position when there is an 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.

Impairment
At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, loans from related parties and investments in non-puttable ordinary shares.
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet, The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Ionex SG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

| 2025 No. | 2024 No.
Average number of employees | 1 | 1

| 4 | Intangible assets

| Negative goodwill £ | Patents £ | Total £
Cost
At 1 April 2024 | (113,404) | 132,344 | 18,940
Additions acquired separately | - | 711 | 711
At 31 March 2025 | (113,404) | 133,055 | 19,651
Amortisation
At 1 April 2024 | (113,404) | 122,513 | 9,109
Amortisation charge | - | 1,195 | 1,195
At 31 March 2025 | (113,404) | 123,708 | 10,304
Carrying amount
At 31 March 2025 | - | 9,347 | 9,347
At 31 March 2024 | - | 9,831 | 9,831

| 5 | Debtors

| 2025 £ | 2024 £
Amounts owed by group undertakings | 257,318 | 282,262
Prepayments | 10,462 | 10,538
| 267,780 | 292,800

| 6 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 293 | 295
Amounts due to group undertakings | 43,008 | 43,008
Accrued expenses | 1,499 | -
Corporation tax liability | 335 | 335
| 45,135 | 43,638

| 7 | Parent and ultimate parent undertaking

The company's immediate parent is Critchley Engineering Group Limited, incorporated in England and Wales.
There is no ultimate controlling party.

Ionex SG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 8 | Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.