REGISTERED NUMBER: 02848591 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

BYNX EUROPE LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Binks

O Goschen

G R Jefferies

REGISTERED OFFICE:

Unit 3 - 4 Lowes Lane

Wellesbourne

Warwick

CV35 9RB

REGISTERED NUMBER:

02848591 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,747

24,923

2,747

24,923

CURRENT ASSETS

Stocks

24,000

-

Debtors

6

926,660

1,628,945

Cash at bank and in hand

420,608

942,338

1,371,268

2,571,283

CREDITORS

Amounts falling due within one year

650,591

1,229,104

NET CURRENT ASSETS

720,677

1,342,179

TOTAL ASSETS LESS CURRENT LIABILITIES

723,424

1,367,102

PROVISIONS FOR LIABILITIES

8

30,667

14,667

NET ASSETS

692,757

1,352,435

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Capital redemption reserve

7,991,000

7,991,000

Retained earnings

(7,308,243

)

(6,648,565

)

692,757

1,352,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

M Binks - Director

1.	STATUTORY INFORMATION

Bynx Europe Limited 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.

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 accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Key accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Deferred income

Deferred income in relation to contracts agreed on a "Time and materials" basis require an element of management judgement as these are ongoing projects with no fixed end dates. Management assess historical analysis and future projected works to assess the level of income to be released and amounts to remain as deferred. All amounts are assessed by management on a monthly basis.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised in the following ways:-

Turnover relating to contracts for the supply of software consultancy services is recognised when the services are provided, irrespective of the duration of the contract.

Turnover for the sale of software products to be supplied with a software development contract is recognised in accordance with the payment arrangements for each contract. The payment arrangements are agreed with each customer and generally require part payments on receipt of the order and on delivery, with a final payment on acceptance of the software products.

Turnover from maintenance contracts is recognised evenly over the duration of each contract.

Any accrued income or deferred income arising from billing in advance of, or in arrears of, the provision of goods and services is recognised in debtors as accrued income, or creditors as deferred income, respectively.

Profits are recognised whilst each contract is in progress, once the outcome of the contract can be assessed with reasonable accuracy, having regard to the proportion of the total contract which has been completed at the balance sheet date and after providing in full for all foreseeable future losses.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery

-

5 years straight line

Fixtures & fittings

-

5 years straight line

Computer equipment

-

Over 3 years

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year 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 year 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.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all such expenditure is expensed when it is incurred. Intangible assets are recognised from the development phase of a project if, and only if, certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its costs can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

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.

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When amounts ae settled, they are set off against the provision carried in the balance sheet and the provision is reassessed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2024 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

and 31 March 2025

9,000

AMORTISATION

At 1 April 2024

and 31 March 2025

9,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

and 31 March 2025

421,267

DEPRECIATION

At 1 April 2024

396,344

Charge for year

22,176

At 31 March 2025

418,520

NET BOOK VALUE

At 31 March 2025

2,747

At 31 March 2024

24,923

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other debtors

63,199

81,550

7.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

72,880

73,104

Between one and five years

151,180

224,060

224,060

297,164

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Other provisions

Dilapidations

30,667

14,667

Deferred

Dilapidati

tax

ons

£

£

Balance at 1 April 2024

(1,141

)

14,667

Credit to Income Statement during year

(4,019

)

-

Balance at 31 March 2025

(5,160

)

14,667

Deferred tax assets are classified within "debtors due within one year".

9.	PENSION COMMITMENTS

Contributions payable by the company to the pension scheme for the year amounted to £114,465 (2024 - £129,493). At the balance sheet date, there were outstanding contributions of £11,291 (2024 - £14,734).

10.	RELATED PARTY DISCLOSURES

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.

During the year, £105,331(2024 - £119,769) was charged by The Idea Bank (Marketing & Creative Solutions) Limited, a company controlled by G R Jefferies, for the services of G R Jefferies. G R Jefferies is a director of both Bynx Europe Limited, and its the parent company, Bynx Limited.

11.

TAXATION

The company has trading losses of £7,418,338(2024 - £6,777,931) available to offset against future trading profits of the same trade. None of these losses have been recognised in the deferred tax asset as it cannot be anticipated with any certainty that they will be capable of being utilised.

12.	ULTIMATE PARENT UNDERTAKING

The parent of the smallest group, of which the company is a member and for which group accounts are prepared, is Bynx Limited, a company registered in England and Wales. Its registered office is Unit 3-4 Lowes Lane, Wellesbourne, Warwick, England, CV35 9RB.