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Company No: 12544675 (England and Wales)

# PRAXIS LIMITED

### Unaudited Financial Statements
For the financial period ended 31 March 2025
Pages for filing with the registrar

PRAXIS LIMITED

## Unaudited Financial Statements

For the financial period ended 31 March 2025

Contents

PRAXIS LIMITED

## COMPANY INFORMATION

For the financial period ended 31 March 2025
PRAXIS LIMITED

## COMPANY INFORMATION (continued)

For the financial period ended 31 March 2025

DIRECTORS | N K Baller (Appointed 01 April 2025)
| C R Blunn
| P C Heslington
| A T Shall

SECRETARY | P C Heslington

REGISTERED OFFICE | 1 Fore Street Avenue
| London
| EC2Y 9DT
| United Kingdom

COMPANY NUMBER | 12544675 (England and Wales)

PRAXIS LIMITED

## BALANCE SHEET

As at 31 March 2025
PRAXIS LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 31.03.2025 |  | 31.03.2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 389 |  | 635
|  | 389 |  | 635
Current assets |  |  |  |
Debtors | 5 | 1,115,872 |  | 614,254
Cash at bank and in hand |  | 108 |  | 85,009
|  | 1,115,980 |  | 699,263
Creditors: amounts falling due within one year | 6 | ( 398,824) |  | ( 460,044)
Net current assets |  | 717,156 |  | 239,219
Total assets less current liabilities |  | 717,545 |  | 239,854
Net assets |  | 717,545 |  | 239,854
Capital and reserves |  |  |  |
Called-up share capital | 7 | 100 |  | 100
Profit and loss account |  | 717,445 |  | 239,754
Total shareholders' funds |  | 717,545 |  | 239,854

For the financial period 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 financial period in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Praxis Limited (registered number: 12544675) were approved and authorised for issue by the Board of Directors on 24 December 2025. They were signed on its behalf by:

C R Blunn Director |

PRAXIS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2025
PRAXIS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

##### General information and basis of accounting

Praxis Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Fore Street Avenue, London, EC2Y 9DT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

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 and other sales related taxes.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 3.5 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Employees

| Year ended 31.03.2025 |  | Period from 01.10.2022 to 31.03.2024
| Number |  | Number
Monthly average number of persons employed by the Company during the period, including directors | 0 |  | 0

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 1,197,791 |  | 1,197,791
At 31 March 2025 | 1,197,791 |  | 1,197,791
Accumulated amortisation |  |  |
At 01 April 2024 | 1,197,791 |  | 1,197,791
At 31 March 2025 | 1,197,791 |  | 1,197,791
Net book value |  |  |
At 31 March 2025 | 0 |  | 0
At 31 March 2024 | 0 |  | 0

#### 4. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 983 |  | 983
At 31 March 2025 | 983 |  | 983
Accumulated depreciation |  |  |
At 01 April 2024 | 348 |  | 348
Charge for the financial period | 246 |  | 246
At 31 March 2025 | 594 |  | 594
Net book value |  |  |
At 31 March 2025 | 389 |  | 389
At 31 March 2024 | 635 |  | 635

#### 5. Debtors

| 31.03.2025 |  | 31.03.2024
| £ |  | £
Amounts owed by connected persons | 1,115,772 |  | 614,154
Other debtors | 100 |  | 100
| 1,115,872 |  | 614,254

#### 6. Creditors: amounts falling due within one year

| 31.03.2025 |  | 31.03.2024
| £ |  | £
Amounts owed to connected persons | 214,000 |  | 252,000
Taxation and social security | 183,312 |  | 206,531
Other creditors | 1,512 |  | 1,513
| 398,824 |  | 460,044

There are no amounts included above in respect of which any security has been given by the small entity.

#### 7. Called-up share capital

| 31.03.2025 |  | 31.03.2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1 A Ordinary share of £ 1.00 | 1 |  | 1
33 B Ordinary shares of £ 1.00 each | 33 |  | 33
33 C Ordinary shares of £ 1.00 each | 33 |  | 33
33 D Ordinary shares of £ 1.00 each | 33 |  | 33
| 100 |  | 100

Ordinary A shares carry rights to appoint directors but do not carry dividend rights or capital distribution rights. Ordinary B, C and D shares carry dividend and capital distribution rights.

#### 8. Contingencies

Contingent liabilities

| 31.03.2025 |  | 31.03.2024
| £ |  | £
Total contingent liabilities | 23,533 |  | 96,399

The company and a related entity have entered in to a cross-guarantee debenture with their bankers, constituted as a fixed and floating charge over the assets of both entities. The liability disclosed is the maximum amount owed by the related entity under this arrangement.

#### 9. Related party transactions

Transactions with owners holding a participating interest in the entity

| 31.03.2025 |  | 31.03.2024
| £ |  | £
Loans from shareholders | 214,000 |  | 252,000
Fees receivable from a shareholder | 733,000 |  | 1,154,000

During the period, the company continued to receive loans from its shareholders. The loans are interest free and will be repaid when resources are available.

Transactions with the entity's directors

| 31.03.2025 |  | 31.03.2024
| £ |  | £
Loan from a director | 1,512 |  | 1,512

The loan is interest free and repayable on demand.