Company No: 12544675 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

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)

	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

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.