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Innox Trading Limited
Registered number: 07262043
Annual report and
financial statements
For the year ended 30 September 2025
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INNOX TRADING LIMITED
COMPANY INFORMATION
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J Stubbs (appointed 1 January 2026)
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Chartered Accountants & Statutory Auditor
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INNOX TRADING LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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INNOX TRADING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The principal activity of the Company during the year under review was the online sale of pharmaceutical products and the dispensing of medications to both NHS and private patients. The business has in the opinion of the directors had a satisfactory trading period for the year ended 30 September 2025 noting that the trading conditions remain uncertain as a result of the current economic position including persistent inflation. The directors remain satisfied with the progress against the Company’s key strategic objectives in the current year.
Turnover amounted to £110.0m for the year ended 30 September 2025, compared with £59.6m for the year ended 30 September 2024. Profit for the year after taxation amounted to £4.9m compared with £2.7m for the previous year. At the Statement of Financial Position date, shareholders' funds showed an increase of 104% compared with the previous year end driven in part by some intercompany dividends. Continued pressure from central government and therefore the NHS on pharmacy incomes, combined with inflationary pressures on raw material costs and sustained competition in the sector continue to create margin pressure. The directors however consider the Company’s financial position and performance to be satisfactory given the current economic fundamentals within the markets in which the business operates.
The business operates to the highest possible professional standards and is regulated by the General Pharmaceutical Council and holds an NHS distance selling pharmacy license.
The Company is a private company, incorporated and domiciled in the UK.
Principal risks and uncertainties
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We have set out below a number of risk factors that we believe could cause the business's actual future results to differ materially from expected results. However, other factors could adversely affect the results and so the factors set out below should not be considered to be a complete set of all potential risks and uncertainties.
Business conditions and Economic fundamentals
The key business risks and uncertainties affecting the Company relates to competition from traditional 'bricks and mortar' pharmacies, other internet pharmacies and other retailers combined with the difficult economic and political environment in which we are currently operating. Whilst a short-term deterioration of economic fundamentals in the United Kingdom should not significantly adversely impact profitability, a sustained downturn over a number of years could lead to reduced profitability.
Liquidity and financing
Liquidity and financing risks relate to the Company's ability to pay for goods and services required to trade on a day to day basis. The Company has only one main source of finance, that of finance from suppliers by means of trade credit. A removal of or deterioration in terms offered by the Company's suppliers could lead to a reduction in the trading ability of the Company.
Credit risk
The Company predominately trades mainly B2C but has some B2B business with only recognised, creditworthy third parties. It is the Company’s policy that all customers who wish to be extended credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company’s exposure to bad debts is mitigated.
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INNOX TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Foreign exchange risk
The Company imports a small quantity of products from Europe and China and has exposure in these areas to the Euro and USD. The Company uses a third party to provide advice and the most appropriate currency deals but does not actively hedge positions are these are not considered to have the required scale and consistency to make this appropriate.
Regulatory compliance risk
The Company is subject to regulatory compliance risk which can arise from a failure to comply fully with the laws, regulations or codes applicable to the regulatory environment in which it operates. As well as health and safety, licensing and fire regulations, the sector is robustly governed by the General Pharmaceutical Council and the Medicines and Healthcare Products Regulatory Agency for activity in Great Britain and the Pharmaceutical Society of Northern Ireland and the Medicines and Healthcare Products Regulatory Agency for activity in Northern Ireland. Non-compliance can lead to fines, enforced suspension from sale of certain products or public reprimand.
Failure of information systems
The Company's business is dependent on the efficient and uninterrupted operation of information technology systems, which are vulnerable to damage or interruption from power loss, telecommunications failure, sabotage, vandalism or similar misconduct. There are in place contingency and recovery plans in order to mitigate the impact of such failures to ensure the ongoing operation on the business. The Company also undertakes regular professional penetration testing of its system to identify potential weaknesses and proactively correct these.
Financial key performance indicators
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The delivery of the Company’s strategic objectives is monitored by the directors through Key Performance Indicators and the periodic review of various aspects of the Company’s operations. The directors consider the following Key Performance Indicators as appropriate measures for the delivery of its corporate strategy.
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The quantum and growth of operating profits, which allow the company to continue to invest in its growth.
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The quantum and growth of the number of NHS items dispensed by the business.
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INNOX TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Section 172 statement
Directors' statement of compliance with duty to promote the success of the Company
The Directors of the Company act in accordance with the set of duties as detailed in s172 of the UK Companies Act 2006 which is summarised as follows:
Section 172 of The Companies Act 2006 states that a director of a company must act in the way he/she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
∙the likely consequences of any decision in the long term;
∙the interests of the Company's employees;
∙the need to foster the Company's business relationship with suppliers, customers and others;
∙the impact of the Company's operations on the community and the environment;
∙the desirability of the Company maintaining a reputation for high standards of business conduct; and
∙the need to act fairly as between members of the Company
Board Oversight and Decision-Making Framework
The Board operates a structured governance framework through which strategic, operational and financial matters are evaluated. During the year, regular Board meetings included standing agenda items covering stakeholder impacts, workforce considerations, risk management, operational performance and regulatory developments. The Directors are provided with timely management information and relevant analysis enabling informed and balanced decision-making.
Long-Term Sustainability and Strategy
In line with the Board’s commitment to long-term value creation, key decisions taken during the year focused on:
∙continued investment in digital dispensing capability and automation to support scalable growth;
∙enhancing distribution capacity and resilience in response to changes in supply-chain lead times; and
∙strengthening clinical governance and patient-safety processes across the Company.
These decisions were evaluated against macro-economic conditions including inflationary pressures, workforce availability and global supply-chain volatility, consistent with current FRC and UK GAAP reporting expectations.
Employees
The Company’s employees remain central to operational delivery. The Board reviewed workforce metrics, recruitment challenges and engagement outcomes. Decisions in relation to remuneration, shift structures and training investment were taken after considering the long-term benefits of employee retention, operational stability and service quality. Workforce considerations formed part of every major operational decision presented to the Board.
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INNOX TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Relationships with Customers, Patients and Suppliers
The Directors recognise that strong and transparent relationships with patients, NHS commissioners, regulators and suppliers are essential to sustaining the Company’s reputation and service model. During the year, procurement and supply-chain decisions were assessed with regard to:
∙continuity of medicine supply,
∙fairness and reliability of trading terms with suppliers,
∙regulatory compliance in wholesale and pharmacy operations, and
∙patient experience and service quality outcomes.
Where service model changes were implemented, the Board considered the impact on patient communication, order fulfilment processes and contractual relationships with NHS bodies.
Community and Environmental Impact
In accordance with evolving FRC expectations for narrative and climate-related reporting , the Board considered the Company’s environmental footprint, including energy usage in distribution facilities, packing waste reduction initiatives and the potential environmental benefits of automation. Environmental implications were factored into investment appraisals for new equipment, facilities and transport planning.
Standards of Business Conduct
The Board is committed to maintaining high standards of business conduct, with a strong emphasis on clinical governance, regulatory compliance and ethical behaviour. External audit recommendations and regulatory updates were reviewed throughout the year to ensure policies remained appropriate and effective.
Acting Fairly Between Members
The Board ensures that all shareholders are treated fairly and equitably. Decisions affecting capital structure, funding, and distribution policy were made with regard to overall Company sustainability and long-term shareholder value. No decision made during the year unfairly advantaged or disadvantaged any shareholder group.
Conclusion
Having considered these factors in all major decisions taken during the year, the Directors confirm that they have complied with their duties under section 172 of the Companies Act 2006 and acted in a manner consistent with the long-term success, sustainability, and responsible governance of the Company.
This report was approved by the board on 8 April 2026 and signed on its behalf.
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INNOX TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the Company during the year was that of the online sale of pharmaceutical products.
The profit for the year, after taxation, amounted to £4,910,524 (2024 - £2,693,146).
The directors declared a dividend to the Parent Company in the year of £Nil (2024 - £Nil).
The directors who served during the year were:
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D Yarker (resigned 31 December 2025)
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INNOX TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Going concern
The directors have performed a review of the Company's financial projections and cash flows, considering macro economic factors such as inflation and interest rates together with the wider going concern status of the Company. Operational performance and customer service levels have also remained very strong throughout this period. The directors have considered all possible outcomes of this review in the going concern assessment and conclude that the business would remain a going concern with sufficient funds in all possible scenarios.
The business operates in a highly competitive sector but has delivered an acceptable level of profitability in the reported period. While the competitive pressures are likely to remain into the future and the trading environment faces headwinds, the directors remain confident that the business investment into operating processes, technology and patient acquisition will enable the business to operate profitably moving forward.
Engagement with suppliers, customers and others
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The Company did not enter into any supplier finance, reverse factoring or payables finance arrangements during the year. Accordingly, no additional disclosures are required under the 2025 amendments to FRS 102.
The majority of the Company’s customers are individual patients for which cash is transacted at the point of dispatch. For any B2B transactions, customers are provided with relevant credit terms, against which no further invoice factoring or other financing arrangements are undertaken.
Greenhouse gas emissions, energy consumption and energy efficiency action
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The Company has taken the option to exclude any information relating to energy and carbon reporting as it is included in the consolidated accounts of the Parent Company, JCCO Healthcare Limited.
Matters covered in the Strategic Report
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Certain information is not shown in the Director's Report because it is shown in the Strategic Report on pages 1 - 4 instead under s414C(11 ). The Strategic Report includes a business review, principal risks and uncertainties, future developments and information on the Company's key performance indicators.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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INNOX TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
This report was approved by the board on 8 April 2026 and signed on its behalf.
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INNOX TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INNOX TRADING LIMITED
Opinion
We have audited the financial statements of Innox Trading Limited (the ‘Company’) for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 30 September 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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INNOX TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INNOX TRADING LIMITED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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INNOX TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INNOX TRADING LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
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INNOX TRADING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INNOX TRADING LIMITED
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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 an auditor's report 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.
John Daly (Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
One St. Peter's Square
Manchester
M2 3DE
8 April 2026
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INNOX TRADING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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Interest receivable and similar income
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Profit for the financial year
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There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2025 (2024: £NIL).
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The notes on pages 15 to 32 form part of these financial statements.
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INNOX TRADING LIMITED
REGISTERED NUMBER: 07262043
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2026.
The notes on pages 15 to 32 form part of these financial statements.
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INNOX TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 15 to 32 form part of these financial statements.
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Innox Trading Limited ('the Company') is a private company, limited by shares, incorporated and registered in England and Wales, registered number 07262043.
The address of the registered office is 1 Penketh Place, Skelmersdale, England, WN8 9QX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of JCCO Healthcare Limited as at 30 September 2025 and these financial statements may be obtained from 1 Penketh Place, Skelmersdale, England, WN8 9QX.
The directors have performed a review of the Company's financial projections and cash flows, considering macro economic factors such as inflation and interest rates together with the wider going concern status of the Company. Operational performance and customer service levels have also remained very strong throughout this period. The directors have considered all possible outcomes of this review in the going concern assessment and conclude that the business would remain a going concern with sufficient funds in all possible scenarios.
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP, rounded to the nearest £.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
- 16 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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 expenditure on research shall be recognised as an expense 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 cost 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.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
- 17 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Amortisation is charged when the project is complete and in use, this is allocated over their estimated useful lives, using the straight-line method.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
- 18 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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L/Term Leasehold Property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 19 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
- 20 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
- 21 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The directors do not believe there to be any critical judgments to have been made in the process of applying the Company's accounting policies that have had a significant effect on the amounts recognised in the statutory financial statements.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Recoverability of debtors
The Company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment associated with intangible assets and property, plant and equipment, the directors have considered both external and internal sources of information such as market values, changes in technological, economic and legal environments and economic performance.
Determining stock impairment
The Company includes a stock impairment for slow moving and obsolete stock. The directors assess the stock on a regular basis to ensure that stock is correctly valued at the lower of net realisable value and cost price. In assessing the net realisable value there is a certain amount of estimation required. The directors review historic sales and assess the likelihood of selling the item before making their impairment.
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An analysis of turnover by class of business is as follows:
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All turnover arose within the United Kingdom.
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- 22 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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The operating profit is stated after charging/(crediting):
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Other operating lease rentals
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Loss on disposal of fixed assets
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During the year, the Company obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the Parent Company.
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- 23 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Company contributions to defined contribution pension schemes
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The highest paid director received remuneration of £140,000 (2024 - £174,504).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
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The key management personnel of the company are noted to be the directors and chief technical officer.
The total key management personnel costs are £682,428 (2024 - £519,260).
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- 24 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Taxation on profit on ordinary activities
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- 25 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
10.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of prior periods
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Adjustments to tax charge in respect of prior periods - deferred tax
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
- 26 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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L/Term Leasehold Property
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- 28 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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Finished goods and goods for resale
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Stock recognised in cost of sales during the year as an expense was £76,067,270 (2024 - £37,504,013).
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Amounts owed by group undertakings
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Prepayments and accrued income
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Corporation tax recoverable
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Surplus cash balances are swept daily into an interest-bearing deposit account held by the parent company, JCCO Healthcare Limited.
These deposits are repayable on demand by Innox Trading Limited.
As at 30 September 2025 the amount of cash on deposit in JCCO Healthcare Limited was £26,055 (2024: £24,866).
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- 29 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
|
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
|
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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- 30 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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Credited to profit or loss
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Allotted, called up and fully paid
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10,000 (2024 - 10,000) Ordinary shares of £0.01 each
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Ordinary shares hold full rights in respect of voting, participation and dividends.
|
Share premium account
This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.
Profit & loss account
This reserve represents the accumulated profits less any dividends paid.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £242,616 (2024 - £214,526). Contributions totalling £30,310 (2024 - £16,256) were payable to the fund at the reporting date and are included in creditors.
- 31 -
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INNOX TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
|
|
Commitments under operating leases
|
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At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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In accordance with Section 33 of FRS 102, transactions and balances with Group companies included within the consolidated financial statements of JCCO Healthcare Limited have not been disclosed within these financial statements. JCCO Healthcare Limited is the immediate controlling party and the consolidated financial statements are available from Companies House.
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The immediate controlling party is JCCO Healthcare Limited who is the only shareholder.
The directors do not deem there to be any ultimate controlling party.
- 32 -
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