REGISTERED NUMBER: 11241778 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

REX LABS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Kavanagh

D Miller

SECRETARY:

J Kavanagh

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

11241778 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Intangible assets

4

10,700

-

Tangible assets

5

3,967

6,186

14,667

6,186

CURRENT ASSETS

Debtors

6

105,801

148,621

Cash at bank

218,424

145,069

324,225

293,690

CREDITORS

Amounts falling due within one year

7

1,932,399

1,254,967

NET CURRENT LIABILITIES

(1,608,174

)

(961,277

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,593,507

)

(955,091

)

CAPITAL AND RESERVES

Called up share capital

9

1,014,207

1,014,207

Retained earnings

(2,607,714

)

(1,969,298

)

SHAREHOLDERS' FUNDS

(1,593,507

)

(955,091

)

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

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 1 July 2026 and were signed on its behalf by:

J Kavanagh - Director

1.	STATUTORY INFORMATION

Rex Labs Ltd 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.

An intermediate parent company, RXL HoldCo Pty Limited, have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for at least twelve months and one day following the signing of the audit report attached to these accounts. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover consists of software as a service and is invoiced in advance. Turnover is recognised as the service is provided to customers.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and accumulated impairment losses.

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

Land and buildings - 33% on cost

Plant and machinery etc - 33% on cost

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

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

Expenditure on research is written off in the year in which it is incurred.

Research and development tax credits are recognised on receipt of funds.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

11,921

At 30 June 2025

11,921

AMORTISATION

Charge for year

1,221

At 30 June 2025

1,221

NET BOOK VALUE

At 30 June 2025

10,700

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2024

3,305

9,796

13,101

Additions

1,693

618

2,311

At 30 June 2025

4,998

10,414

15,412

DEPRECIATION

At 1 July 2024

-

6,915

6,915

Charge for year

1,649

2,881

4,530

At 30 June 2025

1,649

9,796

11,445

NET BOOK VALUE

At 30 June 2025

3,349

618

3,967

At 30 June 2024

3,305

2,881

6,186

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

(Unaudited)

£

£

Trade debtors

70,625

118,136

Amounts owed by group undertakings

5,236

-

Other debtors

29,940

30,485

105,801

148,621

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

(Unaudited)

£

£

Trade creditors

13,440

3,798

Amounts owed to group undertakings

1,573,930

1,038,499

Taxation and social security

81,602

68,591

Other creditors & accruals

263,427

144,079

1,932,399

1,254,967

During the preparation of the financial statements it was noted that some amounts included in trade creditors at 30 June 2024 should have been included in other creditors and accruals. £22,301 was reanalysed from trade creditors to other creditors and accruals in the prior year as this was determined to be a more appropriate classification. This had no impact on the profit and loss.

8.	LEASING AGREEMENTS

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

30.6.25

30.6.24

(Unaudited)

£

£

Within one year

-

92,199

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.25

30.6.24

value:

£

£

1,014,207

Ordinary

£1

1,014,207

1,014,207

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

William Humphreys (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use of our 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 a Report of the Auditors 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.

Other matters

The financial statements for the year ended 30 June 2024 were not audited."

11.	SECURED DEBTS

On 19 February 2025 a fixed and floating charge over all assets of the Company was registered by Global Loan Agency Services Australia Nominees Pty Limited.

12.	PARENT COMPANY

The immediate parent company is Rex Software Pty Ltd which is incorporated in Australia. Rex Software Pty Ltd is the parent undertaking of the smallest group preparing consolidated financial statements which includes the results of the company, but are not publicly available. Their registered office address is Lake Business Services Unit 140, 117 Old Pittwater Road, Brookvale, NSW 210, Australia.

There is no ultimate controlling party.