1.
General Information
Claronex Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10158474
. The registered office is Flat 3.3, 11 - 13 Pollen Street, London, W1S 1NH.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis. At 31 May 2025, the company had net current liabilities of £4,425 and net assets of £1,693.
The company is dependent upon the continuation of its trading arrangements with, and financial support from, Aqovia UK Limited, an entity under common control. In particular, the company is dependent upon the continued availability of this support and upon amounts owed to Aqovia UK Limited not being called for repayment where this would adversely affect the company's ability to meet its liabilities as they fall due.
In assessing the appropriateness of the going concern basis, the directors have considered the company's forecast cash flows, the recoverability and timing of amounts due from related parties, its existing liabilities and the continued availability of support from Aqovia UK Limited for a period of at least 12 months from the date of approval of these financial statements.
Based on the information available and the continued support of Aqovia UK Limited, the directors have a reasonable expectation that the company will have adequate resources to meet its liabilities as they fall due. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.
2.3.
Significant judgements and estimations
Included within debtors is an amount of £847,754 due from a related undertaking. In assessing the recoverability of this balance, the directors have considered the financial position of the related undertaking, the nature of the underlying transactions, expected future cash flows and the anticipated timing of repayment.
The financial statements of the related undertaking for the corresponding period had not been finalised at the date these financial statements were approved. The directors have therefore exercised judgement in assessing the recoverability of the amount outstanding. Based on the information presently available, the directors consider the balance to be fully recoverable and consequently no impairment provision has been recognised.
2.4.
Turnover
Revenue is recognised to the extent there is probable 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.
Revenue from a contract to provide services is recognised in the period in which the services are provided.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at historical cost less accumulated depreciation and any 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.
Depreciation is charged to profit or loss over the estimated useful economic lives as follows:
| Motor Vehicles |
|
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.
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately
as an expense within the profit or loss.
Claronex Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
2.6.
Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which care the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.
2.7.
Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Investments
Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit or loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised through profit or loss.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
2.8.
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.
2.9.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Claronex Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
2.10.
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.
3.
Average Number of Employees
Average number of employees during the year was as follows: 1 (2024: 1)
4.
Tangible Assets
| Motor Vehicles | |
|---|---|
| £ | |
| Cost | |
| As at 1 June 2024 |
|
| As at 31 May 2025 |
|
| Depreciation | |
| As at 1 June 2024 |
|
| Provided during the period |
|
| As at 31 May 2025 |
|
| Net Book Value | |
| As at 31 May 2025 |
|
| As at 1 June 2024 |
|
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Cheshire Estate Loan |
|
|
|
| VAT |
|
- | |
| Director's loan account |
|
- | |
| Amounts owed by connected companies | 1,046,832 | 206,786 | |
|
|
|
||
6.
Current Asset Investments
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Unlisted investments | 1,094 | 1,094 | |
Claronex Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| VAT | - |
|
|
| Other creditors |
|
|
|
| Accruals and deferred income | - |
|
|
| Amounts owed to related parties |
|
|
|
|
|
|
||
8.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans | - |
|
|
10.
Related Party Transactions
10.
Related Party Transactions - continued
Transactions with director
During the year the company made loans to a director of £55,198 (2024: £NIL) and received repayments of £NIL (2024: £4,823). As at 31 May 2025, £54,298 was owed by the director to the company (2024: £900 was owed by the company to the director). Interest is charged by the company on amounts owed by the director at the HMRC approved rate. The balance is unsecured and repayable upon demand. No amounts were written off or waived during the year.
Transactions with a close family member of a director
During the year, the company purchased subcontractor services totalling £79,800 (2024: £75,000) from a close family member of a director. No amounts were outstanding at 31 May 2025 in respect of these transactions.
Loans to entities under common control
During the year, the company entered into financing transactions with entities under common control. At the reporting date, the following amounts were due to the company:
|
Related party
|
2025
|
2024
|
|
|
£
|
£
|
||
|
Claronex JAFZA
|
160,605
|
164,033
|
|
|
Maddox Properties LLC
|
847,754
|
18,606
|
|
|
Madx Properties Limited
|
71
|
71
|
|
|
Neuer Energy Limited
|
35,987
|
21,661
|
|
|
Aqovia BV
|
2,415
|
2,415
|
|
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
||
|
1,046,832
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
206,786
|
Loans from company under common control
...CONTINUED
Claronex Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
At 31 May 2025, £1,169,641 (2024: £266,567) was owed by the company to Aqovia UK Limited, an entity under common control.
Trading transactions with a company under common control
During the year ended 31 May 2025, the company generated invoiced income of £497,000 (2024: £485,500), net of credit notes and excluding VAT, from Aqovia UK Limited, a company under common control.
At 31 May 2025, £180,000 (2024: £97,800) was owed to the company in respect of these transactions and is included within trade debtors.
11.
Ultimate Controlling Party
The company's ultimate controlling party is
Muhammad Malik
by virtue of his ownership of 100% of the issued share capital in the company.