Praxis42 Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04152524

Praxis42 Limited

Unaudited financial statements

31 March 2026

Praxis42 Limited

Statement of financial position

31 March 2026

	2026		2025
Note	£	£	£	£

Fixed assets

Intangible assets	5	13,050	20,915
Tangible assets	6	15,450	13,195
Investments	7	56,900	56,900
		-------	-------
		85,400	91,010

Current assets

Debtors	8	1,166,360	1,457,627
Cash at bank and in hand		1,826,469	1,153,023
		-----------	-----------
		2,992,829	2,610,650

Creditors: Amounts falling due within one year	9	( 1,876,080)		( 1,488,039)
		-----------		-----------
Net current assets			1,116,749		1,122,611
			-----------		-----------
Total assets less current liabilities			1,202,149		1,213,621

Provisions

Taxation including deferred tax	( 477)	–
	-----------	-----------
Net assets	1,201,672	1,213,621
	-----------	-----------

Capital and reserves

Called up share capital	4,650	4,650
Share premium account	44,450	44,450
Capital redemption reserve	5,700	5,700
Profit and loss account	1,146,872	1,158,821
	-----------	-----------
Shareholders funds	1,201,672	1,213,621
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2026 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Praxis42 Limited

Statement of financial position (continued)

31 March 2026

These financial statements were approved by the board of directors and authorised for issue on 14 October 2026 , and are signed on behalf of the board by:

T Paxman

Director

Company registration number: 04152524

Praxis42 Limited

Notes to the financial statements

Year ended 31 March 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mercury House, Hadleigh Enterprise Park, Crockatt Road, Hadleigh, IP7 6RJ, Suffolk.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition seldom equal the related actual results. Any subsequent changes are accounted for with an effect on income at the time such updated information is available. The directors consider that there are no estimates or assumptions that have a significant effect on the financial statements.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable in the ordinary course of business, and is shown net of Value Added Tax. Revenue from the sale of services is recognised when the service has been satisfactorily provided, the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Where services are rendered under a contract, revenue is recognised based on the stage of completion at the reporting date-provided the outcome can be reliably estimated. If not, revenue is recognised only to the extent that expenses incurred are expected to be recoverable. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. When the outcome of a contract cannot be estimated reliably, turnover is recognised only to the extent of costs that it is probable will be recovered. Interest is recognised using the effective interest method in the period to which it relates.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Software development	-	5 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computers and office equipment	-	33% straight line
Fixtures and fittings	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of employees during the year was 46 (2025: 48 ).

5. Intangible assets

	Software development
	£
Cost
At 1 April 2025 and 31 March 2026	371,997
	---------
Amortisation
At 1 April 2025	351,082
Charge for the year	7,865
	---------
At 31 March 2026	358,947
	---------
Carrying amount
At 31 March 2026	13,050
	---------
At 31 March 2025	20,915
	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2025	194,108	51,359	245,467
Additions	12,227	–	12,227
	---------	-------	---------
At 31 March 2026	206,335	51,359	257,694
	---------	-------	---------
Depreciation
At 1 April 2025	185,498	46,774	232,272
Charge for the year	7,715	2,257	9,972
	---------	-------	---------
At 31 March 2026	193,213	49,031	242,244
	---------	-------	---------
Carrying amount
At 31 March 2026	13,122	2,328	15,450
	---------	-------	---------
At 31 March 2025	8,610	4,585	13,195
	---------	-------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2025 and 31 March 2026	56,900
	-------
Impairment
At 1 April 2025 and 31 March 2026	–
	-------

Carrying amount
At 31 March 2026	56,900
	-------
At 31 March 2025	56,900
	-------

8. Debtors

	2026	2025
	£	£
Trade debtors	659,068	777,923
Amounts owed by group undertakings	–	501,107
Other debtors	507,292	178,597
	-----------	-----------
	1,166,360	1,457,627
	-----------	-----------

9. Creditors: Amounts falling due within one year

	2026	2025
	£	£
Trade creditors	69,211	65,072
Amounts owed to group undertakings	57,050	161,158
Social security and other taxes	428,520	354,551
Other creditors	1,321,299	907,258
	-----------	-----------
	1,876,080	1,488,039
	-----------	-----------

10. Parent company

The ultimate parent company is Praxis42 Holdings Limited, Mercury House, Hadleigh Enterprise Park, Crockatt Road, Hadleigh, Ipswich, Suffolk, IP7 6RJ.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
	£	£
Not later than 1 year	52,500	55,167
Later than 1 year and not later than 5 years	112,500	165,000
	---------	---------
	165,000	220,167
	---------	---------

12. Related party transactions

The Company has provided a guarantee to the holders of a loan issued to Praxis42 Holdings Limited, the parent company. At 31 March 2026 the guarantee amounted to the capital of £2,020,744. In addition to the above guarantee, the Company has granted a debenture to the holders of the loan. The debenture provides a fixed and floating charge over all assets of the company. The Company has also provided a guarantee to secure loan notes outstanding in Praxis42 Holdings Limited. The maximum balance guaranteed is £1,286,000. At the previous reporting date was an intercompany loan balance of £501,107 due from Praxis42 Holdings Limited. There was no balance due at the current reporting date. The loan was interest free, unsecured, and repayable on demand.