COMPANY REGISTRATION NUMBER:
15334118
|
Praxis42 Holdings Limited |
|
|
Unaudited financial statements |
|
|
Praxis42 Holdings Limited |
|
|
Statement of financial position |
|
31 March 2026
Fixed assets
|
Investments |
5 |
|
7,522,928 |
|
7,522,928 |
|
|
|
|
|
|
Current assets
|
Creditors: Amounts falling due within one year |
7 |
(
1,597,560) |
|
(
1,110,379) |
|
|
----------- |
|
----------- |
|
|
Net current liabilities |
|
(
1,553,110) |
|
(
1,065,929) |
|
|
----------- |
|
----------- |
|
Total assets less current liabilities |
|
5,969,818 |
|
6,456,999 |
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year |
8 |
|
(
3,738,667) |
|
(
4,974,771) |
|
|
----------- |
|
----------- |
|
Net assets |
|
2,231,151 |
|
1,482,228 |
|
|
----------- |
|
----------- |
|
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
1,295,000 |
|
1,295,000 |
|
Profit and loss account |
|
936,151 |
|
187,228 |
|
|
----------- |
|
----------- |
|
Shareholders funds |
|
2,231,151 |
|
1,482,228 |
|
|
----------- |
|
----------- |
|
|
|
|
|
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 comprehensive income 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
.
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:
Company registration number:
15334118
|
Praxis42 Holdings 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, Ipswich, IP7 6RJ.
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 £.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Where consideration is payable in future periods, the cost of the investment is measured at the present value of the future payments. Any financing element is recognised separately as an interest expense over the credit period using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value. Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
4.
Employee numbers
The average number of employees during the year was
4
(2025:
4
).
5.
Investments
|
Shares in group undertakings |
|
£ |
|
Cost |
|
|
At 1 April 2025 and 31 March 2026 |
7,522,928 |
|
----------- |
|
Impairment |
|
|
At 1 April 2025 and 31 March 2026 |
– |
|
----------- |
|
|
|
Carrying amount |
|
|
At 31 March 2026 |
7,522,928 |
|
----------- |
|
At 31 March 2025 |
7,522,928 |
|
----------- |
|
|
The shares in group undertakings relate to a 100% direct ordinary shareholding in Praxis42 Limited and a 75% direct ordinary shareholding in ComplyNet Limited.
The registered office of both subsidiaries is Mercury House, Hadleigh Enterprise Park, Crockatt Road, Hadleigh, Suffolk, IP7 6RJ.
6.
Debtors
|
2026 |
2025 |
|
£ |
£ |
|
Other debtors |
44,450 |
44,450 |
|
------- |
------- |
|
|
|
7.
Creditors:
Amounts falling due within one year
|
2026 |
2025 |
|
£ |
£ |
|
Bank loans and overdrafts |
804,676 |
438,379 |
|
Amounts owed to group undertakings |
– |
501,107 |
|
Other creditors |
792,884 |
170,893 |
|
----------- |
----------- |
|
1,597,560 |
1,110,379 |
|
----------- |
----------- |
|
|
|
A bank loan totalling £804,676 (2025: £438,379) is secured by way of a fixed and floating charge over all company property and assets present and future. Interest is charged on this loan at 10.75% per annum. The loan is due to mature in February 2029. Praxis42 Limited has provided a cross company guarantee to secure the bank loan. The maximum amount secured under this arrangement is £804,676.
8.
Creditors:
Amounts falling due after more than one year
|
2026 |
2025 |
|
£ |
£ |
|
Bank loans and overdrafts |
1,216,068 |
2,120,745 |
|
Other creditors |
2,522,599 |
2,854,026 |
|
----------- |
----------- |
|
3,738,667 |
4,974,771 |
|
----------- |
----------- |
|
|
|
A bank loan totalling £1,216,068 (2025: £2,120,745) is secured by way of a fixed and floating charge over all company property and assets present and future. Interest is charged on this loan at 10.75% per annum. The loan is due to mature in February 2029. Praxis42 Limited has provided a cross company guarantee to secure the bank loan. The maximum amount secured under this arrangement is £1,216,068. Praxis42 Limited and ComplyNet Limited have provided cross company guarantees to secure loan notes held b
y Praxis42 Holdings Limited
. The maximum amount secured under this arrangement is £1,286,000. Interest is charged on the loan notes at 10.00% per annum on the loan principal. The interest is paid to the holders of the loan notes on the maturation date. The loan notes are due to mature in February 2029.
9.
Related party transactions
At the previous reporting date was an intercompany loan balance of £501,107 due to Praxis42 Limited. There was no balance due at the current reporting date. The loan was interest free, unsecured, and repayable on demand.