Reaxa Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04884654 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

REAXA LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

T N Godiawala

A C Patel

Prof A J Blacker

REGISTERED OFFICE:

Biohub

Alderley Park

Macclesfield

Cheshire

SK10 4TG

REGISTERED NUMBER:

04884654 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

HSBC Bank Plc

PO Box 105

33 Park Row

Leeds

West Yorkshire

LS1 1LD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

50,982

53,741

Investments

6

30,000

30,000

80,982

83,741

CURRENT ASSETS

Stocks

10,511

17,991

Debtors

7

3,135,411

1,410,856

Cash at bank

391,496

664,455

3,537,418

2,093,302

CREDITORS

Amounts falling due within one year

8

2,430,813

1,053,505

NET CURRENT ASSETS

1,106,605

1,039,797

TOTAL ASSETS LESS CURRENT LIABILITIES

1,187,587

1,123,538

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

1,187,487

1,123,438

SHAREHOLDERS' FUNDS

1,187,587

1,123,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 12 October 2022 and were signed on its behalf by:

T N Godiawala - Director

1.	STATUTORY INFORMATION

Reaxa Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Going concern

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.

The directors have considered the period ending 12 months from the approval of these financial statements in light of the current economic and trading conditions. On the basis of this review and in light of the steps currently being undertaken to reduce overheads and secure new business, as well as the continued support of the directors, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

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

Patents and licences

Patents and licences were fully amortised at 31st March 2019. Any costs incurred in respect of the maintenance of these patents is written off to the profit and loss account when incurred.

Tangible fixed assets

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

Short leasehold

-

over the remaining term of the lease

Plant and machinery

-

33% on cost and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The following assets and liabilities are classified as financial instruments; trade debtors, Directors' loan accounts (if applicable), trade creditors and accruals.

Financial instruments that are payable or receivable within one year, typically Directors' loan accounts, trade creditors, accruals and trade debtors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and development is written off in the year in which it is incurred.

Foreign currencies

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.

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 4 (2021 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2021

and 31 March 2022

870,000

AMORTISATION

At 1 April 2021

and 31 March 2022

870,000

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Short

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

54,000

190,738

244,738

DEPRECIATION

At 1 April 2021

5,907

185,090

190,997

Charge for year

1,688

1,071

2,759

At 31 March 2022

7,595

186,161

193,756

NET BOOK VALUE

At 31 March 2022

46,405

4,577

50,982

At 31 March 2021

48,093

5,648

53,741

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2021

and 31 March 2022

30,000

NET BOOK VALUE

At 31 March 2022

30,000

At 31 March 2021

30,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

3,084,431

1,382,508

Other debtors

16,764

-

Tax refund due

17,437

-

VAT

10,603

12,173

Prepayments and accrued income

6,176

16,175

3,135,411

1,410,856

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

2,390,416

980,935

Other operational creditors

29,164

51,938

Social security and other taxes

2,537

2,618

Other creditors

3,196

12,514

Accruals and deferred income

5,500

5,500

2,430,813

1,053,505

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

500

Ordinary A

10p

50

50

500

Ordinary

10p

50

50

100

100

10.

RESERVES

Retained

earnings

£

At 1 April 2021

1,123,438

Profit for the year

87,549

Dividends

(23,500

)

At 31 March 2022

1,187,487

11.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Reaxa Chemistry Solutions LLP a Limited Partnership Firm registered in India.