Flox Limited
Flox Limited
Registered number: 11174409
Unaudited Financial Statements
For The Year Ended
31 January 2023
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Flox Limited
Unaudited Financial Statements
For The Year Ended
31 January 2023
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Page 1
Flox Limited
Balance Sheet
As At
31 January 2023
Balance Sheet
Registered number:
11174409
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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Investments | 5 |
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CURRENT ASSETS | |||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 9 |
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NET (LIABILITIES)/ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
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Share premium account |
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Other reserves |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (890,672) | 32,861 | |||
Page 1
Page 2
Flox Limited
Balance Sheet (continued)
As At
31 January 2023
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Flox Limited
Notes to the Financial Statements
For The Year Ended
31 January 2023
Notes to the Financial Statements
1.
General Information
Flox Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11174409
. The registered office is Mare Street Studios Unit 107, 203/213 Mare Street, London, England, E8 3JS.
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 the going concern basis which assumes the company will have
sufficient cash to meet its obligations, as and when they become payable, for a period of at least 12 months from the
date the financial statements were approved.
During the financial period the company incurred a pre-tax loss of £571,225 (2022: £405,209) following extensive
investment in the company’s research and development activities. The company’s losses have to date been funded in
part by the company’s parent company, Flox US Inc.
Flox US Inc. has indicated willingness to continue to provide further financial support to the Company for the
foreseeable future.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Fixtures & Fittings |
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Computer Equipment |
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2.5.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6.
Taxation
The corporation tax credit is in respect of a repayable Research and Development tax credit on qualifying R&D
expenditure in the period.
2.7.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.8.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Page 3
Page 4
Flox Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2023
2.9.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
2.10.
Share-based payments
The parent company operates an equity-settled compensation plan on behalf of the company.
The fair value of the services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled and then subsequently reclassified to creditors because the equity awards are fulfilled in the shares of the parent company.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 11 (2022: 13)
4.
Tangible Assets
Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total | |
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Cost | ||||
As at
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Additions |
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Depreciation | ||||
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Provided during the period |
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As at
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Net Book Value | ||||
As at
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As at
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5.
Investments
Subsidiaries | |
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£ | |
Cost | |
As at
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As at
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Provision | |
As at
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As at
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Net Book Value | |
As at
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As at
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Page 4
Page 5
Flox Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2023
6.
Stocks
2023 | 2022 | ||
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£ | £ | ||
Finished goods |
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7.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Corporation tax recoverable assets |
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VAT |
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Amounts owed by group undertakings |
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8.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Trade creditors |
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Other taxes and social security |
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Net wages | 298 | - | |
Other creditors |
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Accruals and deferred income |
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9.
Creditors: Amounts Falling Due After More Than One Year
2023 | 2022 | ||
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£ | £ | ||
Amounts owed to group undertakings |
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10.
Share Capital
2023 | 2022 | ||
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Allotted, called up and fully paid | £ | £ | |
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1 | 1 | |
Share Capital comprises 1,185,560 Ordinary shares and 158,589 A Ordinary shares.
11.
Ultimate Controlling Party
The immediate and ultimate parent undertaking is Flox (US) Inc. , a company incorporated in the United States of America and with a registered office address at 3500 South Dupont Highway, Dover, DE 19901.
The Directors consider there to be no ultimate controlling party.
Page 5
Page 6
Flox Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2023
12.
Share-based payments
The parent company operates an equity-settled share-based payment scheme on behalf of the company. This scheme has been provided to certain employees, contractors, and advisors.
At the date of the financial statements the company had granted 48,657 share options to 13 employees with an average exercise price of $0.000001 per share. As at the year-end 21,464 options had vested, no options had been exercised and 12,921 had lapsed.
Share options vest over a period of 18 to 30 months from the date of grant, in accordance with the option contracts.
Page 6