CODEX TECH LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2.3 in the financial statements, which indicates that due to a decreasing customer base and challenges in the labour market, amongst other conditions, the Group has seen a challenging year resulting in significant losses and increased reliance on their parent company, X2X II LLC. As stated in note 2.3 these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter. The Group has received written confirmation from X2X II LLC that it will continue to provide financial support to the Group for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

• ◆

  4 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -74.3%

  £25,792,093 → £6,617,926

• Cash

  -40.3%

  £6,950,750 → £4,152,531

• Net assets

  -91.9%

  £7,727,251 → £628,824

  first positive since 2021

• Employees

  -36%

  86 → 55

• Operating profit

  -211.4%

  £6,993,531 → -£7,791,436

• Profit before tax

  -211.9%

  £6,973,869 → -£7,801,683

• Wages

  +46%

  £5,345,648 → £7,803,290

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. CODEX TECH LIMITED 2026-01-09 → present
2. X2X LIMITED 2019-11-01 → 2026-01-09
3. CODEX DIGITAL LIMITED 2006-04-07 → 2019-11-01

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

ZEDRA Corporate Reporting Services (UK) Limited

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 2.3 in the financial statements, which indicates that due to a decreasing customer base and challenges in the labour market, amongst other conditions, the Group has seen a challenging year resulting in significant losses and increased reliance on their parent company, X2X II LLC. As stated in note 2.3 these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter. The Group has received written confirmation from X2X II LLC that it will continue to provide financial support to the Group for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.”

Group structure

1. CODEX TECH LIMITED · parent
   1. Codex Technologies Inc. 100%
   2. X2X Media Limited 100% · England

Significant events

• “During the year, part of the business was sold resulting in a reduction in group-wide revenue. For more information, please see note 22.”
• “In March 2024, X2X II LLC sold part of its operations, being the PIX line of business. As a result, the Group discontinued the PIX revenue stream, which had previously represented its primary business unit. Therefore, the discontinued operations separately disclosed relate to the financial results for the PIX business line.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

10

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

4

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.