CODEX ACQUISITIONS PLC

Annual Report • Aug 2, 2023

Codex Acquisitions plc Codex Acquisitions plc Annual Report and Financial Statements For the year ended 31 December 2022               Registered number 13672588 (Incorporated and registered in England and Wales) CODEXACQUISITIONSPLC ANNUALREPORTANDFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 2    CONTENTS   Page DirectorsandAdvise rs 3 Chairman’sStatement 4 StrategicReport 5‐7 Directors’Report 8‐12 CorporateGovernanceReport AuditorsReport 13‐15 16‐20 StatementofComprehensiveInc ome 21 StatementofFinancialPosition 22 StatementofCashflows 23 StatementofChangesinEquity 24 NotestotheFinancialStatements 25‐35 CODEXACQUISITIONSPLC FINANCIALSTATEMENTS FORTHEYEARENDED31DECEMBER2022 3   DIRECTORSANDADVISERS  Directors JamesLawson‐Brown,ChairmanandNon‐ ExecutiveDirector  JulioPerez,IndependentNon‐ExecutiveDirector KateOsborne,IndependentNon‐Executive Director  CompanySecretary OHSSecretariesLtd  HeadOffice&RegisteredOffice 9 th Floor  107Cheapside London  EC2V6DN  Auditors PKFLittlejohnLLP 15WestferryCircus London E144HD  FinancialAdviser CodexCapitalPartners Limited  C/OKnoxCropper,Office Suite1HaslemereHouse, LowerStreet,Haslemere, Surrey,England,GU272PE  RegistrarsandTransferOffice LinkMarketServicesLimited (tradingasLinkGroup)  10 th Floor  CentralSquare  29WellingtonStreet  LeedsLS14DL  Lawyers OrrickHerrington&Sutcliffe(UK)LLP  107Cheapside London  EC2V6DN  RegisteredNumber 13672588 CODEXACQUISITIONSPLC CHAIRMAN’SSTATEMENT FORTHEYEARENDED31DECEMBER2022 4    DearShareholder, I am pleased to present the financial statements for the year ended 31 December 2022‐a period in which the ordinary shares of Codex Acquisitions plc ("Codex" or the "Company") were successfully admitted to listing on the standard segment of the Official List of the Financial Conduct Au thority ("StandardListing")andtotradingonthemainmarketforlistedsecuritiesofLondonStockExchangeplc ("LSE")(the"MainMarket"). WeformedCodextoundertakeanacquisitionofacontrollinginterestinacompanyorbusinesswithin the renewable energy sector (an "Acquisition"). Any Acquisition is expe cted to constitute a reverse takeover transaction and any consideration for the Acquisition may be partly or wholly share‐based, fundedfromtheCompany'sexistingcashresources,orfromther a isingofadditional funds.  Ilookforwardtoreportingourprogresstoyouoverthenextperiod.  Financial Funding TheCompanyhasraised£850,000 from investors since its formation on 11Octob er2021throughto 31 March 2022. The Company believes that this funding will be sufficient to meet its working capital requirementsforthenext12monthsonastandalonebasis. Revenue The Company has generated no revenue duri ng the period. However, the Company is focusing on acquisitiontargetsthatwillultimatelygeneraterevenuefortheCompany. Expenditure During the period,the Company concentrated on fundraising tosupport its expenditure on its primary objective of evaluating  suitableacquisition targets in the renewable energy sector.A number of targets wereconsid eredinthisprocess. Asatthedateofthisdocument,theCompanyhas£626,961incash. Dividend ThestatutorydirectorsoftheCompany(the"Directors ")donotintendtodeclareadividendinrespectofthe periodunderreview. Outlook Codex will continue to seek a suitable reverse ta keover to complete our mission as an investment companyandthestartofitsfuture.    JamesLawson‐Brown Chairman;Non‐ExecutiveDirector CODEXACQUISITIONSPLC STRATEGICREPORT FORTHEYEARENDED31DECEMBER2022 5   TheDirectorspresenttheStrategicReportoftheCompanyfortheyearended31December2022. Reviewofthebusiness TheCompanyisdomiciledintheUnitedKingdomandincorporatedandregisteredinEnglandandWales asa public limitedcompany. The Company’sregisteredoffice is 9 th Floor,107 Cheapside, London EC2V 6DN.TheCompany’sregisterednumberis13672588. The Company was formed to undertake acquisitions in the renewable energy sector, looking for potential companies and business assets that will increase shareholder value. In March 2021, the Company'sordinaryshareswereadmittedtoaStandardListingandtotrading ontheMai nMarket.The Company has raised £850,000 from inception to the date of this report and intends to raise further fundingaspartofitsacquisitionstrategy. Section172(1)Statement‐PromotionoftheCompanyforthebenefitofthemembersasawhole TheDirectorsbelievetheyhaveactedinthewaymostlikelytopro motethesuccessoftheCompanyfor thebenefitofitsmembersasawhole,asrequiredbys172oftheCompaniesAct2006("s172'").  Therequirementsofs172arefortheDirectorsto:   considerthelikelyconsequencesofanydecisioninthelongte rm;  actfairlybetweenthemembersoftheCompany;  maintainareputationforhighstandardsofbusinessconduct;  considertheinterestsoftheCompany’semployees;  fostertheCompany’srelationshipswithsuppliers,customersandothers;and  considertheimpactoftheCompany’soperationsonthecomm unityandtheenvironment. TheCompanyoperatedasacashshellandappliedtotheFCAandtheLSEforadmissionofitsOrdinary SharestoaStandardListingandtotradingontheMainMarket,respectively.Thepre‐revenuenatureof the business as a shell, prior to th e completion of its acquisition strategy, is important to the understandingoftheCompanybyitsmembersandsuppliers,andtheDirectorswereastransparentabout thecashpositionandfundingrequirementsasisallowedunderLSEregulations.  The Directors believe they have met the requirements of Section 172 by i mplementing the following measures:  ConsiderationofLong‐TermConsequences  The Directors have consistentlytaken intoaccount the likelyconsequencesof anydecision in the long term. They have conducted comprehensive risk assessments and scenario analyses to evaluate the potential impacts on the company's financial performance, market position, and sustainability. By consideringthelong‐ter mconsequences,theDirectorshavemadestrategicdecisionsthatprioritisethe company'sgrowth,profitability,andvaluecreationforitsmember s.  FairTreatmentofMembers  The Directors have acted fairly between the members of the company. They have ensured that all shareholdersaretreatedequitablyandhavemadeef fortstoprotecttherightsandinterestsofminority shareholders. The Directors have facilitated transparent and inclusive decision‐making processes, providingopportunitiesforshareholderstoexpresstheirviewsandconcerns.  MaintenanceofHighStandardsofBusinessConduct CODEXACQUISITIONSPLC STRATEGICREPORT FORTHEYEARENDED31DECEMBER2022 6    The Directors have maintained a reputation for high standards of business conduct. They have implemented and enforced robust ethical guidelines, codes of conduct, and compliance frameworks throughouttheorganisation. TheDirectorshaveactivelypromotedacultureofintegrity,transparency, and accountability, leading by example in their own behavior. They have also established inter nal controls and monitoring mechanisms to ensure adherence to legal and regulatory requirements, preventingunethicalpracticesandmaintainingthecompany'sreputation.  FosteringRelationshipswithStakeholders  TheDirectorshaveactivelyfosteredthecompany's relationshipswithsuppliersandotherstakeholders. They have engaged in regular communication with key stakeholders, seeking their feedback an d understanding their needs and expectations. By maintaining strong stakeholder relationships, the Directorshaveensuredthecompany'scontinuedsuccessandlong‐termvaluecreation.  ConsiderationofImpactontheCommunityandEnvironment  TheDirectorshavetakenintoconsiderationtheimpactofthecompany'soperationsonthecommunity andtheenvir onment.Theyhaveimplementedsustainablepractices,suchasreducingwaste,minimizing emissions,andpromotingenergyefficiency.  Theapplicationofthes172requirementscanbedemonstratedinrelationtosomeofthekeydecisions madeduringtheyearended31December2022:   anycontractsforservicesprovidedhav ebeenund ertakenwithaclearcaponfinancial exposure.  Keyperformanceindicators Given the focus of the Company on growth through Acquisitions the only key performance indicators adoptedbytheBoardtodateisthenumberofAcquisitionsmade.TheCompanyhasmadenoAcquisitions sincetheyearended31December202 2. Asattheyear‐ended31December2022 Attheyear‐endtheCompany’sStatement ofFinancial Positionshowsnetassetstotaling£582,562(31 December 2021 – £19,685). The Company has few liabilities and is considered to have a sufficiently strongcashpositionatthereportingdate. Environmentalmatters TheBoardcontainsp ersonnelwithagoodhistoryofrunningbusinessesthathavebeencompliantwith all relevant laws and regulations and there have been no instances of non‐compliance in respect of environmentalmatters. Employeeinformation The Company has a Chairman, who is also a Non‐Executive Director and two Inde pendent Non‐ Executive Directors. At present, there is  one female Independent Non‐Executive Director in the Company. The Company is committed to gender equality and, if future roles are identified, a wide‐ rangingsearchwouldbecompletedwiththemostappropriateindividual beingappointedirrespective ofgender. Social/com mu nity/humanrightsmatters The Company ensures that e mployment practices take into account the necessary diversity CODEXACQUISITIONSPLC STRATEGICREPORT FORTHEYEARENDED31DECEMBER2022 7   requirementsandcompliancewithallemploymentlaws.TheBoardhasexperienceindealingwithsuch issuesandsufficienttrainingandqualificationstoensuretheymeetallrequirements. Anti‐corruptionandanti‐briberypolicy The government of the United Kingdom has issued guidelines setting out appropriate procedures for companiestofollowtoen surethattheyarecompliantwiththeUKBriberyAct2010(asamended)(the "BriberyAct 2010"). The Company has  conductedareview into its operational procedures toconsider the impact of the Bribery Act 2010 and the Board has adopted an anti‐corruption and anti‐briber y  policy. Principalrisksan dun certaint ies  TheprincipalrisksandthestepstakenbytheCompanytomitigatetheserisksareasfollows: TheCompanyisanewlyestablishedcompanywithlimitedoper atinghistoryinitsownright TheCompany wasincorporatedinOctober 2021andhad yettocompleteatransactionasatthe year‐ ended 31 December 2022. Accordingly , the Company has  no operatinghistory to date andhas yetto demonstrateitsabilitytointegrateacquisitions. Difficultiesinacquiringsuitabletargets The Company’s strategy relies on being able to identify  suitable opportunities and to execute these transactionsinlinewiththeCompany’sstrategy. IftheCompanycannotdoso,thiswillhaveanadverse effectontheCompany’sfinancialan doperationalperformance. Technologyrisk The companies and businesses that the Company is seeking to acquire are characterised by technological change with manycompetitors seeking tofurther developtheir technologies. This riskis mitiga tedbythequalityandexperienceoftheNon‐ExecutiveDirectorsaswellasthoseadvisingthem. Duediligencerisk TheCompanywillcarryoutafullduediligenceexerciseinrelationtopotentialacquisitions.Indoingso, the Company will be required to rely on resources  available to it, including public info rmation and informationprovidedbythevendors. Suchinvestigationsmayfailtorevealorhighlightallrelevantfacts thatmaybenecessaryand,if thatisthecase,issuesmayarisefollowingcompletionwhichcould,if they aresufficientlymaterial,resultinamaterialadverseeffectontheCompany’soperations. Th eCompany hastodateusedwellrespectedprofessionaladviserstoperformduediligence. TheCompanywillaimtouseOrdinarySharesasconsiderationforacquisitiontargets TheCompanyintendstouse its Ordinary Shares as whole orpartconsideration forassets. There is no guarantee that as such this will be an attractive offer for the owners of any proposed targets. If the Companynee dstousecashfinancingordebtfinancingratherthanOrdinaryShares,thereisnoguarantee itwillbeabletodosoontermsacceptabletoit. InsuchacircumstancetheCompany couldbeleftwith substantial unrecovered transactionco sts, potentially including f ees, legal costs, accounting costs, due diligence or other expenses. The Company has sufficient working capital to meet the expected transactioncostsforapotentialacquisition. Inabilitytofundoperationspost‐Acquisition The Company may be unable to fund the operations post‐acqui sition of future target businesses, if it cannotobtainadditionalfunding. TheCompanyhassufficientwo rkingcapitaltomeetitscurrentfunding requirementsandintendstoraiseadditionalfundsinconjunctionwiththecompletionanyacquisition to providefurtheroperationalworkingcapitalifneededforfutureacquisitions.  Keyperson nel  TheCompanyhasnoemployeescurrently. Ithasthr eeNon‐ExecutiveDirectorscontractedunderletters CODEXACQUISITIONSPLC STRATEGICREPORT FORTHEYEARENDED31DECEMBER2022 8   ofappointment.  Genderanalysis Asplitofourdirectorsbygenderduringtheperiodisshownbelow;theCompanyhasnoemployees: Male Female  Directors 2 1 Sustainability Weaimtoconductourbusiness withhonesty,integrityandopenness,respectinghumanrightsandthe interestsofourshareholdersandemployees. Weaimtoprovidetimely,regularandreliableinformation onthebusinesstoallourshareholdersandconductouroperationstothehigheststandards. Westrivetocreateasafeandhealthyworkingenvi ronmentforthewellbeingofourstaffandcreatea trustingandrespectfulenvironment,whereallmembersofstaffareencouragedtofeelresponsiblefor thereputationand performanceoftheCompany. Weaim to establish a diverse and dynamicworkforcewithteamplayerswhohave the experience and knowledge of the busines s operations  and markets in which we operate. Through maintaining good communications, members ofstaff are encouraged to realisethe objectivesofthe Company and their ownpotential. TheBoard wouldliketotake thisopportunitytothankour shareholdersandadvisors for their suppor t duringtheyear.  JulioPerez  IndependentNon‐ExecutiveDirector 28June2023 CODEXACQUISITIONSPLC DIRECTORS’REPORT FORTHEYEARENDED31DECEMBER2022 9    TheDirectors present their reportandthe financial statements fortheyear ended31December2022. The Company was incorporated on 11 October 2021 and on 26 November 2021 extended its initial accountingreferencedateto31December2022. Principalactivity The principal activity  of the Company during the period was that of identif ying potential companies, businessesorasset(s)foracquisition. Results TheCompanyrecordedaloss fortheperiodbeforetaxationof£237,122(threemonthsto31December 2021:£30,315). Emissions The Company is aware that it needs to measure its operational carbon footprint in order to limit and controlits environmental im pact.However, since theCompany, due to itslimited activities inthe year under review, did not consume more than 40,000kWh of energy, the Company’s emissions are not disclosedforthisreason. Inthefuture,theCompanywillonlymeasuretheimpactofitsdirectactivities,asthefullimpactofthe entiresupplychainofitssupplierscanno tbemeasuredpractically. COVID‐19assessment TherecentglobalhealthcrisisbroughtaboutbytheCOVID‐19pandemichasaffectedboththeCompany’s businessoperationsinaverylimitedmanner. TheCompany’sabilitytoworkremotelyandaccesscapital marketsintheirfundraisin gthroughouttheperiodhasbeensuccessful. TheCompanyseesnoimpactin pursuingitsacquisitionstrategyin2023asaresultoftheCOVID‐19pandemic. Inaddition, managem enthas takenstepstomonitor  its cashflowinthecasethatpursuingacquisition targetstakeslongerthanexpectedasaresultoftheCOVID‐19pandemi candwillallowtheCompanyto navigatea morechallengingmacro‐economicenvironmentandremaininoperationfortheforeseeable future. Dividends No dividend hasbeen pai d during the periodnor dothe Directorsrecommend thepayment of afinal dividend(priorperiod:£nil) Di rectors TheDirectorswhoservedatanytimeduringtheperiodwere:  JamesLawson‐BrownChairman;Non‐ExecutiveDirector   JulioPerezIndependentNon‐ExecutiveDirector  KateOsborneIndependen tNon‐ExecutiveDirector  Details of the Directors’ holding of Ordinary Shares are set out in the Directors’Remuneration Reportonpa ges10‐11. CODEXACQUISITIONSPLC DIRECTORS’REPORT FORTHEYEARENDED31DECEMBER2022 10    Sharecapital TheCompanyisincorporatedasa publiclimited company  andisregisteredinEnglandandWales with theregisterednumber13672588.DetailsoftheCompany’sissuedsharecapital,togetherwithdetailsof themovementsduringtheperiod, areshowninNote11.TheCompanyhas oneclassofOrdinaryShare and all shares have equal voting rights and rank pari passu for the dis tribution of dividends and repaymentofcapital. Substantialshareholdings At17April2023,theCompanyhadbeeninformedofthefollowingsubstantialinterestsover3%ofthe issuedsharecapitaloftheCompany.  Shareholder NoofOrdinaryShares Percentageofissued ShareCapital VanguardEquityInvestmentsLimited 1 375,000 4.41% SolarOneCapitalLimited1 1,750,000 20.59% ChristopherSelner 420,000 4.94% CostantinoCalogeroGiardina 2,500,000 29.41% PatriciaDiasAlmeida 1,000,000 11.76% NunoRosadoMarcelino 1,000,000 11.76% JoseMenesesdaSilvaMoura 420,000 4.94% AlexCroft 420,000 4.94% MiguelJanin 365,000 4.29%  1EachofVanguardEquityInvestmentsLimitedandSolarOneCapital Limited areentitiesultimatelybeneficiallywhollyowned andcontrolledbyJulioPerezwho,asatthetimeofthisreport,holds,inaggregate,2,125,000ordinaryshares,whichequatesto 25%oftheCompany'sissuedsharecapital.  Lettersofappointment  TheDirectorshaveenteredintoletters of appointmentwiththeCompanyandcontinuetobeengaged undertheselettersofappointmentuntilterminatedbytheCompany. IntheeventofterminationorlossofofficetheDirectorisentitledonlytopaymentoftheirbasicfeein respectofhisnoticeperiod .Intheeventofterminationorlossofofficeinthecaseofamaterialbreach ofcontracttheDirectorisnotentitledtoanyfurtherpayment. DirectorsareallowedtoacceptexternalappointmentswiththeconsentoftheBoard,providedthatthese donotleadtoconflictsofinterest.Directorsareallo wedtoretainfeespaid.  UK10‐yearperformancegraph The Directors have considered the requirement for a UK 10‐year performance graph comparing the Company’sTotalShareholderReturnwiththatofacomparableindicator.TheDirectorsdonotcurrently considerthatincludingthegraphwillbemeaningfulbecausetheCompanyonlybecamelistedduringthe year,isnot payingdividen ds, is currently incurring losses as it gains scaleanditsfocusduringtheyea r ended 31 December 2022 was to seek an acquisition. In addition and as mentioned above, the remunerationofDirectorswasnotlinkedtoperformanceandwethereforedonotconsidertheinclusion CODEXACQUISITIONSPLC DIRECTORS’REPORT FORTHEYEARENDED31DECEMBER2022 11   ofthisgraphtobeusefultoshareholdersatthecurrenttime.TheDirectorswillreviewtheinclusionof thistableforfuturereports. ImplementationReport ParticularsofDirectors’Remuneration ParticularsofDirectors’remunerationundertheCompaniesAct2006arerequiredtobeaudited,aregiven inNotes5andfurtherreferencedintheDirectors’report. RemunerationpaidtotheDirectors’duringtheyearended31December2022was£Nil(2021:£Nil).  TherewerenoperformancemeasuresassociatedwithanyaspectofDirectors’remunerationduringthe year. PaymentstopastDirectors TherearenopaymentsintheyeartopastDirectors. Bonusandincentiveplans Therewerenobonusandincentiveplansinplaceduringtheyear. PercentagechangeintheremunerationoftheChiefExecutiveOfficer("CEO") TheCompanydoesnotyethaveaCEOandtherefore,noCEOdisclosurehasbeenpresented. Othermatters TheCompanydoesnothaveanypensionplansforanyoftheDirectorsanddoesnotpaycontributionsin relation to their remuneration. The Company has not paid out any excess retirement benefits to any  Directors. Approvalbymembers Theremunerationpolicyabovewillbeputbeforethemembersforapprovalatthenextannualgeneral meetingoftheCompany("AGM"). Directors’interestsinshares TheCompanyhasnominimumDirectorshareholdingrequirement s. ThebeneficialinterestoftheDirectorsintheOrdinary ShareCapitaloftheCompanyat17April2023was:  Shareholder NoofOrdinaryShares Percentageofissued ShareCapital JulioPerez 1 2,125,000 25%  1JulioPerezmaintainshisshareholdingviathefollowingtwoentities,beingVanguardEquityInvestmentsLimitedandSolarOne CapitalLimited,bothareentitiesultimately beneficiallywhollyownedandcontrolledbyJulioPerezwho,asatthetimeofthis report,holds,inaggregate,2,125,000ordinaryshares,whichequatesto25%oftheCompany'sissuedsharecapital.  RemunerationCommittee There is no separate Remuneration Committee at present, instead all remuneration matters are considered by the Board as a whole. It meets when required to consider all aspects of Directors’ remuneration,shareoptionsandservicecontracts. StatementofDirectors’ResponsibilitiesinrespectoftheAnnualReportandthefinancialstatements TheDirectors areresponsi bleforpreparingthisreportand thefinancial  statementsinaccordance with applicable United Kingdom law and regulations and those UK‐adopted international accounting CODEXACQUISITIONSPLC DIRECTORS’REPORT FORTHEYEARENDED31DECEMBER2022 12   standards("UK‐adoptedIAS"). Company law requires the Directors to prepare financial statements  for each financial period which presentfairlythefinancialpositionoftheCompanyandthefinancialperformanceandcashflowsofthe Companyforthatperiod. Inpreparingthosefinancialstatements,theDirectorsarerequiredto:  selectsuitableaccounti ngpoliciesandthenapplythemconsistently;  makejudgementsandestimatesthatarereasonableandprudent;  presentinformation,includingaccountingpolicies,inamannerthatprovidesrelevant,reliable, comparableandunderstandableinformation;  state whether applicable UK‐adopted IAS have been followed, subject to any material departuresdisclosedande xplainedinthefinancialstatements;  preparethefinancialstatementsonthegoingconcernbasisunlessitisinappropriatetopresume thattheCompanywillcontinuein busin ess;and  provideadditionaldisclosureswhencompliancewith thespecificrequirementsin International Financial Reporting Standards is insufficient to enable users to u nderstand the impact of particular transactions, other events and conditions on the entity’s financial position and financialperformance. TheDirectors are responsible for keepingadequateaccounting records that are sufficient to showand explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of th e Company and enable them to ensure that the Company's financial statements comply with the Companies Act 2006 and Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of  theCompany and hencefor taking reasonable stepsfor the preventionand detectionoffraudandotheri rregularities. Underapplicablelawandregulations,theDirectorsarealsoresponsibleforpreparingaStrategicReport, Directors' Report, Directors' Remuneration Report and Corporate Governance Statement that comply withthatlawandthoseregulations,andforensuringthattheAnnualreportincl udesinformationrequired bytheListingRulesoftheFCA. The financial statements are publishe d on the Company’s website. Visitors to the website need to be awarethatlegislationintheUnitedKingdomcoveringthepreparationanddisseminationofthefinancial statementsmaydifferfromlegislationintheirjurisdiction. TheDirectorsconfirmthattothebestoftheirknowledge:  theCompanyfinancialstatements,preparedina ccordancewithUK‐adoptedIAS,giveatrueand fairviewoftheassets,liabilities,financialpositionandprofitoftheCompany;  thisAnnualreportincludesthefairreviewofthedevelopment andperformanceofthebusiness and the position of the Company together with a descripti on of the principal risks and uncertaintiesthatitfaces;and  the Annual Report and financial statements, taken as a whole, are fair, balanced and understandable and provide information necessary for shareholders to assess the Company’s  performance,businessandstrategy.  Financialinstruments The Company has  exposure to credit ri sk, liquidity risk and market risk. Note 15 presents information abouttheCompany’s exposuretotheserisks,alongwiththeCompany’sobjectives,processesandpolicies CODEXACQUISITIONSPLC DIRECTORS’REPORT FORTHEYEARENDED31DECEMBER2022 13   formanagingtherisks. Eventsafterthereportingperiod(seeNote17) Therearenoeventsafterthereportingperiod.  Directors’IndemnityProvisions TheCompanyhastakenoutDirectorsandOfficersLiabilityIndemnityinsurance . Goingconcern In March 2022, the Company raised £850,000 which was primarily used to finance the Company. Th e Companybelievesthatthefundingwillbesufficienttomeetitsworkingcapitalrequirementsforatleast the next 12 months. For this reason, the Directors  continue to adopt the going concern basis in preparingthefinancialstatements. FurtherdetailsaregiveninNote2.2totheFinancialStatement s.  Donations TheCompanymadenopoliticaldonationsduringthecurrentandpriorperiods.  ONBEHALFOFTHEBOARD    JulioPerez IndependentNon‐ExecutiveDirector 28June2023   CODEXACQUISITIONSPLC CORPORATEGOVERNANCEREPORTFORTHEYEAR ENDED31DECEMBER2022 14    CorporateGovernanceStatement TheBoardiscommittedtomaintainingappropriatestandardsofcorporategovernance.Thestatement below,togetherwiththereportonDirectors’remunerationonpages 10‐11,explainshowtheCompany hasobservedprinciplessetoutinTheUKCorporateGovernanceCodeissuedbytheFinancialReporting Council in the UK from tim e to time (the "Cod e") as relevant to the Company and contains the information required by section 7 of the FCA’s Disclosure Guidance and Transparency  Rules as the Companyhassoughttoadoptthesepriortolisting. TheCompanyhasdecidednottoapplytheCodeprovisionsinfullgivenitscurrentsizeandresources.The Companyisasmallcompanywithmod estresources.TheCompanyhasaclearmandatetooptimisethe allocationoflimitedresourcestosourceacquisitionsandsupportitsfutureplan s.AssuchtheCompany strivestomaintainabalancebetweenconservationoflimitedresourcesandmai ntainingrobustcorporate governance practices. As the Company waslisted on the Main Marketof the LSE, during theyear it is requiredtofollowtheCodeintheyearended31December2022. TheCompanyseekstocomplywiththeCodebutduetoitslimitedactivitiesandresourcesithasopted nottof ullyimplementtheCodeinrespectofthefollowingmatters: BoardofDirectorsandCommittees The Board currently consists of three Non‐Executive Directors, of whom 2 are considered to be independent following completion of the admission of the Company’s ordinary shares to a Standard Listing and to trading on the Main Market, bei ng Julio Perez and Kate Osborne. It met regularly  throughouttheyeartodiscusskeyissuesandtomonitortheoverallperformanceoftheCompany.Atits current stage of development, the Board considers all matters, such as Remuneration, Audit and Nominations as a whole. The Directo rs will actively seek to expand Board membership to provide additionallevelsofcorporategovernanceproceduresattherelevantopportunity. AuditCommitteeandfinancialreporting TheAuditCommitteecomprisesJulioPerez(Chair)andJamesLawson‐BrownandKateOsborne,eachof whomhaverecentandrelevantfinancialexperience .TheAuditCommitteemeetsatleastthreetimesa year at the appropriate times in the reporting and audit cycle. The committee has responsibility for, amongst other things, the monitoring of the financial integrity of the financial statements of the Company and the involvement of the Company’s auditors in that process. It focuses in part icular on  compliancewithaccountingpoliciesandensuringthataneffectivesystemofinternalfinancialcontrolis maintained.Theultimateresponsibilityforreviewingandapprovingtheannualreportandaccountsand thehalf‐yearlyreports,remainswiththeBoard. ThetermsofreferenceoftheAuditCommitteecov erssuchissuesasmembershipand thefrequencyof meetings, as mentioned above,together with requirementsof any quorum for and the rightto attend meetings.ThedutiesoftheAuditCommitteecoveredinthetermsofreferenceare:financialreporting, internal controls, internal audit, external audit and reserving. The terms of reference also set out the authorityoftheco mmitteetocarryoutitsduties. TheBoard seekstopresenta balanced andunderstandableassessmentoftheCompany’spositionand  prospects in all interim, final and price‐sensitive reports and information required to be presented by statute. Externalauditor TheBoardmeetswiththeauditordurin gtheyeartoconsidertheresults,internalproceduresandcontrols and matters raised by the auditor. The Board considers auditor independence and objectivity and the effectiveness of the audit process. It also considers the nature and extent of the non‐audit services CODEXACQUISITIONSPLC CORPORATEGOVERNANCEREPORTFORTHEYEARENDED31 DECEMBER2022 15    supplied by the auditorreviewingthe ratioofaudit to non‐audit fees and ensuresthatan appropriate relationshipismaintainedbetweentheCompanyanditsexternalauditor.DuringtheyearPKFprovided reporting accountant services  in relation to the admission of the Company’s  ordinary shares to a StandardListingandtotra dingontheMainMarket,andassociatedsubscription.Detailsofthetotalfees paidtotheauditorsaresetoutinNote4totheaccounts. The Company has a policy of controlling the provision of non‐audit services by the external auditor in orderthattheirobjectivityandindependencearesafeguarded .Aspartofthedecisiontorecommendthe appointmentoftheexternalauditor,theBoardtakesintoaccountthetenureoftheauditorinaddition totheresultsofitsreviewoftheeffectivenessoftheexternalauditorandconsiderswhetherthereshould beafulltender process.Th ereare no contractual obligations restricting the Board’s choice of external auditor. Remunerationcommittee There is no separate Remuneration Committee at present, instead all remuneration matters are consideredbytheBoardasawhole.Itmeetswhenrequiredtoconsiderallaspectsofdirectors’andstaff remuneration, share options and service contrac ts. On completion of its first transaction, the Board  intendstoputinplaceaseparateRemunerationCommitteecomprisingonlyind ependentDirectors. Nominationscommittee TheBoarddoesnotintendtocreateaNominationsCommitteefor thetimebeingbutwillre‐evaluateas theCompanygrows. Internalfinancialcontrol Financial con trols have been established so as to provide safeguards against unau thorised use or disposition of the assets, to maintain proper accounting records and to provide reliable financial informationforinternaluse.Keyfinancialcontrolsinclude: • themaintenance ofproperrecords; • ascheduleofmattersreservedfortheapprovaloftheBoard; • evaluation,approvalproceduresan driskassessmentforacquisitions;and • closeinvolvementoftheDirectorsintheday‐to‐dayoperationalmattersoftheCompany. TheDirectorsconsiderthesizeoftheCompanyandthecloseinvolvementofDirectorsintheday‐to‐day operationsmakesthemai ntenanceofaninternalauditfunctionunnecessary.TheDirectorswillcontinue tomonitorthissituation.  Shareholdercommunications TheCompanyusesitscorporatewebsite(www.codexplc.com)toensurethatthelatestannouncements, pressreleasesandpublishedfinancialinformationareavailabletoallshareholdersandotherinterested parties. The AGM is used to communicate wi th both institutional shareholders and private investors and all shareholdersareencouragedtoparticipate.Separateresolutionsareproposedoneachissuesothatthey canbegivenproperconsiderationandthereisaresolutiontoapprovetheAnnualReportandAccounts. TheCompanycountsallproxyvotesandwillindicatethelevelofproxieslodge doneachresolutionafter ithasbeendealtwithbyashowofhands. CODEX ACQUISITIONS PLC INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 _____________  INDEPENDENTAUDITOR’SREPORTTOTHEMEMBERSOFCODEXACQUISITIONSPLC Opinion WehaveauditedthefinancialstatementsofCodexAcquisitionsPlc(the‘company’)fortheyearended 31 December 2022 which comprise of  the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Sta tement of Cash Flows and notes to the financialstatements,includingsignificantaccountingpolicies.Thefinancialreportingframeworkthathas beenappliedintheirpreparationisapplicablelawandUK‐adoptedinternationalaccountingstandards. Inouropinion,thefinancialstatements:  giveatrueandfairviewofthestateofth ecompany’saffairsasat31December2022andofits lossfortheyearthenended;  have been properly prepared in accordance with UK‐adopted international accounting standards;and  havebeenpreparedinaccordancewiththerequirementsoftheCompaniesAct2006. Basisforopinion We conducted our audit in accor dance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statementssection of our report. We are independent of thecompanyinaccordancewiththeethicalrequirementsthatarerele vanttoourauditofthefinancial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforour opinion. Concl usionsrelatingtogoingconcern In auditing the financial statements, we have concluded that the director's use of the going concern basisof accountingin thepreparationofthefinancial statementsis appropriate. Ourevaluation ofthe directors’ assessment of the company’s ability  to co ntinue to adopt the going concern basis of accountingincluded:  Obtaining management’s working capital forecasts for the going concern period being twelve monthsfromthedateofsigningthefinancialstatements;  Ensuringthemathematicalaccuracyoftheforecasts;  Comparingactualresultsfortheyearto forecaststoasses stheforecastingabilityandaccuracy ofmanagement;  Holdingdiscussionswithmanagementtounderstandtheforecastsincludingthekeyinputsused andsourcesoftheseinputs;  Challengingmanagementontheappropriatenessofkeyassumptionsandjudgementsused;and  Consideringtheinherentriskstothebusinessmodelandperformingananalysisofhowthose risksmightaff ectthefinancialresourcesorabilitytocontinueoperationsoverthegoingconcern period.  Based on the work we have performed, we have not identified any material uncertainties relating to eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubton thecompany'sability to continue as a going concern for a period of at least twelve months from when the financial statementsareauthorisedforissue. Ourres ponsibilitiesandtheresponsibilitiesofthedirectorswithrespecttogoingconcernaredescribed intherelevantsectionsofthisreport. Ourapplicationofmateriality Materiality for the financial statementsas awhole £23,300 Basisofmateriality 4%ofnetassets RationaleBenchmark     The entity intends to acquire profitable investments in future however no acquisitions have yet been made and there are relatively few balance sheet and P&L balances. The main costs of Codex Acquisitions Plc are administrative expenses. Shareholders are thus interestedinthenetasset/liabilitypositionoftheentity giventhena tureoftheentity'soperations.  Therefore Net Assets is the most appropriate benchmark. 4% is considered a reasonable benchmark for net assets as it provides adequate coverage of all balances in both P&L and the statement of financial position. RationalePercentage Giventhisisafirstyearaudit,alowerpercentileofnet assetshasbeenused. Performancemateriality‐70% Indeterminingperformancemateriality, weconsidered thefollowingfactors:  routine transactions are not complex and are limited  the consistency in the level of judgement requiredinkeyaccountingestimates;and  the nature and size of the entity and number ofemployees   We use performance materiality to reduce to an appropriately low level the probability that the aggregateofuncorrectedandundetectedmisstatementsexceedsoverallmateriality.Specifically,weuse performancematerialityindeterminingthescopeofourauditandthenatureandextentofourtesting ofaccountbalances,classesoftransactionsanddisclosures,forexampleindeterminingsamplesizes. Weagree dwith theDirectors thatwe would reporttothem misstatementsidentified during ouraudit above£1,200aswellasmisstatementsbelowthoseamountsthat,inourview,warrantedreportingfor qualitativereasons. Ourapproachtotheaudit In designing our audit, we determined materiality, as above, and assessed the risk of materi al misstatement in the financial statements. We looked at areas involving accounting estimates and judgement by the directors and considered future events that are inherently uncertain. We also addressedtheriskofmanagementoverrideofinternalcontrols,includingevaluatingwhethertherewas evidenceofbi asbymanagementthatrepresentedariskofmaterialmisstatementduetofraud. Keyauditmatters Keyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinour auditofthefinancialstatementsofthecurrentperiodandincludethemostsignificantassessedrisk sof material misstatement (whether or not due to fraud) we identified, including those which had the greatesteffecton: theoverall auditstrategy, theallocation of resourcesin theaudit;and directingthe efforts of the engagement team. These matters were addressed in the context of our audit of the financialstatementsasawh ole,and informingouropinionthereon,andwedonotprovideaseparate opiniononthesematters. KeyAuditMatter Howourscopeaddressedthismatter Selection of accounting policies, compliance with accounting policies and disclosure in accordance with IFRS, Company’s Act and theListingrules.   Asthis is the first period thatthe companyis preparing its statutory financial statements, there is a risk in relation to selection of accounting policies, compliance with those accountingpoliciesand thatdisclosure of the said accounting policies may not be in line withtherequirementsofIFRS,Company’sAct andtheListingrules.  Ourworkinth isareaincluded:  Wereviewedtheaccountingpoliciesadoptedbythe company and ensuring these are in line with the requirementsofIFRS,Company’sActandtheListing rules;and  We assessed that the accounting policies are appropriate and properly disclosed in the financial statements.   Otherinformation Theotherinformationcomprisestheinformationincludedintheannualreport,otherthanthefinancial statements and our auditor’s report thereon. The directors are responsible for the other information contained within theannual report. Our opinion on the financial statementsdoes not coverthe other information and, except to the extent otherwiseexplicitl y stated in our report, we donot express any formofassuranceconclusionthereon.Ourresponsibility isto readtheotherinformationand,indoing so, consider whether the other information is materially inconsistent with the financial statements or ourknowledge obtained in thecourseofthe a udit,or otherwise appearsto be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determinewhetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If, basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofth isother information,wearerequiredtoreportthatfact.  Wehavenothingtoreportinthisregard. OpinionsonothermattersprescribedbytheCompaniesAct2006 Inouropinion,basedontheworkundertakeninthecourseoftheaudit:  theinformationgiven in thestrategic report and the directors’ reportfor thefinancialyear for whichthefi nancialstatementsarepreparedisconsistentwiththefinancialstatements;and  thestrategicreportandthedirectors’reporthavebeenpreparedinaccordancewithapplicable legalrequirements. Mattersonwhichwearerequiredtoreportbyexception In the light of the knowledge and understanding of the company and its environment obtai ned in the course of the audit, we have not identified material misstatements in the strategic report or the directors’report. We have nothing to report in respectof the followingmatters in relation towhich the Companies Act 2006requiresustoreporttoyouif,inouropinion:  adequate accounting records have not been kept, or returns adequate for our audit have not beenreceivedfrombranchesnotvisitedbyus;or  certaindisclosuresofdirectors’remunerationspecifiedbylawarenotmade;or  wehavenotreceivedalltheinformationandexplanationswerequireforoura udit. Responsibilitiesofdirectors Asexplainedmorefullyinthedirectors’responsibilitiesstatement,thedirectorsareresponsibleforthe preparationofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andfor such internal control as the directors determine is necessary to enable the prepa ration of financial statementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror. Inpreparingthefinancialstatements,thedirectorsareresponsibleforassessingthecompany’sabilityto continue as a going concern, disclosing, as applicable, matters related to going concern and using the goingconcernbasisofaccou ntingunlessthedirectorseitherintendtoliquidatethecompanyortocease operations,orhavenorealisticalternativebuttodoso. Auditor’sresponsibilitiesfortheauditofthefinancialstatements Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole arefreefrommaterialmisst atement,whetherduetofraudorerror,andtoissueanauditor’sreportthat includes our opinion. Reasonable assurance is ahigh level of assurance butis not aguarantee that an auditconductedinaccordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists. Misstatements can arise from fraud or error and are considered material if, individually or in the  aggre gate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthe basisofthesefinancialstatements. Irregularities, including fraud, are instances of non‐compliance with laws and regulations. We design proceduresinli newithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,includingfraudisdetailedbelow:   WeobtainedanunderstandingoftheCompanyandthesectorinwhichtheyoperatetoidentify lawsandregulationsth atcouldreasonablybeexpectedtohaveadirecteffectonthefinancial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector and similarentities.   We determined the principal laws and regulations relevant to Company in this re gard to be thosearisingfromthe: o CompaniesAct2006; o UK‐adoptedinternationalaccountingstandards; o TaxandVATRegulations; o LSERules; o FCARules;and o Anti‐briberyandanti‐moneylaunderingregulations.   Wedesignedourauditprocedurestoensuretheaudittea mconsideredwhethertherewereany indicationsofnon‐compliancetheCompany withthoselawsandregulations.Theseprocedures included,butwerenotlimitedto: o Holding discussions with management and considering any known or suspected instancesofnon‐compliancewithlawsandregulationsorfraud; o Reviewingboa rdmeetingminutes; o ReviewingRegulatoryNewsService(RNS)announcements; o Reviewinglegalandregulatorycorrespondence.   Wealsoidentifiedtherisksofmaterialmisstatementofthefinancialstatementsduetofraud. We considered, in addition to the non‐rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias was identified in relation the cut‐off of expenses, Going Co ncern Assessment and Share Based Payments on Share warrants. We addressed this by challenging the assumptions and judgements made by managementwhenauditingthatsignificantaccountingestimateandensuring thattherewere adequate disclosures included in the respective notes including the disclosures within critical accountingestimates.   As in all of our audits, we a ddressed the risk of fraud arising from management override of controlsbyperformingauditprocedureswhichincluded,butwerenotlimitedto:thetestingof journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal co urse of business.  Becauseof the inherent limitationsof anaudit, thereis arisk that we willnot detect allirregularities, includingthose leading to a material misstatement in the financial statements or non‐compliance with regulation.Thisrisk increases the more that compliancewith a law or regulationis removed from the eventsandtra nsactionsreflectedinthefinancialstatements,aswewill belesslikelytobecomeaware of instances of non‐compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further des cription of our responsibilities for the audit of the financial statements is located on the FinancialReportingCouncil’s websiteat: www.frc.org.uk/auditorsresponsibilities.  Thisdescription forms partofourauditor’sreport. Othermatterswhichwearerequiredtoaddress We were appointed by CodexAcquisitions Plc in 2022 to audit the financial statementsfor the period ending31December2022andsubsequentfinancialperiodsandthereforethe2021financialstatements remainunaudited. Thenon‐auditservicesprohibitedbytheFR C’sEthicalStandardwerenotprovidedtothecompanyand weremainindependentofthecompanyinconductingouraudit. Useofourreport Thisreportismadesolelytothecompany’smembers,asabody,inaccordancewithChapter3ofPart16 of the Companies Act 2006.Our a udit work has been undertaken so that we might state to the company’smembers those matters we are required  tostate to themin an auditor’sreport and for no other purpose.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the com pany and the company's members as a body, for our audit work, for this report,orfortheopinionswehaveformed.  EricHindson  (SeniorStatutoryAuditor) 15WestferryCircus ForandonbehalfofPKFLittlejohnLLP CanaryWharf StatutoryAuditor LondonE144HD  28June2023  CODEXACQUISITIONSPLC STATEMENTOFCOMPREHENSIVEINCOMEFORTHE YEARENDED31DECEMBER2022 21                    totheownersofthecompany   holders(pence)   Theaboveresultsrelateentirelytocontinuingactivities. Theaccompanyingnotesonpages25to35formpartofthesefinancialstatements. Yearended31 3monthperiod December ended31 Notes 2022 December2021 £ £ Administrativeexpenses 4 (237,122) (30,315) Operatingloss (237,122) (30,315) Interestreceivable ‐ ‐ Financecosts ‐ ‐ Lossonordinaryactivitiesbeforetaxation Taxonlossonordinaryactivities  6 (237,122) ‐ (30,315) ‐ Lossandtotalcomprehensiveincomefortheperiodattributable  (237,122)  (30,315)  Earningspersharebasicattributabletotheequity 7 (0.03)   (0.06)  CODEXACQUISITIONSPLC  STATEMENTOFFINANCIALPOSITION ASAT31DECEMBER2022 22     Asat 31December Asat 31December Notes 2022 2021 £ £  CURRENTASSETS Tradeandotherreceivables   8   5,697   ‐ Cashandcashequivalents 9 626,961  50,000 632,658 50,000  TOTALASSETS  632,658  50,000  CURRENTLIABILITIES Tradeandotherpayables 10 50,095 30,315 TOTALLIABILITIES 50,095 30,315 NETASSETS 582,562 19,685  EQUITY Sharecapital   11   850,000   50,000 Retaineddeficit (267,437) (30,315) TOTALEQUITY 582,562 19,685   Theaccompanyingnotesonpages25to35formpartofthesefinancialstatements. ThesefinancialstatementswereapprovedbytheBoardofDirectorson28June2023andweresignedonitsbehalf by:   JulioPerez IndependentNon‐ExecutiveDirector Companynumber:13672588 CODEXACQUISITIONSPLC STATEMENTOFCASHFLOWS FORTHEYEARENDED31DECEMBER2022  23     Notes Yearended 31December 2022  £ 3month Periodended 31December 2021 £ Cashflowfromoperatingactivities Lossfortheperiod  (237,122)  (30,315) Adjustmentsfor: Decreaseintradeandotherr eceivables  ‐  ‐ Increaseintradeandotherpayables 14,083 30,315 Sharebasedpayments ‐ ‐ Netcashoutflowfromoperatingactivities (223,038) ‐  Cashflowfromfinancingactivities Proceedsontheissueofshares 800,000 50,000 Netcashinflowfromfinancingactivities 800,000 50,000  NetIncreaseincashandcashequivalents  576,961  50,000 Cashandcashequivalentsatthebeginningoftheperiod 50,000 0  Cashandcashequivalentsattheendoftheperiod 626,961 50,000    Therewerenocashflowsfrominvestingactivitiesduringtheperiod.     Theaccompanyingnotesonpages25to35formpartofthesefinancialstatements. CODEXACQUISITIONSPLC STATEMENTOFCHANGESINEQUITYFORTHE YEARENDED31DECEMBER2022 24    ThestatementofchangesinequityoftheCompanyfromthedateofincorporationon11October 2021to31December2022isstatedbelow:               Definitions: Sharecapital–theordinaryissuedsharecapitaloftheCompany. Retaineddeficit–Cumulativenetgai ns andlossesrecognisedintheStatementofComprehensive Income    Theaccompanyingnotesonpages25to35formpartofthesefinancialstatements. Share RetainedTotals CapitalDeficit £££  Balanceat11October202150,00050,000  Totalcomprehensivelossforthe  (30,315) (30,315) Balanceat31December202150,000 (30,315)19,685  Totalcomprehensivelossforthe  (237,122) (237,122) Sharesissuedduringtheperiod800,000 800,000 Balanceat31December2021850,000 (267,437) 582,562  CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 25    1 GENERALINFORMATION The principal activity of Codex Acquisitions plc (the "Company") is to identify potential companies, businessesorasset(s)intheRenewableEnergysectorthatwillincreaseshareholdervalue. TheCompanyisdomiciledintheUnitedKingdomandincorporatedandregisteredinEnglandandWales asa public limitedcompany. Th eCompany’s registeredofficeis9 th Floor,107 Cheapside, London EC2V 6DN.TheCompany’sregisterednumberis13672588.  2 ACCOUNTINGPOLICIES 2.1 Basisofpreparation  The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates.Italso requiresCompany management toexercisejudgment in applying the Company's  accounting policies.The areas where significant judgments and estimates have been madeinpreparingthefi nancialstatementsandtheireffectaredis closedin note2.11 TheFinancialStatementsoftheCompanyhavebeenpreparedinaccordancewithUK‐adoptedIAS. The Financial Statements have been prepared under the historical cost convention unless otherwise stated. The principal accounting poli cies are set out below and have, unless otherwise stated, bee n applied consistently. The Financial Statements are prepared in pounds Sterling and presented to the nearestpound. 2.2 Goingconcern Thefinancialstatementshavebeenpreparedonagoingconcernbasis,whichassumesthattheCompany willcontinueinoperationalexistencefortheforeseeablefuture. The Company had a ne t cash outflow from operating activities for the period of £223,038 and at 31 December2022hadcashandcashequivalentsbalanceof£626,961. In March 2022, the Company raised £800,000 which was primarily used to finance the Company. The Companybelievesthatthefundingwillbesufficienttomeetit sworkingcapitalrequirementsforatleast the next 12 months. AccordinglytheDirectorsareconfidentthatcostswill bemanagedsuch thatthey canbemaintainedwithintheworkingcapitalraised.Forthisreason,theDirectorscontinuetoadoptthe goingconcernbasisinpreparingthefinancialstatements. 2.3 Foreigncurre ncytranslation ThefinancialinformationispresentedinSterlingwhichistheCompany’sfunctionalandpresentational currency. Transactionsincurrenciesotherthanthefunctionalcurrencyarerecognisedattheratesofexchange on the dates of the transactions. At each balance sheet date, monetary assets and liabilities are retranslated at th e rates prevailing at the balance sheet date with differences recognised in the Statementofcomprehensiveincomeintheperiodinwhichtheyarise. CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 26    2. ACCOUNTINGPOLICIES(CONTINUED) 2.4 Cashandcashequivalents  Cashandcas hequivalentscomprisecashathandandcurrentanddepositbalancesatbanks. 2.5 Tradeandotherrece ivab le s Duetotheshort‐termnatureofthecurrentreceivables,theircarryingamountisconsideredtobethe sameastheirfairvalue. 2.6 Tradean dotherpayables Tradepayablesarerecognisedinitiallyattheirfairvalueandsubsequentlymeasuredatamortisedcost. 2.7 Financialinstruments Initialrecognition AfinancialassetorfinancialliabilityisrecognisedinthestatementoffinancialpositionoftheCompany whenitarisesorwh entheCompanybecomespa rtofthecontractualtermsofthefinancialinstrument. Classification Financialassetsatamortisedcost TheCompanymeasuresfinancialassetsatamortisedcostifbothofthefollowingconditionsaremet  theassetisheldwithinabusinessmodelwhoseobjectiveistocollectcontractualcashflows; and  the contractual terms of the f inancial asset generating cash flows at specified dates only pertaintocapitalandinterestpaymentsonthebalanceoftheini tialcapital. FinancialassetswhicharemeasuredatamortisedcostaremeasuredusingtheEffectiveInterestRate Method(EIR)andaresubjecttoimpairment.Gainsandlossesarerecognisedinprofitorlosswhenthe assetisdere cognised,modifiedorimpaired. Financialliabilitiesatamortisedcost Financialliabilitiesmeasuredatamortisedcostusingtheeffectiveinterestratemethodincludecurrent borrowings and trade and other payables that are short term in nature. Financial liabilities are derecognised if the Company’s obligations specifie d in the contract expire or are discharged or cancelled. Amortisedcostiscalculatedbytakingintoaccountanydiscountorpremiumonacquisitionandfeesor coststhatareanintegralpartoftheeffectiveinterestrate(“EIR”).TheEIRamortisationisincludedas financecostsinprofitorloss.Tradepayablesotherpayablesarenon‐inter estbearingandarestated atamortisedcostusingtheeffectiveinterestmethod. Derecogn ition Afinancialassetisderecognisedwhen:  therightstoreceivecashflowsfromtheassethaveexpired,or  theCompanyhastransferreditsrightstoreceivecashflowsfromtheassetorhasundertaken thecommitmenttofullypaythecashflowsreceivedwithoutsignificantdelaytoathirdparty underanarrangementandhaseither(a)transferredsubstantiallyalltherisksandtheassets oftheassetor(b)hasnei thertransferrednorheldsubstantiallyalltherisksandestimatesof theassetbuthastransferredthecontroloftheasset.  CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 27    2 ACCOUNTINGPOLICIES(CONTINUED) Impairment TheCompanyrecognisesaprovisionforimpairmentforexpectedcreditlossesregardingallfinancial assets.Expectedcreditlossesarebasedonthebalancebetweenallthepayablecontractualcashflows andalldiscountedcashflowsthatthe Companyexpectstoreceive.Regardingtradereceivables,the CompanyappliestheIF RS9simplifiedapproachinordertocalculateexpectedcreditlosses.Therefore, ateveryreportingdate,provisionforlossesregardingafinancialinstrumentismeasuredatanamount equal to the expected credit losses over its lifetime without monitoring changes in credit risk. To measure expected credit losses, trade receivables and contrac t assets havebeen grouped basedon sharedriskcharacteristics. 2.8 Equity Sharecapital isdeterminedusingthenominalvalueofsharesthathavebeenissued. TheShare premium account includes any premiums  receivedon the initialissuing of the sharecapital. Anytransactioncostsassociatedwiththeissuingofsh aresaredeductedfromtheSharepremiumaccount, netofanyrelatedincometaxbenefits. Equity‐settledshare‐basedpaymentsarecreditedtoawarrantsreserveasacomponentofequityuntil relatedoptionsorwarrantsareexercisedorlapse. Retainedearningsincludesallcurrentandpriorperiodresultsasdisclosedintheincomest atement. 2.9 Earningspershare Basicearningspershareiscalculatedbydividing: The loss attributable to owners of the company, e xcluding any costs of servicing equity other than ordinaryshares. Byweightingtheaveragenumberofordinarysharesoutstandingduringthefinancialperiod.  CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 28    2. ACCOUNTINGPOLICIES(CONTINUED) 2.10 Taxation Tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as reportedintheincomestatementbecauseitexcludesitemsofincomeandexpensethataretaxableor  deductible in other years and it further excludes  items that are never taxable or deductible. Th e Company’sliabilityforcurrenttaxiscalculatedusingtaxratesthathavebeenenactedorsubstantively enactedbythebalancesheetdate. Deferredtax is  recognisedon differences betweenthecarrying amounts of assets andliabilities in the financial statements and the corresponding taxbases usedin the computation of taxableprofit and is accoun tedforusing the balance sheetliabilitymethod.Deferred taxliabilities aregenerallyrecognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Su ch assets and liabilities are not recognised if the temporary difference arises from initial recognition of goodwill or fromthe initial recognition (other than in a business combination) of other assetsandliabilitiesinatransactionthataffectsneitherthetaxableprofitnortheaccountingprofit. Deferred tax  liabilities are recognise d for taxable temporary differences arising on investments in subsidiariesandassociates,andinterestsinjointventures,exceptwheretheCompanyisabletocontrol thereversalofthetemporarydifferenceanditisprobablethatthetemporarydifferencewillnotreverse intheforeseeablefuture. Thecarrying amountofdeferred taxassetsisreviewed ateachbalance sh eetdateandreducedtothe extentthatitisnolongerprobablethatsufficienttaxableprofitswillbeavailabletoallow allorpartof theassettoberecovered. Deferredtax iscalculatedatthe taxratesthatare ex pected to apply in theperiod when the liability is settled,ortheassetrealised.Deferredtaxischargedorcreditedtoprofitorloss,exceptwhenitrelates toitemschargedorcrediteddirectlytoequity,inwhichcasethedeferredtaxisalsodealtwithinequity. Deferredtaxassetsandliabilitiesareoffsetwhenthereisalegallyenforceabler ighttosetoffcurrenttax assets against currenttax liabilities and whenthey relateto income taxes levied bythe same taxation authorityandtheCompanyintendstosettleitscurrenttaxassetsandliabilitiesonanetbasis. 2.11 Criticalaccountingjudge mentsandkeysourcesofestimationuncerta int y Intheprocessofapplyingtheentity’saccountingpolicies,managementmakesestimatesandassumptions thathaveaneffectontheamountsrecognisedinthefinancialinformation.Althoughtheseestimatesare based on management’s best knowledge of current events and actions, actual results may ultimatel y differfromthoseestimates.TheDirectorsdonotconsidertheretobeanycriticalaccountingestimates orjudgmentmadeinthepreparationofthesefinancialstatements. 2.12 Standards,amendmentsandinterpretationstoexistingstandardsthatarenotyeteffective Newstandards,amendmentstostandardsandi nterpretations: TheCompanyhasadoptedallofthenewandrevisedStandardsandInterpretationsthatarerelevantto their operations and effective for accounting periods beginning 1 January2022. The Companyhas not adoptedanystandardsorinterpretationsinadvanceoftherequiredimplementationdates.  The adoption of the Standards and In terpretations which became effective this year did not have a materialimpactontheseFinancialStatements. CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 29    2. ACCOUNTINGPOLICIES(CONTINUED)  Standardsnotyetapplied At the date of authorisation of these financial statements, the following relevant Standards and Interpretations, which have not been applied in these financial statements, were in issue but not yet effective(andinsomecaseshavenotyetbeenadoptedbytheUKEndorsementsBoard) :   Standard Impactoninitialapplication Effectivedate IAS1 Amendments–PresentationandClassificationofLiabilitiesasCurrentor Non‐current 1January2023 IAS8 Amendments–DefinitionofAccountingEstimates 1January2023 IAS1 Amendments–DisclosureofAccountingPolicies1January2023 IFRS17  Insurancecontracts 31December2023  Thedirectorsareevaluatingtheimpactthatthesestandardswillhaveonthefinancialstatementsofthe Companybutitisnotanticipatedthattheywillhaveamaterialimpactonthecompany. 2.13 Segmentalreporting Operatingsegmentsarereportedinamannerconsistentwiththeinternalreportingprovidedtothechief operatingde cision‐maker. The chief o perating decision‐maker, who is responsible for allocating resources and assessing performanceoftheoperatingsegments,hasbeenidentifiedastheBoardasawhole. GiventhecurrentoperationsoftheCompanytherearenoreportablesegments. 2.14 FinancialRiskManagementObjectivesandPolicies  TheCompanydoesnotenterintoanyforwardexchangeratecontracts. Themain financialrisksarisingfrom theCompany’sactivitiesaremarketrisk, interestraterisk, foreign exchangerisk,creditrisk,liquidityriskandcapitalriskmanagement.Furtherdetailsontheriskdisclosures canbefoundinNote15.  3. REVENUE Therewasnorevenuegeneratedintheperiod. CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 30    4. ADMINISTRATIVEEXPENSES Thisisstatedaftercharging:  31December 3monthsto 31December  Auditor’sremuneration 2022 £ 2021 £ ‐ auditoftheCompany 20,000 ‐ ‐ non‐auditservi c es corporatefinanceservices 15,000 10,000 Directors’remuneration ‐ ‐ Legal,professionalandconsultancyfees 159,000 20,315 Otherex pen ses 43,122 ‐   5. DIRECTORSANDSTAFFCOSTS DuringtheyeartheonlystaffoftheCompanyweretheDirectorsandassuchtheDirectorsarethekey managementpersonnel.Managementremuneration,otherbenefitssuppliedandsocialsecuritycoststo theDirectorsduringtheperiodwasasfollows£Nil(2021:£Nil). Theaveragenumberofstaffduringth eperiod,includingDirectorswas3. TheremunerationandassociatedsocialsecuritycostsperDirectorfortheyearended31December2022 wasallshortterminnatureandareasstatedintheremunerationreportonpages10‐11.   6. TAXATION   31December 3months ending 31December  Thecharge/creditfortheperiodismadeupasfollows: 2022 £ 2021 £ Corporationtaxationontheresultsfortheperiod ‐ ‐ Deferredtax ‐ ‐ Taxationcharge/creditfortheperiod ‐ ‐ CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 31    6. TAXATION(CONTINUED)  Areconciliationofthetaxcharge/creditappearingintheincomestatementtothetaxthatwould resultfromapplyingthestandardrateoftaxtotheresultsfortheperiodis:   Lossperaccounts (237,122) (30,315) TaxcreditatthestandardrateofcorporationtaxintheUK of19%  (45,053)  (5,759) Impactofcostsdisallowedfortaxpurp oses ‐ ‐ Impactofunrelievedtaxlossescarriedforward 45,053 5,759 ‐ ‐  Estimated tax losses of £267,437 (31 December 2021: £30,315) are available for relief against future profits.Norelatingdeferredtaxassethasbeenprovidedforintheaccountsbasedontheuncertaintyas towhenprofitswillbegeneratedagainstwhichtorelievesaidasset. Factorsaffectingthefuturetaxchar ge  ThestandardrateofcorporationtaxintheUKis19 %.Accordingly,theCompany’seffectivetaxratefor theperiodwas19%. The government has now cancelled a planned increase in corporation tax. Rather than rising to 25%  fromApril2023,theratewillremainat19%forallfirms,regardlessofthea mountofprofitmade.  7. EARNINGSPERSHARE Basicearningspershareiscalculatedbydividingthelossattributabletoequityholders oftheCompany bytheweightedaveragenumberofordinarysharesinissueduringtheperiod.    31December 3months ending 31December 2022 2021 £ £ Loss from continuing operations attributable to equity holdersofthecompany (273,122) (30,315) Weightedaveragenumberofordinarysharesinissue 7,009,589 500,000 Basic and fully diluted loss per  share from continuing operations(pence) (0.04)(0.06)    Thecalculationoftheear ningspershare isbasedonthe lossforthefinancial periodafter taxationof £273,122andontheweightedaverageof7,009,589ordinarysharesinissueduringtheperiod.  The Directors do not think it appropriate to calculate a fair value for the Warrant Instrument outstanding as at 31 December 2022 because the Exer cise Price for the Warrant is unknown. The ExercisePricefortheWarrantwillonlybesetbyusingthefinalAcquisition Pricepershareestablished duringanAcquisition. CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 32    8. TRADEANDOTHERRECEIVABLES 31December 31December 2022 £ 2021 £ Prepaymentsandotherreceivab les 5,697 ‐ 5,697 ‐   The Directors considerthat the carryingvalue amount oftrade and otherreceivables approximatesto theirfairvalue.  9. CASHANDCASHEQUIVALENTS  31December 2021 £  31December 2021 £ Cashatbank  626,961   50,000   629,961  50,000   Cash at bank comprises balances held by the Company in curr ent bank accounts and instant access depositaccounts.Thecarryingvalueoftheseapproximatestotheirfairvalue.   10. TRADEANDOTHERPAYABLES 31December 31December 2022 £ 2021 £ Accruedliabilities 40,000 ‐ Tradeandotherpayables 45,008 30,315 VatLiability (34,913)  50,095 30,315 Tradepayablesandaccruals principallycompriseamountsoutstandingfortradepurchasesandcontinuing costs.TheDirectorsconsiderthatthecarryingvalueamountoftradeandotherpayablesapproximatesto theirfairvalue.ReferNote15.  11. SHARECAPIT AL/SHAREPREMIUM   Numberof shareson issue  Share capital £  Total £ Balanceasat31December2021 500,000 50,000 50,000 CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 33   Balanceasat31December2021 500,000 50,00050,000 S hares issued during the year ended 31  December2022(netofissuecosts) 8,000,000 800,000800,000 Balanceasat31December2022 8,500,000 850,000850,000  TheCompanyhasonlyoneclassofshare.Allordinaryshareshaveequalvotingrightsandrankparipassu forthedistributionofdividendsandrepaymentofcapital.Asat31December2022theCompany’sissued and outstanding capital structure comprised 8,500,000 shares and there were no other  securities in issueandou tstanding. From11October2021to31March2022theCompanyissued8,500,000ordinarysharesof£0.10eachata subscriptionpriceof£0.10persubscriptionshare.Thesharesrankparipassuinallrespectstotheexisting ordinaryshares.  12. CAPITALCOMMITMENTS Therewerenocapitalcommitmentsat31December2022(2021:£n il).  13. CONTINGENTLIA B ILITIES Therewerenocontingentliabilitiesat31December2022(2021:£nil).  14. FINANCIALINSTRUMENTSANDRISKMANAGEMENT TheCompany’sfinancialinstrumentscompriseprimarilycashandvariousitemssuchastradedebtorsand tradepayableswhicharis edirectlyfromoperations.Themainpurposeofth esefinancialinstrumentsis toprovideworkingcapitalfortheCompany’soperations.TheCompanydoesnotutilisecomplexfinancial instrumentsorhedgingmechanisms. Financialassetsbycat eg o r y Thecategoriesoffinancialassetsareasfollows:  31December 31December 2022 2021 £ £  CurrentAssetsatamortisedcost: Unpaidamountonsharecapital  ‐  ‐ Cashandcashequivalents 626,961 50,000 626,961 50,000         CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 34   14. FINANCIALINSTRUMENTSANDRISKMANAGEMENT(CONTINUED) Financialliabilitiesbycategory Thecategoriesoffinancialliabilitiesareasfollows: 31December 31December  CurrentLiabilitiesatamortisedcost: 2022 £ 2021 £ Tradeandotherpayables 45,009 30,315    Categorised as financial liabilities measured at amortised cost 45,009 30,315    Allamountsareshorttermandpayablein0to3months. Creditrisk Themaximumexposuretocreditriskatthereportingdatebyclassoffinancialassetwas:  31December 31December 2022 2021 £ £ Tradeandotherreceivables ‐ ‐ Cashandcashequivalents 626,961 50,000  Interestraterisk None of the Company’s assets  or liabilities are subject to any material interest rate risk since any interest earned would be at a negligible interest rate and none are subject to interest charges. All depositsareplacedwithmainclearingbanksorheldincashwallets tofacilitatenon‐sterlingpaymen tsor expense payments. The deposits are placed in current accounts or instant access deposit accounts to provideflexibilityandaccesstothefunds. The nature of the Company’s activities and the basis of funding are such that the Company seeks to maintainliquidresourcestomeetitsexpensesforatleasttwelvemonths.Th ecashresourcesaremore than sufficient to meet anticipated outgoings for a year. The Company will utilise these resources to meetthecostofoperationsoftheCompany. Creditandliquidityrisk Creditriskistheriskofanunexpectedlossif  a counterpartytoafinancial in strumentfailstomeetits commercialobligations.TheCompany’smaximumcreditriskexposureislimitedtothecarryingamount ofcashof£626,961.Astheprepaidconsiderationisnon‐refundableitisnotsubjecttocreditrisk.Credit riskismanagedbydepositingsurplusfundswithfinancialinstituti onswithacreditratingequivalentto, orabove,themainUKclearingbanks.Allfinancialliabilitiesarepayableintheshortterm(between0to 3months)andtheCompanymaintainsadequatebankbalancestomeetthoseliabilities. CODEXACQUISITIONSPLC NOTESTOTHEFINANCIALSTATEMENTSFOR THEYEARENDED31DECEMBER2022 35    14. FINANCIALINSTRUMENTSANDRISKMANAGEMENT(CONTINUED) The Company operates in a global market with income and costs possibly arising in a number of currencies. The majority of the operating costs are incurred in £GBP. The Company does not hedge potentialfutureincomeorcosts,sincetheexistence,quantumandtimingofsuchtransactio nscannotbe accuratelypredicted.TheCompanydidnothaveforeigncurrencyexposureatperiodend.  15. CAPITALMANAGEMENT The Company manages its capital to ensure that it will be able to continue as a going concern while maximisingthereturntoshareholdersthroughtheoptimisationofthebalancebetwee ndebtandequity. The capital structure of the Company as at 31 December 2022 consisted of equity attributable to the equityholdersoftheCompany,totaling£582,562. The Company reviews the capital structure on an on‐going basis. As part of this review, the directors considerthecostofcapi talandtherisksassociatedwitheachclassofcapital.TheCompanywillbalance itsoverallcapitalstructurethroughthepaymentofdividendsandnewshareissues.TheCompanyhasno planstotakeondebtcapital.   16. RELATEDPARTYTRANSACTIONS Vanguard Equity Investments Ltd, a company that the sole Director is  Julio  Perez, received £17,000 (20 21: £Nil) during the year for the repayment of FCA and LSE costs incurred by the Company in connection with the admission of its ordinary shares to a Standard Listing and  to trading on the Main Market.Attheyearend,anamountof£Nil(2021:£ Nil)wasduetoVanguardEquityInvestmentsLtd.  17. EVENTSSUBSEQUENTTOYEAREND Therewerenosignificanteventssubsequenttotheyearend.  18. CONTROL IntheopinionoftheDirectorsthereisnosingleultimatecontrolling party. 