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.
