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Registration number: 09341486

Axis Property Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Axis Property Solutions Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

Notes to the Unaudited Financial Statements

4 to 7

 

Axis Property Solutions Limited

Company Information

Directors

C I Kennedy

D B Cusack

A D Mackenzie

Registered office

D S House
306 High Street
Croydon
Surrey
CR0 1NG

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Axis Property Solutions Limited
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Axis Property Solutions Limited for the year ended 31 December 2022 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Axis Property Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Axis Property Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Axis Property Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Axis Property Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Axis Property Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Axis Property Solutions Limited. You consider that Axis Property Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Axis Property Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

3 November 2023

 

Axis Property Solutions Limited

(Registration number: 09341486)
Statement of Financial Position as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

2,362,222

2,731,622

Current assets

 

Debtors

5

82,710

45,666

Cash at bank and in hand

 

994,478

286,713

 

1,077,188

332,379

Creditors: Amounts falling due within one year

6

(209,970)

(74,285)

Net current assets

 

867,218

258,094

Total assets less current liabilities

 

3,229,440

2,989,716

Creditors: Amounts falling due after more than one year

6

(2,986,903)

(2,843,203)

Net assets

 

242,537

146,513

Capital and reserves

 

Called up share capital

100

100

Retained earnings

242,437

146,413

Shareholders' funds

 

242,537

146,513

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 3 November 2023 and signed on its behalf by:
 

C I Kennedy
Director

   
     
 

Axis Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
D S House
306 High Street
Croydon
Surrey
CR0 1NG
England

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

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Axis Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

 

Axis Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

4

Investment properties

2022
£

At 1 January

2,731,622

Additions

290,600

Disposals

(660,000)

At 31 December

2,362,222

5

Debtors

2022
£

2021
£

Trade debtors

63,785

42,241

Prepayments

953

-

Other debtors

17,972

3,425

82,710

45,666

 

Axis Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

2,465

-

Taxation and social security

25,900

29,511

Accruals and deferred income

181,605

44,774

209,970

74,285

Creditors: amounts falling due after more than one year

2022
£

2021
£

Due after one year

Other non-current financial liabilities

2,986,903

2,843,203

7

Indebtedness, Guarantees and Financial commitments

Included in creditors falling due after more than one year are loans from shareholders totalling £2,986,903 (2021 - £2,843,203). These loans are not due for repayment before 2038. Interest of 7.5% per annum is charged to the company.