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Registration number: 06681671

Axis Controls (NW) Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Axis Controls (NW) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Axis Controls (NW) Ltd

Company Information

Directors

Mr C R Hardy

Ms K Hallmark

Registered office

Unit 9 Kensington Industrial Estate
Hall Street
Southport
Merseyside
PR9 0NY

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

Axis Controls (NW) Ltd

(Registration number: 06681671)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

40,808

11,292

Current assets

 

Stocks

5

86,300

83,000

Debtors

6

185,027

96,424

Cash at bank and in hand

 

185,606

182,624

 

456,933

362,048

Creditors: Amounts falling due within one year

7

(330,021)

(242,952)

Net current assets

 

126,912

119,096

Total assets less current liabilities

 

167,720

130,388

Creditors: Amounts falling due after more than one year

7

(88,420)

(102,802)

Provisions for liabilities

(6,107)

(1,677)

Net assets

 

73,193

25,909

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

72,193

24,909

Shareholders' funds

 

73,193

25,909

For the financial year ending 31 March 2023 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 

.........................................
Mr C R Hardy
Director

 

Axis Controls (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Unit 9 Kensington Industrial Estate
Hall Street
Southport
Merseyside
PR9 0NY

These financial statements were authorised for issue by the Board on 8 November 2023.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

 

Axis Controls (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% per annum straight line

Furniture, fittings, tools and equipment

25% per annum straight line

Office equipment

33% per annum straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

Axis Controls (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 6).

 

Axis Controls (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

12,417

27,504

44,332

23,856

108,109

Additions

-

9,905

37,750

966

48,621

Disposals

-

-

(19,319)

-

(19,319)

At 31 March 2023

12,417

37,409

62,763

24,822

137,411

Depreciation

At 1 April 2022

12,340

24,055

39,292

21,130

96,817

Charge for the year

74

4,562

11,643

2,827

19,106

Eliminated on disposal

-

-

(19,320)

-

(19,320)

At 31 March 2023

12,414

28,617

31,615

23,957

96,603

Carrying amount

At 31 March 2023

3

8,792

31,148

865

40,808

At 31 March 2022

77

3,449

5,040

2,726

11,292

 

Axis Controls (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Stocks

2023
£

2022
£

Other inventories

86,300

83,000

 

Axis Controls (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

140,419

80,893

Prepayments

18,433

15,531

Other debtors

26,175

-

 

185,027

96,424

 

Axis Controls (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

8

42,409

37,586

Trade creditors

 

164,112

139,788

Taxation and social security

 

29,678

10,664

Accruals and deferred income

 

2,000

1,500

Other creditors

 

91,822

53,414

 

330,021

242,952

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

88,420

102,802

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

69,759

102,802

Other borrowings

18,661

-

88,420

102,802

2023
£

2022
£

Current loans and borrowings

Bank borrowings

35,078

37,586

Other borrowings

7,331

-

42,409

37,586

 

Axis Controls (NW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000