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REGISTERED NUMBER: 04882814 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

5 Axis LTD

5 Axis LTD (Registered number: 04882814)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


5 Axis LTD (Registered number: 04882814)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,086 5,079
Tangible assets 5 643,992 470,031
646,078 475,110

CURRENT ASSETS
Stocks 168,131 39,074
Debtors 6 520,007 892,474
Cash at bank and in hand 338,994 294,120
1,027,132 1,225,668
CREDITORS
Amounts falling due within one year 7 614,704 840,676
NET CURRENT ASSETS 412,428 384,992
TOTAL ASSETS LESS CURRENT LIABILITIES 1,058,506 860,102

CREDITORS
Amounts falling due after more than one year 8 (447,541 ) (461,984 )

PROVISIONS FOR LIABILITIES (30,480 ) (45,533 )
NET ASSETS 580,485 352,585

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 580,385 352,485
SHAREHOLDERS' FUNDS 580,485 352,585

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

5 Axis LTD (Registered number: 04882814)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by:





Mr T A Foster - Director


5 Axis LTD (Registered number: 04882814)

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

1. STATUTORY INFORMATION

5 Axis LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04882814

Registered office: Ensor Way
New Mills
High Peak
Cheshire
SK22 4NQ

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Revenue is recognised as the company becomes entitled to consideration for the goods and services supplied. Therefore, turnover also includes the element of work completed but not yet invoiced on service contracts.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Depreciation is charged on a monthly basis from the date of purchase to the date of disposal at the above rate.

Government grants
Grants from Government are recognised where there is reasonable assurance that the grant will be received and the company will comply with all attached conditions.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

5 Axis LTD (Registered number: 04882814)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 21 ) .

5 Axis LTD (Registered number: 04882814)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2022
and 31 March 2023 24,570
AMORTISATION
At 1 April 2022 19,491
Amortisation for year 2,993
At 31 March 2023 22,484
NET BOOK VALUE
At 31 March 2023 2,086
At 31 March 2022 5,079

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 728,870 24,695 17,768 771,333
Additions 214,978 55,499 6,619 277,096
Disposals - (11,200 ) - (11,200 )
At 31 March 2023 943,848 68,994 24,387 1,037,229
DEPRECIATION
At 1 April 2022 284,783 10,394 6,125 301,302
Charge for year 87,757 8,544 4,860 101,161
Eliminated on disposal - (9,226 ) - (9,226 )
At 31 March 2023 372,540 9,712 10,985 393,237
NET BOOK VALUE
At 31 March 2023 571,308 59,282 13,402 643,992
At 31 March 2022 444,087 14,301 11,643 470,031

5 Axis LTD (Registered number: 04882814)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 526,344 13,495 539,839
Additions 157,695 55,499 213,194
At 31 March 2023 684,039 68,994 753,033
DEPRECIATION
At 1 April 2022 233,887 1,687 235,574
Charge for year 54,720 8,025 62,745
At 31 March 2023 288,607 9,712 298,319
NET BOOK VALUE
At 31 March 2023 395,432 59,282 454,714
At 31 March 2022 292,457 11,808 304,265

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 503,639 854,943
Other debtors 16,368 37,531
520,007 892,474

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,960 9,717
Hire purchase contracts 146,209 106,163
Trade creditors 131,429 309,742
Taxation and social security 184,641 199,801
Other creditors 142,465 215,253
614,704 840,676

5 Axis LTD (Registered number: 04882814)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,442 32,402
Hire purchase contracts 266,996 240,479
Other creditors 158,103 189,103
447,541 461,984

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 413,205 346,642

Hire purchase liabilities are secured against the assets to which they relate.

Mr Alan Foster has also provided a personal guarantee of £50,000 on the hire purchase debt facility.

10. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £81,203 (2022 £47,111). This financial commitment represents the total amount of payments remaining on leases ending during 2024..