2022-10-012023-09-302023-09-30false092170515AXISWORKS 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5AXISWORKS LTD

Registered Number
09217051
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

5AXISWORKS LTD
Company Information
for the year from 1 October 2022 to 30 September 2023

Directors

GAYDAR, Elena
GRIDNEV, Fedor

Registered Address

5 Artesian Close
London
NW10 8RW

Registered Number

09217051 (England and Wales)
5AXISWORKS LTD
Balance Sheet as at
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets63,7538,481
3,7538,481
Current assets
Stocks785,00090,000
Debtors8109,00476,012
Cash at bank and on hand20,33477,444
214,338243,456
Creditors amounts falling due within one year9(44,029)(32,537)
Net current assets (liabilities)170,309210,919
Total assets less current liabilities174,062219,400
Creditors amounts falling due after one year10(231,698)(202,560)
Net assets(57,636)16,840
Capital and reserves
Called up share capital22
Profit and loss account(57,638)16,838
Shareholders' funds(57,636)16,840
The financial statements were approved and authorised for issue by the Board of Directors on 14 November 2023, and are signed on its behalf by:
GAYDAR, Elena
Director
Registered Company No. 09217051
5AXISWORKS LTD
Notes to the Financial Statements
for the year ended 30 September 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The company designs, manufactures and sells specialist desktop CNC (Computer Numerical Control) machines to repeatedly create finely detailed parts.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development policy
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the profit or loss as an expense as incurred.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Government grants received are released to the Income Statement as they are received.
Going concern
The directors believe that the company is experiencing good levels of sales growth and that investment in new technology will improve it's commercial position, and that it is well placed to manage its business risks successfully. The accounts have been prepared on a going concern basis which assumes that the company will be able to continue to meet its financial obligations for a period of at least 12 months from the date of this report. In deciding that this basis was appropriate, the directors considered its cash flow forecasts and the likelihood of securing new investment if and as required. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
5.Employee information

20232022
Average number of employees during the year76
6.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 October 2229,59029,590
At 30 September 2329,59029,590
Depreciation and impairment
At 01 October 2221,10921,109
Charge for year4,7284,728
At 30 September 2325,83725,837
Net book value
At 30 September 233,7533,753
At 30 September 228,4818,481
7.Stocks

2023

2022

££
Other stocks85,00090,000
Total85,00090,000
8.Debtors

2023

2022

££
Trade debtors / trade receivables54,38656,012
Other debtors34,618-
Prepayments and accrued income20,00020,000
Total109,00476,012
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables3,218-
Bank borrowings and overdrafts23,64411,323
Taxation and social security5,50518,175
Other creditors11,6623,039
Total44,02932,537
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts231,698202,560
Total231,698202,560