Registered number
06427193
Metaxis Limited
Filleted Accounts
31 March 2023
Metaxis Limited
Registered number: 06427193
Directors' Report
The directors present their report and accounts for the year ended 31 March 2023.
Principal activities
The company's principal activity during the year continued to be software design and development.
Directors
The following persons served as directors during the year:
Dr G Dooley
Mrs A Dooley
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 19 June 2023 and signed on its behalf.
Dr G Dooley
Director
Metaxis Limited
Registered number: 06427193
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,909 6,546
Current assets
Debtors 4 99,926 27,913
Cash at bank and in hand 23,893 61,074
123,819 88,987
Creditors: amounts falling due within one year 5 (43,347) (16,569)
Net current assets 80,472 72,418
Total assets less current liabilities 85,381 78,964
Creditors: amounts falling due after more than one year 6 - (975)
Provisions for liabilities (1,227) (1,244)
Net assets 84,154 76,745
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 83,154 75,745
Shareholders' funds 84,154 76,745
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr G Dooley
Director
Approved by the board on 19 June 2023
Metaxis Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant , machinery and motor vehcle 25% per annum on reducing balance
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 89,317 9,139 98,456
At 31 March 2023 89,317 9,139 98,456
Depreciation
At 1 April 2022 82,934 8,976 91,910
Charge for the year 1,596 41 1,637
At 31 March 2023 84,530 9,017 93,547
Net book value
At 31 March 2023 4,787 122 4,909
At 31 March 2022 6,383 163 6,546
4 Debtors 2023 2022
£ £
Trade debtors 56,738 23,260
Corporation tax refund due 23,188 4,653
Other debtors 20,000 -
99,926 27,913
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 14,751 10,960
Other creditors 28,596 5,609
43,347 16,569
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - 975
7 Controlling party
The company is controlled by a director, Dr G Dooley, who owns a majority of the issued capital.
8 Other information
Metaxis Limited is a private company limited by shares and incorporated in England. Its registered office is:
Elmbank Offices, Elmbank Court
Main Road, Curbridge
Witney
Oxfordshire
OX29 4NT
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