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REGISTERED NUMBER: 10407672 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

AXIOM PRODUCT DEVELOPMENT LTD

AXIOM PRODUCT DEVELOPMENT LTD (REGISTERED NUMBER: 10407672)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AXIOM PRODUCT DEVELOPMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: C Johnson
M D Last
A Rendle-Eames
J E Turner
M Gilbert





REGISTERED OFFICE: Unit 3 - 5 Manor Park
Pagham Road
Runcton
Chichester
West Sussex
PO20 1LJ





REGISTERED NUMBER: 10407672 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

AXIOM PRODUCT DEVELOPMENT LTD (REGISTERED NUMBER: 10407672)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 56,967 60,881
Tangible assets 5 357,528 558,051
414,495 618,932

CURRENT ASSETS
Stocks 30,059 19,900
Debtors 6 310,933 256,586
Cash at bank and in hand 171,221 46,320
512,213 322,806
CREDITORS
Amounts falling due within one year 7 600,694 519,962
NET CURRENT LIABILITIES (88,481 ) (197,156 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

326,014

421,776

CREDITORS
Amounts falling due after more than one
year

8

289,502

407,915
NET ASSETS 36,512 13,861

CAPITAL AND RESERVES
Called up share capital 198,000 198,000
Share premium 13,190 13,190
Retained earnings (174,678 ) (197,329 )
36,512 13,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

AXIOM PRODUCT DEVELOPMENT LTD (REGISTERED NUMBER: 10407672)

BALANCE SHEET - continued
30 APRIL 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2023 and were signed on its behalf by:





M D Last - Director


AXIOM PRODUCT DEVELOPMENT LTD (REGISTERED NUMBER: 10407672)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

Axiom Product Development Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Going concern
The financial statements have been prepared on a going concern basis. The directors believe that the company has adequate resources, from bank finance, invoicing financing and support from the directors to continue trading as a going concern. The financial statements do not include any adjustment that would result if the going concern assumption was found to be inappropriate.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised over its estimated useful life of 10 years.

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 the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost
Computer equipment - 33% on cost

Impairment of fixed assets
Management have considered whether there are any indications that tangible and intangible fixed assets may have suffered an impairment at the reporting date, as required by FRS 102. Management believe that there are no internal or external factors which indicate that any such fixed assets may have been impaired. As such, the Directors have not considered it necessary to estimate the recoverable amount of such assets.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

AXIOM PRODUCT DEVELOPMENT LTD (REGISTERED NUMBER: 10407672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase contracts, finance leases and operating leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all of the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under hire purchase contracts and finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum contract payments. The related liability is included in the balance sheet as a hire purchase or finance lease obligation. Contract payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

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.

AXIOM PRODUCT DEVELOPMENT LTD (REGISTERED NUMBER: 10407672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Grant income
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£ £ £
COST
At 1 May 2022 117,000 50,123 167,123
Additions - 12,400 12,400
At 30 April 2023 117,000 62,523 179,523
AMORTISATION
At 1 May 2022 64,111 42,131 106,242
Amortisation for year 8,815 7,499 16,314
At 30 April 2023 72,926 49,630 122,556
NET BOOK VALUE
At 30 April 2023 44,074 12,893 56,967
At 30 April 2022 52,889 7,992 60,881

AXIOM PRODUCT DEVELOPMENT LTD (REGISTERED NUMBER: 10407672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and
to property machinery fittings
£ £ £
COST
At 1 May 2022 17,879 754,257 35,814
Additions - 1,711 651
Disposals - (165,065 ) (14,802 )
At 30 April 2023 17,879 590,903 21,663
DEPRECIATION
At 1 May 2022 298 232,058 25,375
Charge for year 3,576 84,488 4,737
Eliminated on disposal - (61,481 ) (11,794 )
At 30 April 2023 3,874 255,065 18,318
NET BOOK VALUE
At 30 April 2023 14,005 335,838 3,345
At 30 April 2022 17,581 522,199 10,439

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 May 2022 17,073 26,571 851,594
Additions - 1,383 3,745
Disposals - (2,190 ) (182,057 )
At 30 April 2023 17,073 25,764 673,282
DEPRECIATION
At 1 May 2022 17,073 18,739 293,543
Charge for year - 4,875 97,676
Eliminated on disposal - (2,190 ) (75,465 )
At 30 April 2023 17,073 21,424 315,754
NET BOOK VALUE
At 30 April 2023 - 4,340 357,528
At 30 April 2022 - 7,832 558,051

Included within tangible fixed assets are assets held under hire purchase contracts and finance leases with a net book value of £265,284 (2022: £393,265) at the balance sheet date. Depreciation of £34,750 (2022: £45,192) was charged on these assets during the period.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 253,625 205,486
Amounts owed by group undertakings 9,241 6,600
Other debtors 48,067 44,500
310,933 256,586

AXIOM PRODUCT DEVELOPMENT LTD (REGISTERED NUMBER: 10407672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 7,804 10,004
Finance leases 78,265 112,170
Trade creditors 118,605 109,800
Taxation and social security 69,800 65,825
Other creditors 326,220 222,163
600,694 519,962

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans 42,447 40,620
Finance leases 247,055 367,295
289,502 407,915

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Invoice financing 214,919 110,961
Hire purchase & finance leases 325,320 479,465
540,239 590,426

Included in other creditors is £214,919 (2022: £110,961) owed under an invoice financing arrangement, this is secured by way of a fixed and floating charge.

The amounts due under hire purchase contracts and finance leases are secured on the assets to which they relate.

10. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had committed to pay £109,552 (2022: £5,333) of operating leases.