Registered number
05848405
Axis Commercial Finance Limited
Filleted Accounts
30 June 2023
Axis Commercial Finance Limited
Registered number: 05848405
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,633 5,551
Investments 4 750,541 765,541
761,174 771,092
Current assets
Debtors 5 204,667 217,540
Cash at bank and in hand 262,513 206,972
467,180 424,512
Creditors: amounts falling due within one year 7 (55,641) (54,422)
Net current assets 411,539 370,090
Total assets less current liabilities 1,172,713 1,141,182
Creditors: amounts falling due after more than one year 8 (333,014) (343,014)
Provisions for liabilities (34,303) (30,820)
Net assets 805,396 767,348
Capital and reserves
Called up share capital 60 60
Capital redemption reserve 9 (144,619) (144,619)
Profit and loss account 949,955 911,907
Shareholders' funds 805,396 767,348
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 and the director's report have not been delivered to the Registrar of Companies.
S Chester
Director
Approved by the board on 4 March 2024
Axis Commercial Finance Limited
Notes to the Accounts
for the year ended 30 June 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 rendering of financial services and 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:
Fixtures, fittings, tools and equipment over 5 years
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), 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. 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. 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. 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 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 11,169
Additions 9,418
Disposals (560)
At 30 June 2023 20,027
Depreciation
At 1 July 2022 5,618
Charge for the year 4,336
On disposals (560)
At 30 June 2023 9,394
Net book value
At 30 June 2023 10,633
At 30 June 2022 5,551
4 Investments
Other
investments
£
Cost
At 1 July 2022 765,541
Additions 10,000
Revaluation (25,000)
At 30 June 2023 750,541
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 203,082 203,082
Other debtors 1,585 14,458
204,667 217,540
6 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments (25,000) 50,000
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,800 10,800
Taxation and social security costs 35,874 37,561
Other creditors 8,967 6,061
55,641 54,422
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 333,014 343,014
9 Revaluation reserve 2023 2022
£ £
At 1 July 2022 (144,619) (144,619)
At 30 June 2023 (144,619) (144,619)
10 Other information
Axis Commercial Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
Central House
124 High Street
Hampton Hill
Middlesex
TW12 1NS
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