Caseware UK (AP4) 2022.0.179 2022.0.179 2024-01-312024-01-31Specialists in metal cutting machine tools and fabricating machinery152023-02-01false15truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05036242 2023-02-01 2024-01-31 05036242 2022-02-01 2023-01-31 05036242 2024-01-31 05036242 2023-01-31 05036242 2022-02-01 05036242 c:Director1 2023-02-01 2024-01-31 05036242 d:Buildings d:LongLeaseholdAssets 2023-02-01 2024-01-31 05036242 d:Buildings d:LongLeaseholdAssets 2024-01-31 05036242 d:Buildings d:LongLeaseholdAssets 2023-01-31 05036242 d:PlantMachinery 2023-02-01 2024-01-31 05036242 d:PlantMachinery 2024-01-31 05036242 d:PlantMachinery 2023-01-31 05036242 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05036242 d:MotorVehicles 2023-02-01 2024-01-31 05036242 d:FurnitureFittings 2023-02-01 2024-01-31 05036242 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05036242 d:Goodwill 2023-02-01 2024-01-31 05036242 d:Goodwill 2024-01-31 05036242 d:Goodwill 2023-01-31 05036242 d:CurrentFinancialInstruments 2024-01-31 05036242 d:CurrentFinancialInstruments 2023-01-31 05036242 d:Non-currentFinancialInstruments 2024-01-31 05036242 d:Non-currentFinancialInstruments 2023-01-31 05036242 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 05036242 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 05036242 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 05036242 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 05036242 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 05036242 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 05036242 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 05036242 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 05036242 d:ShareCapital 2024-01-31 05036242 d:ShareCapital 2023-01-31 05036242 d:RetainedEarningsAccumulatedLosses 2024-01-31 05036242 d:RetainedEarningsAccumulatedLosses 2023-01-31 05036242 c:OrdinaryShareClass1 2023-02-01 2024-01-31 05036242 c:OrdinaryShareClass1 2024-01-31 05036242 c:FRS102 2023-02-01 2024-01-31 05036242 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 05036242 c:FullAccounts 2023-02-01 2024-01-31 05036242 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05036242 2 2023-02-01 2024-01-31 05036242 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 05036242 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05036242










AXE & STATUS MACHINERY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
AXE & STATUS MACHINERY LIMITED
REGISTERED NUMBER: 05036242

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
18,333
18,333

Tangible assets
 5 
54,892
16,997

  
73,225
35,330

Current assets
  

Stocks
 6 
600,740
216,447

Debtors: amounts falling due within one year
 7 
526,080
1,339,042

Cash at bank and in hand
 8 
107,652
7,404

  
1,234,472
1,562,893

Creditors: amounts falling due within one year
 9 
(923,941)
(1,358,910)

Net current assets
  
 
 
310,531
 
 
203,983

Total assets less current liabilities
  
383,756
239,313

Creditors: amounts falling due after more than one year
 10 
(74,417)
(59,939)

  

Net assets
  
309,339
179,374


Capital and reserves
  

Called up share capital 
 13 
20,000
20,000

Profit and loss account
  
289,339
159,374

  
309,339
179,374


Page 1

 
AXE & STATUS MACHINERY LIMITED
REGISTERED NUMBER: 05036242
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr S Thomas
Director

Date: 11 April 2024

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Axe & Status Machinery Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 2 Holdom Avenue, Saxon Park, Bletchley, Milton Keynes, Buckinghamshire, MK1 1QU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 February 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
straight line
Plant and machinery
-
20%
straight line
Motor vehicles
-
50%
straight line
Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to
Page 7

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 8

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
15
15

Page 9

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 February 2023
185,040



At 31 January 2024

185,040



Amortisation


At 1 February 2023
166,707



At 31 January 2024

166,707



Net book value



At 31 January 2024
18,333



At 31 January 2023
18,333



Page 10

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 February 2023
14,543
78,021
92,564


Additions
-
78,175
78,175


Disposals
-
(28,792)
(28,792)



At 31 January 2024

14,543
127,404
141,947



Depreciation


At 1 February 2023
14,543
61,024
75,567


Charge for the year on owned assets
-
23,284
23,284


Disposals
-
(11,796)
(11,796)



At 31 January 2024

14,543
72,512
87,055



Net book value



At 31 January 2024
-
54,892
54,892



At 31 January 2023
-
16,997
16,997


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
600,740
216,447


Page 11

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Debtors

2024
2023
£
£


Trade debtors
391,618
1,132,300

Other debtors
87,512
83,093

Prepayments and accrued income
43,749
121,952

Deferred taxation
3,201
1,697

526,080
1,339,042



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
107,652
7,404

Less: bank overdrafts
-
(214,745)

107,652
(207,341)


Page 12

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
214,745

Bank loans
35,000
32,737

Other loans
29,656
31,250

Trade creditors
105,803
166,046

Corporation tax
44,576
2,961

Other taxation and social security
307,886
238,197

Obligations under finance lease and hire purchase contracts
16,720
-

Other creditors
272,467
294,040

Accruals and deferred income
111,833
378,934

923,941
1,358,910


The following liabilities were secured:




Details of security provided:

Mr S Thomas has given a guarantee of £180,000
 


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
31,250
59,939

Payments received on account
43,167
-

74,417
59,939


Page 13

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
35,000
32,737

Other loans
29,656
31,250


64,656
63,987

Amounts falling due 1-2 years

Other loans
31,250
31,250


31,250
31,250

Amounts falling due 2-5 years

Other loans
-
28,689


-
28,689


95,906
123,926



12.


Deferred taxation




2024
2023


£

£






At beginning of year
1,697
1,697


Charged to profit or loss
1,504
-



At end of year
3,201
1,697

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
3,201
1,697

Page 14

 
AXE & STATUS MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,000 (2023 - 20,000) Ordinary shares of £1 each
20,000
20,000



14.


Transactions with the directors

During the year ending 31 January 2024, the amounts owed by the directors was £72,191 (2023: £57,424). Loans are interest free and repayable on demand.

 
Page 15