REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AXSCEND LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AXSCEND LIMITED |
AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
AXSCEND LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Axscend Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of the financial statements requires the directors to make estimates and assumptions that affect the amounts reported in the financial statements. The directors believe that the critical accounting policies where judgement or estimates are necessarily applied are summarised below: |
Depreciation and residual values |
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that they are appropriate. |
Prepaid income |
The directors have reviewed service sale income that is invoiced in advance and have deferred this income over the period of the service subscriptions. |
Warranty provision |
The directors have reviewed the warranty provision as detailed in the exceptional items and provisions for liabilities notes. The provision has been calculated on underlying unit sales data multiplied by the estimated cost for each rectification job. The cost data has been estimated based on the cost of materials and parts as well as estimated labour and travel time. |
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 been 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 on a time basis. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant & machinery | - 20% on cost |
Fixtures, fittings & equipment | - 12.5% to 33.33% on cost |
Motor vehicles | - 25% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the weighted average cost method. |
AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Internally developed software |
Internally developed software is not capitalised and is written off to profit and loss account as incurred. Any direct salary costs and other expenses related to the development of company software or IT intellectual property are written off as incurred. |
Patents and licensing |
Expenditure on patent applications is not capitalised and is written off to profit and loss account as incurred. |
Government grants |
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purposes of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable. |
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 and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals received under operating leases are included in the profit and loss account over the relevant period. |
Pension costs and other post-retirement benefits |
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate. |
AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
Plant & | fittings | Motor |
machinery | & equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Accruals and deferred income |
AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Accruals and deferred income |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Other provisions |
Warranty |
provision |
£ |
Balance at 1 January 2023 |
Utilised during year | ( |
) |
Adjustment for changes in cost | 60,000 |
Balance at 31 December 2023 |
The warranty provision relates to an issue identified in respect of certain products supplied by the company, resulting in the Board's decision to recall and replace all of the products affected. It is the Board's current intention to complete this work over the course of the next couple of years. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
AXSCEND LIMITED (REGISTERED NUMBER: 04275454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In the prior year stock had a carrying amount of £296,638, but the audit evidence available to us at that time was limited because of issues with the company's upgraded software which caused issues with the year end reports for 2022. The issues were only identified by the client during 2023 and were not within our sample at the year end stock count for 2022. The company's staff, alongside the software support team, managed to generate a report that they believe gives an accurate reflection of the year end stock figure for 2022. Owing to the nature of the company's records, we were unable to obtain sufficient appropriate audit evidence regarding the comparative year end stock figure. The client has since rectified the issue, and we are confident that the balance at 31 December 2023 is accurate within materiality. |
for and on behalf of |
14. | PARENT AND ULTIMATE PARENT COMPANY |
Axscend Limited is a 100% subsidiary of Axscend Group Limited, a company incorporated in England and Wales, whose registered address is the same as Axscend Limited. |
Axscend Group Limited is a 100% subsidiary of SAF-Holland GmbH, a company registered in Germany whose registered office is 26 Hauptstrasse, Bessenbach 68856, Germany. |
The ultimate parent company is SAF-HOLLAND SE, a company registered in Germany whose registered office is 26 Hauptstrasse, Bessenbach 68856, Germany. |