2023-05-012024-05-312024-05-31false07590820AXEIL TECHNOLOGY SERVICES 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AXEIL TECHNOLOGY SERVICES LTD

Registered Number
07590820
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2024

AXEIL TECHNOLOGY SERVICES LTD
Company Information
for the period from 1 May 2023 to 31 May 2024

Director

DORAN, Philip

Registered Address

9 Forest Close
High Beach
Waltham Abbey
EN9 3QR

Registered Number

07590820 (England and Wales)
AXEIL TECHNOLOGY SERVICES LTD
Statement of Financial Position
31 May 2024

Notes

31 May 2024

30 Apr 2023

£

£

£

£

Current assets
Debtors34,47611,502
Cash at bank and on hand1,2066,034
5,68217,536
Creditors amounts falling due within one year4(15,045)(23,431)
Net current assets (liabilities)(9,363)(5,895)
Total assets less current liabilities(9,363)(5,895)
Net assets(9,363)(5,895)
Capital and reserves
Called up share capital1010
Profit and loss account(9,373)(5,905)
Shareholders' funds(9,363)(5,895)
The financial statements were approved and authorised for issue by the Director on 10 October 2024, and are signed on its behalf by:
DORAN, Philip
Director
Registered Company No. 07590820
AXEIL TECHNOLOGY SERVICES LTD
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year00
3.Debtors: amounts due within one year

2024

2023

££
Amounts owed by associates and joint ventures / participating interests-6,977
Other debtors4,4764,476
Prepayments and accrued income-49
Total4,47611,502
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-20,641
Amounts owed to related parties15,045-
Taxation and social security-2,790
Total15,04523,431
5.Controlling party
The ultimate controlling party is Philip Doran.
6.Change in reporting period and impact on comparability
The company ceased to trade on 19th March 2020. These are the final accounts of the company.