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REGISTERED NUMBER: 06767545 (England and Wales)













AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2024






AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024










Page

Company Information 1

Report of the Directors 2

Independent Auditors' Report 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Financial Statements 12


AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: D R Shaw
R Clements



SECRETARY: R Clements



REGISTERED OFFICE: Second Floor
34 Lime Street
London
EC3M 7AT



REGISTERED NUMBER: 06767545 (England and Wales)



AUDITORS: Sinclairs Bartrum Lerner
Statutory Auditor
Second Floor
34 Lime Street
London
EC3M 7AT



BANKERS: Barclays Bank PLC
50 Pall Mall
London
SW1A 1QA

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2024


The directors present their report with the financial statements of the company for the year ended 30th June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of human resources consultancy.

REVIEW OF BUSINESS
The results for the year ended 30 June 2024 are shown on page 8. The company continued to trade in line with the expectations of the directors, and the directors believe that it is well placed to take advantage of any changes within its business sector.

DIVIDENDS
No dividends were paid during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report.

D R Shaw
R Clements

GOING CONCERN
The company's business activities, together with factors likely to affect its future development, performance and financial position are set out in this report. The company is profitable and does not carry any third party debt, as a consequence the directors believe that the company is well placed to manage its business risks successfully.

Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
The company uses various methods of working capital management. These include amounts due to and from Axsium Group Limited, a privately held company incorporated in Canada of which the company is a wholly-owned subsidiary, and also include trade debtors and creditors and smaller amounts due to third parties.

The existence of these methods exposes the company to a number of financial risks, the principal ones of which are liquidity risk and credit risk. There exists an exposure to currency risk as some trade debtor balances will be settled in currencies other than sterling, however the amount of these is minimal compared to the company's level of trading, hence it does not use derivative financial instruments to manage currency or interest rate costs and, as such, no hedge accounting is applied.

SMALL COMPANIES
The directors have taken advantage of the exemption available to small companies under section 414B of the Companies Act 2006 to not prepare a strategic report.

COMPANY'S POLICY ON THE PAYMENT OF CREDITORS
It is the company's policy to accept suppliers' standard terms of payment and abide by them. In the absence of terms proposed by suppliers it is the company's policy to settle outstanding liabilities as early as possible. The amount of trade creditors as at 30 June 2024 was equivalent to 3 days of trade purchases (2023 - 11 days).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sinclairs Bartrum Lerner, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Clements - Director


18th September 2024

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED


Opinion
We have audited the financial statements of Axsium Human Capital Solutions Limited (the 'company') for the year ended 30th June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30th June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages two and three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
- We have considered the nature of the industry and sector, control environment, and business performance;
- We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity; and
- We have reviewed the documentation of key processes and controls and performed walkthroughs of
transactions to confirm that the systems are operating effectively, in line with documentation.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty. These included health and safety regulations and employment law.

Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- Enquiring of management in relation to actual and potential claims or litigation;
- Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Reviewing board meeting minutes;
- Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut off; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.

We also communicated identified laws and regulations and potential fraud risks to all team members involved in the engagement and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Davies FCA (Senior Statutory Auditor)
for and on behalf of Sinclairs Bartrum Lerner
Statutory Auditor
Second Floor
34 Lime Street
London
EC3M 7AT

18th September 2024

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30TH JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 2,532,500 2,628,584

Cost of sales 1,435,091 1,509,759
GROSS PROFIT 1,097,409 1,118,825

Administrative expenses 984,075 950,972
OPERATING PROFIT 7 113,334 167,853


Interest payable and similar expenses 8 281 -
PROFIT BEFORE TAXATION 113,053 167,853

Tax on profit 9 16,192 60,971
PROFIT FOR THE FINANCIAL YEAR 96,861 106,882

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 96,861 106,882

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

BALANCE SHEET
30TH JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 10,498 16,478

CURRENT ASSETS
Debtors 11 1,894,114 1,579,480
Cash at bank 233,671 381,473
2,127,785 1,960,953
CREDITORS
Amounts falling due within one year 12 590,774 523,724
NET CURRENT ASSETS 1,537,011 1,437,229
TOTAL ASSETS LESS CURRENT LIABILITIES 1,547,509 1,453,707

PROVISIONS FOR LIABILITIES 14 265 3,324
NET ASSETS 1,547,244 1,450,383

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 1,547,144 1,450,283
SHAREHOLDERS' FUNDS 1,547,244 1,450,383

The financial statements were approved by the Board of Directors and authorised for issue on 18th September 2024 and were signed on its behalf by:





D R Shaw - Director


AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st July 2022 100 1,343,401 1,343,501

Changes in equity
Total comprehensive income - 106,882 106,882
Balance at 30th June 2023 100 1,450,283 1,450,383

Changes in equity
Total comprehensive income - 96,861 96,861
Balance at 30th June 2024 100 1,547,144 1,547,244

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 20 (106,999 ) (769,365 )
Interest paid (281 ) -
Tax paid (36,997 ) (64,498 )
Net cash from operating activities (144,277 ) (833,863 )

Cash flows from investing activities
Purchase of tangible fixed assets (3,525 ) (1,642 )
Sale of tangible fixed assets - 400
Net cash from investing activities (3,525 ) (1,242 )

Decrease in cash and cash equivalents (147,802 ) (835,105 )
Cash and cash equivalents at beginning of year 21 381,473 1,216,578

Cash and cash equivalents at end of year 21 233,671 381,473

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024


1. COMPANY INFORMATION

Axsium Human Capital Solutions Limited is a company incorporated in England & Wales under the Companies Act. The address of the registered office is given on page 1 and the nature of the company's operations and its principal activities are set out in the report of the directors. The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland.

2. STATUTORY INFORMATION

Axsium Human Capital Solutions Limited 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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

3. ACCOUNTING POLICIES

General information and basis of accounting
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Pound Sterling (£) rounded to the nearest £. Pound Sterling is the functional currency of the company because that is the currency of the primary economic environment in which the company operates.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below.

Useful economic lives of assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

Turnover
Turnover represents net sales of services, excluding value added tax. Services provided but which had not been billed at the balance sheet date have been recognised as revenue. Revenue recognition in this manner is based on the assessment of the fair value of the services provided at the balance sheet date where there exists an agreed right to receive consideration for work undertaken.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc. - 25% on cost

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


AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


3. ACCOUNTING POLICIES - continued
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.

Foreign currencies
The functional currency is sterling. 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.

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.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 1,092,077 1,810,102
Europe 1,267,643 806,591
United States of America 146,335 11,891
Asia 26,445 -
2,532,500 2,628,584

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,122,496 1,235,494
Social security costs 140,322 129,659
Other pension costs 125,430 106,531
1,388,248 1,471,684

The average number of employees during the year was as follows:
2024 2023

Administrative 2 3
Consultants 13 15
15 18

6. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration - -

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 9,505 9,702
Loss on disposal of fixed assets - 301
Audit fee 15,290 15,750
Foreign exchange differences (211 ) (994 )

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on overdue tax 281 -

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 30,038 47,784
Over/under provision in prior years (10,787 ) 12,506
Total current tax 19,251 60,290

Deferred tax:
Timing differences (1,403 ) -
Prior year timing differences (1,656 ) 681
Total deferred tax (3,059 ) 681

Tax on profit 16,192 60,971

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 113,053 167,853
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
25%)

28,263

41,963

Effects of:
Expenses not deductible for tax purposes 348 570
Adjustments to tax charge in respect of previous periods (10,787 ) 13,187
Items not adjusted for 24 13,402
Current year deferred tax movement - 2,706
Prior year deferred tax movement (1,656 ) -
Current year differential - (10,857 )
Total tax charge 16,192 60,971

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


10. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st July 2023 40,618
Additions 3,525
At 30th June 2024 44,143
DEPRECIATION
At 1st July 2023 24,140
Charge for year 9,505
At 30th June 2024 33,645
NET BOOK VALUE
At 30th June 2024 10,498
At 30th June 2023 16,478

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 523,356 741,972
Amounts owed by group undertakings 1,349,251 797,021
Prepayments and accrued income 21,507 40,487
1,894,114 1,579,480

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 9,336 28,160
Corporation tax 30,038 47,784
PAYE and NIC taxes 29,296 36,798
Other creditors 61,424 121,183
Accruals and deferred income 460,680 289,799
590,774 523,724

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


13. FINANCIAL INSTRUMENTS

The carrying value of the company's financial assets and liabilities are summarised below:

Financial Assets
30.06.24 30.06.23
£    £   

Measured at undiscounted amounts receivable

Trade debtors (note 11) 523,356 741,972
Cash at bank 233,671 381,473
Amounts owed from group undertakings (note 11) 1,349,251 797,021
2,106,278 1,920,466


Financial Liabilities
30.06.24 30.06.23
£    £   
Measured at undiscounted amounts payable

Trade creditors (note 12) 9,336 28,160
Other creditors (note 12) 61,424 121,183
Accruals (note 12) 139,891 120,392
210,651 269,735


14. PROVISIONS FOR LIABILITIES

Deferred
tax
£
Balance at 1July2023(3,324)
Timing differences 3,059
Balance at 30June2024(265)

The provisions for liabilities is wholly a deferred tax liability recognised in respect of timing differences arising from capital allowances claimed in excess of depreciation.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £100 100 100

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


16. RESERVES
Retained
earnings
£   

At 1st July 2023 1,450,283
Profit for the year 96,861
At 30th June 2024 1,547,144

Retained earnings include all profits and losses of current and prior periods, less any dividends paid to shareholders.

17. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £125,430 (2023 - £106,531). Contributions totalling £9,436 (2023 - £9,804) were payable to the fund at the balance sheet date and are included in creditors.

18. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The largest group in which the results of the Company are consolidated is that headed by Axsium Group Limited incorporated in Canada. Copies of the consolidated financial statements Axsium Group Limited are available from:

10 Four Seasons Place, Suite 1000
Etobicoke
ON M9B 6H7
Canada

19. RELATED PARTY DISCLOSURES

Included in debtors at the balance sheet date is a loan balance of £1,349,251 (2023 - £797,021) due to the company by Axsium Group Limited, the current parent company of Axsium Human Capital Solutions Limited, an entity incorporated in Canada.

During the year Axsium Group Limited provided the company with consultancy services for consideration totalling £710,618 (2023 - £796,176) and the company also provided consultancy services to Axsium Group Limited totalling £121,585 (2022 - £63,773).

20. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 113,053 167,853
Depreciation charges 9,505 9,702
Loss on disposal of fixed assets - 301
Finance costs 281 -
122,839 177,856
Increase in trade and other debtors (314,634 ) (867,522 )
Increase/(decrease) in trade and other creditors 84,796 (79,699 )
Cash generated from operations (106,999 ) (769,365 )

AXSIUM HUMAN CAPITAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06767545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


21. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 233,671 381,473
Year ended 30th June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 381,473 1,216,578


22. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank 381,473 (147,802 ) 233,671
381,473 (147,802 ) 233,671
Total 381,473 (147,802 ) 233,671