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Registered number: 04531201
Axiom Contracts Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Association of Chartered Certified Accountants (ACCA)
Key Accountants
Office 5, The Forest Rock Offices
Leicester Road, Whitwick
Leicestershire
LE67 5GQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04531201
31 January 2024 31 January 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 499,109 494,982
499,109 494,982
CURRENT ASSETS
Stocks 5 112,236 5,888
Debtors 6 257,686 405,207
Investments 7 750,000 500,000
Cash at bank and in hand 1,342,011 1,401,690
2,461,933 2,312,785
Creditors: Amounts Falling Due Within One Year 8 (649,342 ) (515,057 )
NET CURRENT ASSETS (LIABILITIES) 1,812,591 1,797,728
TOTAL ASSETS LESS CURRENT LIABILITIES 2,311,700 2,292,710
PROVISIONS FOR LIABILITIES
Deferred Taxation (49,750 ) (37,050 )
NET ASSETS 2,261,950 2,255,660
CAPITAL AND RESERVES
Called up share capital 9 2 2
Revaluation reserve 10 128,100 128,100
Profit and Loss Account 2,133,848 2,127,558
SHAREHOLDERS' FUNDS 2,261,950 2,255,660
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nicholas Smith
Director
24th October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Axiom Contracts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04531201 . The registered office is Whitacre Road, Whitacre Road Industrial Estate, Nuneaton, Warwickshire, CV11 6BX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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 by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Straight Line
Computer Equipment 33% Straight Line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
31 January 2024 31 January 2023
Office and administration 10 10
10 10
4. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2023 300,000 34,885 299,563 21,145
Additions - 15,250 37,345 -
Disposals - (6,487 ) (30,610 ) (1,982 )
As at 31 January 2024 300,000 43,648 306,298 19,163
Depreciation
As at 1 February 2023 - 34,852 107,703 18,832
Provided during the period - 344 51,588 1,676
Disposals - (6,481 ) (28,431 ) (1,980 )
As at 31 January 2024 - 28,715 130,860 18,528
Net Book Value
As at 31 January 2024 300,000 14,933 175,438 635
As at 1 February 2023 300,000 33 191,860 2,313
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Page 5
Computer Equipment Total
£ £
Cost
As at 1 February 2023 21,736 677,329
Additions 8,295 60,890
Disposals - (39,079 )
As at 31 January 2024 30,031 699,140
Depreciation
As at 1 February 2023 20,960 182,347
Provided during the period 968 54,576
Disposals - (36,892 )
As at 31 January 2024 21,928 200,031
Net Book Value
As at 31 January 2024 8,103 499,109
As at 1 February 2023 776 494,982
5. Stocks
31 January 2024 31 January 2023
£ £
Stock 112,236 5,888
6. Debtors
31 January 2024 31 January 2023
£ £
Due within one year
Trade debtors 242,277 387,161
Prepayments and accrued income 15,409 18,046
257,686 405,207
7. Current Asset Investments
31 January 2024 31 January 2023
£ £
Unlisted investments 750,000 500,000

The market value of listed investments was £ 839,239 (31 January 2023 - £ 588,183 )

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8. Creditors: Amounts Falling Due Within One Year
31 January 2024 31 January 2023
£ £
Trade creditors 127,331 78,727
Corporation tax 81,988 66,684
Other taxes and social security 10,755 7,771
VAT 123,132 50,471
Net wages - 741
Other creditors 4,535 4,998
Accruals and deferred income 50,799 42,515
Director's loan account 250,802 263,150
649,342 515,057
9. Share Capital
31 January 2024 31 January 2023
£ £
Allotted, Called up and fully paid 2 2
10. Reserves
Revaluation Reserve
£
As at 1 February 2023 128,100
As at 31 January 2024 128,100
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