IRIS Accounts Production v24.3.2.46 08579879 director 1.1.24 31.12.24 31.12.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh085798792023-12-31085798792024-12-31085798792024-01-012024-12-31085798792022-12-31085798792023-01-012023-12-31085798792023-12-3108579879ns15:EnglandWales2024-01-012024-12-3108579879ns14:PoundSterling2024-01-012024-12-3108579879ns10:Director12024-01-012024-12-3108579879ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3108579879ns10:SmallEntities2024-01-012024-12-3108579879ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3108579879ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3108579879ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3108579879ns10:FullAccounts2024-01-012024-12-310857987912024-01-012024-12-3108579879ns10:OrdinaryShareClass12024-01-012024-12-3108579879ns10:RegisteredOffice2024-01-012024-12-3108579879ns5:CurrentFinancialInstruments2024-12-3108579879ns5:CurrentFinancialInstruments2023-12-3108579879ns5:Non-currentFinancialInstruments2024-12-3108579879ns5:Non-currentFinancialInstruments2023-12-3108579879ns5:ShareCapital2024-12-3108579879ns5:ShareCapital2023-12-3108579879ns5:RetainedEarningsAccumulatedLosses2024-12-3108579879ns5:RetainedEarningsAccumulatedLosses2023-12-3108579879ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3108579879ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-01-012024-12-3108579879ns5:PlantMachinery2024-01-012024-12-3108579879ns5:IntangibleAssetsOtherThanGoodwill2023-12-3108579879ns5:IntangibleAssetsOtherThanGoodwill2024-12-3108579879ns5:IntangibleAssetsOtherThanGoodwill2023-12-3108579879ns5:PlantMachinery2023-12-3108579879ns5:PlantMachinery2024-12-3108579879ns5:PlantMachinery2023-12-3108579879ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3108579879ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3108579879ns10:OrdinaryShareClass12024-12-31
REGISTERED NUMBER: 08579879 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

AXSY SOFTWARE (UK) LTD

AXSY SOFTWARE (UK) LTD (REGISTERED NUMBER: 08579879)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AXSY SOFTWARE (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTOR: S Sondhi





REGISTERED OFFICE: 1 Doughty Street
London
WC1N 2PH





REGISTERED NUMBER: 08579879 (England and Wales)






AXSY SOFTWARE (UK) LTD (REGISTERED NUMBER: 08579879)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 268,663 273,768
Tangible assets 5 28,042 32,620
296,705 306,388

CURRENT ASSETS
Debtors 6 709,144 748,914
Cash at bank 11,644 5,437
720,788 754,351
CREDITORS
Amounts falling due within one year 7 13,102,230 11,502,894
NET CURRENT LIABILITIES (12,381,442 ) (10,748,543 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,084,737

)

(10,442,155

)

CREDITORS
Amounts falling due after more than one year 8 6,026,099 6,033,141
NET LIABILITIES (18,110,836 ) (16,475,296 )

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (18,110,837 ) (16,475,297 )
SHAREHOLDERS' FUNDS (18,110,836 ) (16,475,296 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AXSY SOFTWARE (UK) LTD (REGISTERED NUMBER: 08579879)

BALANCE SHEET - continued
31ST DECEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17th January 2025 and were signed by:





S Sondhi - Director


AXSY SOFTWARE (UK) LTD (REGISTERED NUMBER: 08579879)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. STATUTORY INFORMATION

Axsy Software (UK) Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the year-end, the company balance sheet had net current liabilities and net liabilities. These financial statements have been prepared on the going concern basis, which is dependent on the following considerations by the directors:

- Financial projections indicate that the company will continue to meet its liabilities as they fall due over the next twelve months.

- The company has received assurance from its ultimate parent undertaking that they will continue to provide financial and other supports to meet its liabilities as they fall due for at least next twelve months from the date of signing these financial statements.

Turnover
Turnover comprises income from software licences, fees for the right to use managed Software as a Service ('mSaaS'), and the sale of hardware. Income from software licences is recognised according to the contractual agreements with customers.
Income from mSaaS is recognised pro-rata over the period of the contract. Hardware sales are recognised when delivery takes place.
In all cases, income is deferred if invoiced and/or received prior to recognition, and accrued if invoiced and or received after the date of recognition.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

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 - 33% on cost and 20% on reducing balance

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

AXSY SOFTWARE (UK) LTD (REGISTERED NUMBER: 08579879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st January 2024 4,862,986
Additions 184,578
At 31st December 2024 5,047,564
AMORTISATION
At 1st January 2024 4,589,218
Charge for year 189,683
At 31st December 2024 4,778,901
NET BOOK VALUE
At 31st December 2024 268,663
At 31st December 2023 273,768

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2024 177,336
Additions 19,220
At 31st December 2024 196,556
DEPRECIATION
At 1st January 2024 144,716
Charge for year 23,798
At 31st December 2024 168,514
NET BOOK VALUE
At 31st December 2024 28,042
At 31st December 2023 32,620

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 138,465 135,820
Other debtors 570,679 613,094
709,144 748,914

AXSY SOFTWARE (UK) LTD (REGISTERED NUMBER: 08579879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,040,424 1,770,872
Amounts owed to group undertakings 10,996,502 9,617,738
Taxation and social security - 47,983
Other creditors 65,304 66,301
13,102,230 11,502,894

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 6,026,099 6,033,141

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary 1.00 1 1

10. ULTIMATE CONTROLLING PARTY

Axsy Inc (incorporated in USA) is regarded by the director as being the company's ultimate parent company.