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Registration number: 06905793

AXenic Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

AXenic Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

AXenic Limited

Company Information

Director

Mr Stephen Clements

Registered office

Netpark Incubator Thomas Wright Way
Sedgefield
Co Durham
Cleveland
TS21 3FD

Accountants

Melrose Accountants
Accountants
62 Florence Road
Brighton
East Sussex
BN1 6DJ

 

AXenic Limited

(Registration number: 06905793)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

72,868

66,357

Tangible assets

5

23,178

16,326

 

96,046

82,683

Current assets

 

Stocks

6

443,683

357,064

Debtors

7

233,179

270,430

Cash at bank and in hand

 

49,915

195,190

 

726,777

822,684

Creditors: Amounts falling due within one year

8

(369,598)

(488,055)

Net current assets

 

357,179

334,629

Total assets less current liabilities

 

453,225

417,312

Creditors: Amounts falling due after more than one year

8

(112,500)

(162,500)

Net assets

 

340,725

254,812

Capital and reserves

 

Called up share capital

9

481,000

481,000

Retained earnings

(140,275)

(226,188)

Shareholders' funds

 

340,725

254,812

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 January 2025
 

 

AXenic Limited

(Registration number: 06905793)
Balance Sheet as at 30 April 2024

.........................................
Mr Stephen Clements
Director

 

AXenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Netpark Incubator Thomas Wright Way
Sedgefield
Co Durham
Cleveland
TS21 3FD

These financial statements were authorised for issue by the director on 21 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The principle factors in this consideration are:

- the current order book is now the largest in the company’s history with demand expected to provide for the full year.
- the company has a balance of production orders from multiple customers combined with funded development contracts that meets the growth plans for increasing turnover and maintaining continuous improvement of products
- the company has secured a loan of £250,000 for which payments have been completed on 3 years of a 6 loan period. This remains sufficient to provide working capital for the immediate requirements and as further growth occurs additional working capital loans can be secured.

Such steps will not only bring financial stability to the business but enable a significant increase in turnover. The director is therefore of the opinion that the Company will continue to operate for the foreseeable future and therefore the financial statements have been prepared on the assumption that the Going Concern basis of preparation is appropriate.

Should this not prove to be appropriate, adjustments will have to be made to reduce the balance sheet assets to their recoverable value and to provide for any further liabilities that might arise

 

AXenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The Company recognises deferred income tax assets on carried forward tax losses to the extent there are sufficient estimated future taxable profits and/or taxable.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

3-5 years straight line

Furniture and fittings

3-5 years straight line

Office equipment

3-5 years straight line

 

AXenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

7 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

AXenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 8).

 

AXenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 May 2023

455,205

455,205

Additions acquired separately

21,050

21,050

At 30 April 2024

476,255

476,255

Amortisation

At 1 May 2023

388,848

388,848

Amortisation charge

14,539

14,539

At 30 April 2024

403,387

403,387

Carrying amount

At 30 April 2024

72,868

72,868

At 30 April 2023

66,357

66,357

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

66,898

66,898

Additions

16,615

16,615

At 30 April 2024

83,513

83,513

Depreciation

At 1 May 2023

50,572

50,572

Charge for the year

9,763

9,763

At 30 April 2024

60,335

60,335

Carrying amount

At 30 April 2024

23,178

23,178

At 30 April 2023

16,326

16,326

 

AXenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Stocks

2024
£

2023
£

Work in progress

106,020

202,675

Other inventories

337,663

154,389

443,683

357,064

7

Debtors

Current

2024
£

2023
£

Trade debtors

199,019

257,655

Prepayments

18,295

12,775

Other debtors

15,865

-

 

233,179

270,430

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

50,000

50,000

Trade creditors

 

151,492

178,925

Taxation and social security

 

11,385

13,381

Accruals and deferred income

 

36,845

13,301

Other creditors

 

119,876

232,448

 

369,598

488,055

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £50,000 (2023 - £50,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

112,500

162,500

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £87,500 (2023 - £137,500.

9

Share capital

Allotted, called up and fully paid shares

 

AXenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024

2023

No.

£

No.

£

Ordinary of £1 each

481,000

481,000

481,000

481,000

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

87,500

137,500

Other borrowings

25,000

25,000

112,500

162,500

Current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

50,000

Bank borrowings

The Bank Loan is denominated in £ with a nominal interest rate of 3.99%, and the final instalment is due on 31 December 2026. The carrying amount at year end is £137,500 (2023 - £187,500).

The bank has a fixed and floating charge over the assets of the Company

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Later than one year and not later than five years

26,930

37,458

The amount of non-cancellable operating lease payments recognised as an expense during the year was £21,539 (2023 - £20,392).

 

AXenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

12

Parent and ultimate parent undertaking

The company's immediate parent is aXenic Holdings Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is aXenic Holdings Limited. These financial statements are available upon request from Companies House, Crown Way Cardiff CF14 3UZ. The registered office of aXenic Holdings Limited is the same as that for aXenic Limited

 The ultimate controlling party is Mr Stephen Clements.