Registered number
10974315
Axela Innovations Limited
Filleted Accounts
31 May 2024
Axela Innovations Limited
Registered number: 10974315
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 531,085 487,322
Tangible assets 4 5,105 902
536,190 488,224
Current assets
Debtors 5 4,157 47,406
Cash at bank and in hand 15,993 1,212
20,150 48,618
Creditors: amounts falling due within one year 6 (85,271) (88,962)
Net current liabilities (65,121) (40,344)
Total assets less current liabilities 471,069 447,880
Creditors: amounts falling due after more than one year 7 (697,425) (592,511)
Net liabilities (226,356) (144,631)
Capital and reserves
Called up share capital 100 100
Profit and loss account (226,456) (144,731)
Shareholders' funds (226,356) (144,631)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Kelly
Director
Approved by the board on 11 February 2025
Axela Innovations Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 3
3 Intangible fixed assets £
Software:
Cost
At 1 June 2023 487,322
Additions 81,698
At 31 May 2024 569,020
Amortisation
Provided during the year 37,935
At 31 May 2024 37,935
Net book value
At 31 May 2024 531,085
At 31 May 2023 487,322
Intangible assets are being written off in equal annual instalments over the estimated economic life of 15 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 1,956
Additions 5,301
At 31 May 2024 7,257
Depreciation
At 1 June 2023 1,054
Charge for the year 1,098
At 31 May 2024 2,152
Net book value
At 31 May 2024 5,105
At 31 May 2023 902
5 Debtors 2024 2023
£ £
Trade debtors 2,400 13,759
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,332 -
Other debtors 425 33,647
4,157 47,406
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 10 171
Taxation and social security costs 1,197 (912)
Other creditors 84,064 89,703
85,271 88,962
7 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 697,425 592,511
8 Controlling party
The company is under the control of its directors. The company's immediate and ultimate parent company is Axela Limited, a company registered in the UK. The ultimate controlling party is N Kelly who controls 100% of the shares of Axela Limited.
9 Other information
Axela Innovations Limited is a private company limited by shares and incorporated in England. Its registered office is:
6 Opal Mews
London
NW6 7JU
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