Axela Solutions Ltd |
Notes to the Accounts |
for the period from 18 February 2024 to 31 May 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Employees |
2024 |
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Number |
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Average number of persons employed by the company |
0 |
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3 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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Additions |
46,000 |
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At 31 May 2024 |
46,000 |
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The company holds 20% or more of the share capital of the following companies: |
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Company |
Capital and |
Profit (loss) |
Shares held |
reserves |
for the year |
Class |
% |
PHP |
PHP |
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Axela Solutions Inc. Registered in the Philippines |
Ordinary |
90 |
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3,552,619 |
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(70,845) |
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4 |
Debtors |
2024 |
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£ |
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Trade debtors |
1,939 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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9,900 |
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Other debtors |
100 |
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11,939 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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£ |
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Trade creditors |
1,939 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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51,094 |
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Other creditors |
1,682 |
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54,715 |
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6 |
Controlling party |
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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. |
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7 |
Other information |
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Axela Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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32 Station Parade |
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London |
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NW2 4NX |