Company registration number 06500774 (England and Wales)
AKIXI LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
AKIXI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
AKIXI LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
page 1
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
92,337
53,184
Tangible assets
5
68,591
108,464
160,928
161,648
Current assets
Debtors
6
8,082,151
1,101,523
Cash at bank and in hand
1,634,375
7,304,508
9,716,526
8,406,031
Creditors: amounts falling due within one year
7
(1,071,250)
(1,937,649)
Net current assets
8,645,276
6,468,382
Total assets less current liabilities
8,806,204
6,630,030
Provisions for liabilities
8
(17,147)
(27,116)
Net assets
8,789,057
6,602,914
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
8,788,057
6,601,914
Total equity
8,789,057
6,602,914
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
Mr D Nilsson
Director
Company registration number 06500774 (England and Wales)
AKIXI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
page 2
1
Accounting policies
Company information
Akixi Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1-7 Station Road, Crawley, West Sussex, RH10 1HT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the fair value of consideration received or receivable for the sale of services in the ordinary course of the Company's activities. Revenue is shown net of value added tax and discounts.
Turnover represents amounts receivable for the provision of telephone software subscriptions, license fees and branding charges. All revenue streams are invoiced in the month to which the service relates and the right to recognise the income has been earned.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised and depreciated on 25% straight line basis to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 year straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
AKIXI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
page 3
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Plant and machinery
25% & 33% straight line
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
AKIXI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
page 4
Deferred tax
Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. 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. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key accounting estimates included in the accounts are depreciation and deferred taxation provision. Both of these estimates involve estimating the useful life of the assets. The useful lives are all standard and disclosed in the accounting policies.
The key judgment is in relation to research and development. The Directors have taken the decision to treat all research and development costs as expenditure in the year rather than capitalising it and amortising over the period the development will provide economic benefit to the company. The basis for this is that it would be impossible to ascertain the length of period the development work will provide benefit.
AKIXI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
page 5
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
46
36
4
Intangible fixed assets
Software
£
Cost
At 1 March 2023
53,184
Additions
69,535
At 29 February 2024
122,719
Amortisation and impairment
At 1 March 2023
Amortisation charged for the year
30,382
At 29 February 2024
30,382
Carrying amount
At 29 February 2024
92,337
At 28 February 2023
53,184
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
17,305
400,412
417,717
Additions
12,598
12,598
At 29 February 2024
17,305
413,010
430,315
Depreciation and impairment
At 1 March 2023
17,305
291,948
309,253
Depreciation charged in the year
52,471
52,471
At 29 February 2024
17,305
344,419
361,724
Carrying amount
At 29 February 2024
68,591
68,591
At 28 February 2023
108,464
108,464
AKIXI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
page 6
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
799,483
801,951
Amounts owed by group undertakings
6,567,797
Other debtors
714,871
299,572
8,082,151
1,101,523
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
301,929
1,136,302
Amounts owed to group undertakings
154,392
Taxation and social security
267,932
346,495
Other creditors
501,389
300,460
1,071,250
1,937,649
AKIXI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
page 7
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
17,147
27,116
The deferred tax provision relates to accelerated capital allowances. The provision has decreased by £9,969 in the year.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
The auditor was Richard Place Dobson Services Limited and the Senior Statutory Auditor was Darren Harding.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
138,439
235,283
11
Related party transactions
During the year Akixi Limited paid £143,874 (2023 - £140,000) to Axiom, who are the ultimate holding company for the group, for directors fees.
At the reporting date, Akixi Limited has the following loans with fellow group companies:
Amounts due from Akixi Bidco Limited of £6,512,134 (2023 - amounts owed to of £107,529).
Amounts owed to Akixi Midco Limited of £52,009 (2023 - £63,759).
Amounts due from Akixi Topco Limited of £8,246 (2023 - amounts owed to of £18,311).
Amounts due from Mondago Limited of £171,348 (2023 - £Nil).
AKIXI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
page 8
12
Parent company
The parent company and ultimate controlling party of Akixi Limited is Akixi Topco Limited and its registered office is 1-7 Station Road, Crawley, West Sussex, RH10 1HT.
The ultimate holding company of Akixi Limited is Axiom Partners Invest 1 LP and its registered office is 85 Great Portland Street, First Floor, London, W1W 7LT.
13
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.