Company registration number 13875820 (England and Wales)
AKIXI BIDCO LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
AKIXI BIDCO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
AKIXI BIDCO LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
page 1
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Investments
3
96,525,059
82,007,397
Current assets
Debtors
5
122,763
Creditors: amounts falling due within one year
6
(28,761,764)
(7,795,195)
Net current liabilities
(28,761,764)
(7,672,432)
Total assets less current liabilities
67,763,295
74,334,965
Creditors: amounts falling due after more than one year
7
(75,000,000)
(75,000,000)
Net liabilities
(7,236,705)
(665,035)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(7,236,715)
(665,045)
Total equity
(7,236,705)
(665,035)
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 13875820 (England and Wales)
AKIXI BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
page 2
1
Accounting policies
Company information
Akixi Bidco Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
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. 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.
AKIXI BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
page 3
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.
2
Employees
The average monthly number of persons employed by the company during the year was: NIL
2024
2023
Number
Number
Total
AKIXI BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
page 4
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
96,525,059
82,007,397
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023
82,007,397
Additions
14,517,662
At 29 February 2024
96,525,059
Carrying amount
At 29 February 2024
96,525,059
At 28 February 2023
82,007,397
4
Subsidiaries
Details of the company's subsidiaries at 29 February 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Akixi Limited
Ground Floor, 1-7 Station Road, Crawley, RH10 1HT
Ordinary
100.00
Mondago Limited
2 Commerce Road, Lynchwood, Peterborough, PE2 6LR
Ordinary
100.00
Mondago Holdings Limited
2 Commerce Road, Lynchwood, Peterborough, PE2 6LR
Ordinary
100.00
Mondago Inc
Incorporated in the United States of America
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Akixi Limited
8,789,057
2,186,143
Mondago Limited
738,092
183,460
Mondago Holdings Limited
1,378,437
13,241
Mondago Inc
237,972
(119,861)
AKIXI BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
page 5
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
(58,659)
Other debtors
181,422
122,763
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
15,942,820
Other creditors
12,818,944
7,795,195
28,761,764
7,795,195
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
75,000,000
75,000,000
Other creditors of £75,000,000 represents a loan payable to the immediate parent company Akixi Midco Ltd.
8
Parent company
The immediate parent company of Akixi Bidco Ltd is Akixi Midco Ltd and its registered office is 1-7 Station Road, Crawley, West Sussex, RH10 1HT.
The ultimate controlling party and parent company of Akixi Bidco Ltd is Akixi Topco Ltd and its registered office is 1-7 Station Road, Crawley, West Sussex, RH10 1HT.
The ultimate holding company of Akixi Bidco Ltd is Axiom Partners Invest 1 LP and its registered office is 85 Great Portland Street, First Floor, London, W1W 7LT.
AKIXI BIDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
page 6
9
Related party transactions
At the reporting date, Akixi Bidco Ltd has the following loans with fellow group companies:
Amounts owed to Akixi Limited of £6,512,124 (2023 - Amounts due from of £101,539)
Amounts owed to Akixi Midco Ltd of £6,431.208 (2023 - £Nil).
Amounts owed to Mondago Limited of £527,509 (2023 - £Nil).
Amounts owed to Mondago Holdings Limited of £924,057 (2023 - £Nil).
Additionally, at the reporting date, Akixi Bidco Ltd has a long term loan from Akixi Midco Ltd of £75,000,000 (2023 - £75,000,000).
10
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:
Senior Statutory Auditor:
Darren Harding ACA FCCA DChA
Statutory Auditor:
Richard Place Dobson Services Limited