Company registration number 07508707 (England and Wales)
AXINITE ENERGY LIMITED
Unaudited financial statements
For the year ended 31 December 2024
Pages for filing with registrar
AXINITE ENERGY LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
AXINITE ENERGY LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 December 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
6,028
558
Investments
4
3,352,611
3,352,611
3,358,639
3,353,169
Current assets
Trade and other receivables
5
4,966
138,958
Cash and cash equivalents
214,116
58,838
219,082
197,796
Current liabilities
6
(13,747)
(6,796)
Net current assets
205,335
191,000
Total assets less current liabilities
3,563,974
3,544,169
Provisions for liabilities
7
(1,145)
-
0
Net assets
3,562,829
3,544,169
Equity
Called up share capital
8
1,000
1,000
Share premium account
499,000
499,000
Retained earnings
3,062,829
3,044,169
Total equity
3,562,829
3,544,169

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

AXINITE ENERGY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 December 2024
31 December 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 4 April 2025
L E Molke
Director
Company Registration No. 07508707
AXINITE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
- 3 -
1
Accounting policies
Company information

Axinite Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.

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
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation and less any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% straight line
1.4
Non-current investments

Unlisted investments 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 the income statement.

1.5
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.

AXINITE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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 trade and other payables, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
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 income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AXINITE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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 the income statement.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2024
2,715
Additions
6,089
Disposals
(1,599)
At 31 December 2024
7,205
Depreciation and impairment
At 1 January 2024
2,157
Depreciation charged in the year
619
Eliminated in respect of disposals
(1,599)
At 31 December 2024
1,177
Carrying amount
At 31 December 2024
6,028
At 31 December 2023
558
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
3,352,611
3,352,611
AXINITE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in non-current investments
Investments
£
Cost or valuation
At 1 January 2024 & 31 December 2024
3,352,611
Carrying amount
At 31 December 2024
3,352,611
At 31 December 2023
3,352,611
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
1,125
125,932
Other receivables
3,841
13,026
4,966
138,958
6
Current liabilities
2024
2023
£
£
Trade payables
208
-
0
Corporation tax
9,444
2,485
Other payables
4,095
4,311
13,747
6,796
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,145
-
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
AXINITE ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 7 -
9
Directors' transactions

At the start of the year the director owed the company £12,827, which was repaid during the year. During the year the company advanced the director £3,751 (2023 - £12,827). At the end of the year the director owed the company £3,751 (2023 - £12,827). The company received £163 (2023 - £78) of loan interest at 2.25%. The advance is unsecured and repayable on demand.

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