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REGISTERED NUMBER: 03998042 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

AXIS INSURANCE SERVICES LTD

AXIS INSURANCE SERVICES LTD (REGISTERED NUMBER: 03998042)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AXIS INSURANCE SERVICES LTD

Company Information
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: P A Patel
A J Christmas





SECRETARY: Mrs B P Patel





REGISTERED OFFICE: 279 Kingston Road
Wimbledon
SW20 8LB





REGISTERED NUMBER: 03998042 (England and Wales)





ACCOUNTANTS: Owadally & King
Chartered Certified Accountants
73 Park Lane
Croydon
Surrey
CR0 1JG

AXIS INSURANCE SERVICES LTD (REGISTERED NUMBER: 03998042)

Balance Sheet
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 18,329 20,398
18,329 20,398

CURRENT ASSETS
Debtors 6 87,000 13,680
Investments 7 - 12,796
Cash at bank 44,977 148,875
131,977 175,351
CREDITORS
Amounts falling due within one year 8 7,921 25,218
NET CURRENT ASSETS 124,056 150,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

142,385

170,531

CREDITORS
Amounts falling due after more than one
year

9

31,133

36,999
NET ASSETS 111,252 133,532

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 111,152 133,432
111,252 133,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AXIS INSURANCE SERVICES LTD (REGISTERED NUMBER: 03998042)

Balance Sheet - continued
31 JULY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by:





A J Christmas - Director


AXIS INSURANCE SERVICES LTD (REGISTERED NUMBER: 03998042)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Axis Insurance Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Franchise - Straight line over 5 years
Equipment, Fixtures & Fittings - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

AXIS INSURANCE SERVICES LTD (REGISTERED NUMBER: 03998042)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 8,000
AMORTISATION
At 1 August 2023
and 31 July 2024 8,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

5. TANGIBLE FIXED ASSETS
Equipment,
Leasehold Fixtures
Franchise Improvement & Fittings Totals
£    £    £    £   
COST
At 1 August 2023
and 31 July 2024 3,000 10,000 104,966 117,966
DEPRECIATION
At 1 August 2023 2,400 - 95,168 97,568
Charge for year 600 - 1,469 2,069
At 31 July 2024 3,000 - 96,637 99,637
NET BOOK VALUE
At 31 July 2024 - 10,000 8,329 18,329
At 31 July 2023 600 10,000 9,798 20,398

AXIS INSURANCE SERVICES LTD (REGISTERED NUMBER: 03998042)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Equipment,
Fixtures
& Fittings
£   
COST
At 1 August 2023
and 31 July 2024 13,704
DEPRECIATION
At 1 August 2023 11,755
Charge for year 292
At 31 July 2024 12,047
NET BOOK VALUE
At 31 July 2024 1,657
At 31 July 2023 1,949

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 12,000 13,680
Other debtors 75,000 -
87,000 13,680

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other - 12,796

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,442 4,137
Taxation and social security 471 (1,459 )
Other creditors 3,008 22,540
7,921 25,218

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 31,133 36,999

AXIS INSURANCE SERVICES LTD (REGISTERED NUMBER: 03998042)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 10,321 17,405

10. RELATED PARTY DISCLOSURES

During the period, the company paid rent to Mr P A and Mrs B P Patel for office premises.
The amount paid during the period under review amounted to £18,000 (2023 £18,000)

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr and Mrs Patel.