Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mr Kenneth MacKay Mr Francis McAlorum Mr Ian White Mr William Wood 10 April 2025 The principal activity of the Company during the financial year is workspace storage solutions. SC136058 2024-09-30 SC136058 2023-09-30 SC136058 core:CurrentFinancialInstruments 2024-09-30 SC136058 core:CurrentFinancialInstruments 2023-09-30 SC136058 core:Non-currentFinancialInstruments 2024-09-30 SC136058 core:Non-currentFinancialInstruments 2023-09-30 SC136058 core:ShareCapital 2024-09-30 SC136058 core:ShareCapital 2023-09-30 SC136058 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC136058 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC136058 core:OtherPropertyPlantEquipment 2023-09-30 SC136058 core:OtherPropertyPlantEquipment 2024-09-30 SC136058 core:ImmediateParent core:CurrentFinancialInstruments 2024-09-30 SC136058 core:ImmediateParent core:CurrentFinancialInstruments 2023-09-30 SC136058 bus:OrdinaryShareClass1 2024-09-30 SC136058 2023-10-01 2024-09-30 SC136058 bus:FilletedAccounts 2023-10-01 2024-09-30 SC136058 bus:SmallEntities 2023-10-01 2024-09-30 SC136058 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC136058 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC136058 bus:Director1 2023-10-01 2024-09-30 SC136058 bus:Director2 2023-10-01 2024-09-30 SC136058 bus:Director3 2023-10-01 2024-09-30 SC136058 bus:Director4 2023-10-01 2024-09-30 SC136058 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 SC136058 2022-10-01 2023-09-30 SC136058 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 SC136058 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 SC136058 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC136058 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC136058 (Scotland)

AXIS STORAGE SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

AXIS STORAGE SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

AXIS STORAGE SOLUTIONS LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
AXIS STORAGE SOLUTIONS LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 8,157 2,097
8,157 2,097
Current assets
Stocks 148,329 65,665
Debtors 4 1,232,932 973,748
Cash at bank and in hand 142,395 278,598
1,523,656 1,318,011
Creditors: amounts falling due within one year 5 ( 893,519) ( 660,399)
Net current assets 630,137 657,612
Total assets less current liabilities 638,294 659,709
Creditors: amounts falling due after more than one year 6 ( 92,521) ( 149,058)
Net assets 545,773 510,651
Capital and reserves
Called-up share capital 7 10,000 10,000
Profit and loss account 535,773 500,651
Total shareholders' funds 545,773 510,651

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Axis Storage Solutions Limited (registered number: SC136058) were approved and authorised for issue by the Board of Directors on 10 April 2025. They were signed on its behalf by:

Mr Ian White
Director
AXIS STORAGE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
AXIS STORAGE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Axis Storage Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Axis House, 12 Auchingramont Road, Hamilton, ML3 6JT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

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 are included in the profit and loss account for the period.

Turnover

Turnover 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

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.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. 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 profit and loss account, 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 3,421 3,421
Additions 7,322 7,322
At 30 September 2024 10,743 10,743
Accumulated depreciation
At 01 October 2023 1,324 1,324
Charge for the financial year 1,262 1,262
At 30 September 2024 2,586 2,586
Net book value
At 30 September 2024 8,157 8,157
At 30 September 2023 2,097 2,097

4. Debtors

2024 2023
£ £
Trade debtors 921,797 566,782
Amounts owed by Parent undertakings 292,250 382,250
Other debtors 18,885 24,716
1,232,932 973,748

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 44,979 42,609
Trade creditors 285,326 372,347
Corporation tax 76,649 77,945
Other taxation and social security 95,737 47,924
Other creditors 390,828 119,574
893,519 660,399

The Clydesdale bank loan of £44,979 (2023: £42,609) is secured by floating charge over the assets of the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 92,521 149,058

The Clydesdale bank loan of £92,521 (2023: £149,058) is secured by floating charge over the assets of the company.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000