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REGISTERED NUMBER: SC573867 (Scotland)












Financial Statements

for the Year Ended 31 August 2024

for

Axiom Art Limited

Axiom Art Limited (Registered number: SC573867)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Axiom Art Limited

Company Information
for the Year Ended 31 August 2024







DIRECTOR: Mrs S Mitchell





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC573867 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Axiom Art Limited (Registered number: SC573867)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 3 203,931 210,201

CURRENT ASSETS
Debtors 4 180,125 137,273
Cash at bank 5,634 120,093
185,759 257,366
CREDITORS
Amounts falling due within one year 5 93,490 134,308
NET CURRENT ASSETS 92,269 123,058
TOTAL ASSETS LESS CURRENT
LIABILITIES

296,200

333,259

CREDITORS
Amounts falling due after more than one year 6 (7,500 ) (17,500 )

PROVISIONS FOR LIABILITIES (50,983 ) (26,045 )
NET ASSETS 237,717 289,714

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 237,617 289,614
SHAREHOLDERS' FUNDS 237,717 289,714

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

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

The director acknowledges her 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.

Axiom Art Limited (Registered number: SC573867)

Statement of Financial Position - continued
31 August 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 director and authorised for issue on 21 May 2025 and were signed by:





Mrs S Mitchell - Director


Axiom Art Limited (Registered number: SC573867)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. 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.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the rental income received from the letting of artwork studios.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - not provided
Fixtures and 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Axiom Art Limited (Registered number: SC573867)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

1. ACCOUNTING POLICIES - continued

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

3. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 168,398 65,198 233,596
DEPRECIATION
At 1 September 2023 - 23,395 23,395
Charge for year - 6,270 6,270
At 31 August 2024 - 29,665 29,665
NET BOOK VALUE
At 31 August 2024 168,398 35,533 203,931
At 31 August 2023 168,398 41,803 210,201

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 21,750 19,560
Other debtors 158,375 117,713
180,125 137,273

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Taxation and social security 71,251 84,543
Other creditors 12,239 39,765
93,490 134,308

Axiom Art Limited (Registered number: SC573867)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 7,500 17,500