Company registration number 13321144 (England and Wales)
AXI DESIGN AND ENGINEERING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AXI DESIGN AND ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AXI DESIGN AND ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
126,264
82,730
Current assets
Stocks
2,000
2,000
Debtors
4
1,132,877
867,637
Cash at bank and in hand
32,981
69,682
1,167,858
939,319
Creditors: amounts falling due within one year
5
(879,313)
(576,415)
Net current assets
288,545
362,904
Total assets less current liabilities
414,809
445,634
Creditors: amounts falling due after more than one year
6
(13,302)
(17,953)
Provisions for liabilities
(25,425)
(20,683)
Net assets
376,082
406,998
Capital and reserves
Called up share capital
7
8
8
Profit and loss reserves
376,074
406,990
Total equity
376,082
406,998

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

AXI DESIGN AND ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 June 2024 and are signed on its behalf by:
K A Scarre
Director
Company registration number 13321144 (England and Wales)
AXI DESIGN AND ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

AXI Design and Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

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 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 the expenses recognised that is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Plant and equipment
20% straight line
Fixtures and fittings
20% reducing balance
Computers
33% reducing balance
Motor vehicles
25% straight line

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.

AXI DESIGN AND ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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

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

Basic financial liabilities

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

1.6
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 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.

 

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.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

AXI DESIGN AND ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

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.

2
Employees

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

2024
2023
Number
Number
Total
16
10
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
99,768
Additions
79,391
At 31 March 2024
179,159
Depreciation and impairment
At 1 April 2023
17,038
Depreciation charged in the year
35,857
At 31 March 2024
52,895
Carrying amount
At 31 March 2024
126,264
At 31 March 2023
82,730
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
533,772
297,736
Amounts owed by group undertakings and undertakings in which the company has a participating interest
96,319
18,100
Other debtors
502,786
551,801
1,132,877
867,637
AXI DESIGN AND ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
230,635
103,019
Corporation tax
16,480
121,173
Other taxation and social security
36,751
44,792
Other creditors
595,447
307,431
879,313
576,415

Included in other creditors are amounts totalling £537,276 (2023 - £226,101) that represent an invoice financing facility which is secured over all property and undertakings of the company.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
13,302
17,953
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
4
4
4
4
of £1 each
1
1
1
1
of £1 each
2
2
2
2
of £1 each
1
1
1
1
8
8
8
8
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases in respect of rent payable, as follows:

2024
2023
£
£
Within one year
39,500
-
0
Between two and five years
47,729
-
0
87,229
-
0
9
Related party transactions

The company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.

AXI DESIGN AND ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Directors' transactions

At the balance sheet date, £168,509 was owed to the company by the directors (2023 - £14,947 was owed by the company to the directors). During the year there were advances of £303,096 and repayments of £120,624. Interest is charged at 2.25%.

2024-03-312023-04-01false27 June 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityK A ScarreD Evansfalsefalse133211442023-04-012024-03-31133211442024-03-31133211442023-03-3113321144core:OtherPropertyPlantEquipment2024-03-3113321144core:OtherPropertyPlantEquipment2023-03-3113321144core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3113321144core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113321144core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3113321144core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3113321144core:CurrentFinancialInstruments2024-03-3113321144core:CurrentFinancialInstruments2023-03-3113321144core:ShareCapital2024-03-3113321144core:ShareCapital2023-03-3113321144core:RetainedEarningsAccumulatedLosses2024-03-3113321144core:RetainedEarningsAccumulatedLosses2023-03-3113321144core:ShareCapitalOrdinaryShares2024-03-3113321144core:ShareCapitalOrdinaryShares2023-03-3113321144bus:Director12023-04-012024-03-3113321144core:PlantMachinery2023-04-012024-03-3113321144core:FurnitureFittings2023-04-012024-03-3113321144core:ComputerEquipment2023-04-012024-03-3113321144core:MotorVehicles2023-04-012024-03-31133211442022-04-012023-03-3113321144core:OtherPropertyPlantEquipment2023-03-3113321144core:OtherPropertyPlantEquipment2023-04-012024-03-3113321144core:WithinOneYear2024-03-3113321144core:WithinOneYear2023-03-3113321144core:Non-currentFinancialInstruments2024-03-3113321144core:Non-currentFinancialInstruments2023-03-3113321144bus:OrdinaryShareClass12023-04-012024-03-3113321144bus:OrdinaryShareClass22023-04-012024-03-3113321144bus:OrdinaryShareClass32023-04-012024-03-3113321144bus:OrdinaryShareClass42023-04-012024-03-3113321144bus:OrdinaryShareClass12024-03-3113321144bus:OrdinaryShareClass12023-03-3113321144bus:OrdinaryShareClass22024-03-3113321144bus:OrdinaryShareClass22023-03-3113321144bus:OrdinaryShareClass32024-03-3113321144bus:OrdinaryShareClass32023-03-3113321144bus:OrdinaryShareClass42024-03-3113321144bus:OrdinaryShareClass42023-03-3113321144bus:OrdinaryShareClass12022-04-012023-03-3113321144bus:OrdinaryShareClass22022-04-012023-03-3113321144bus:OrdinaryShareClass32022-04-012023-03-3113321144bus:OrdinaryShareClass42022-04-012023-03-3113321144core:BetweenTwoFiveYears2024-03-3113321144core:BetweenTwoFiveYears2023-03-3113321144bus:PrivateLimitedCompanyLtd2023-04-012024-03-3113321144bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3113321144bus:FRS1022023-04-012024-03-3113321144bus:AuditExemptWithAccountantsReport2023-04-012024-03-3113321144bus:Director22023-04-012024-03-3113321144bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP