Company registration number 13246438 (England and Wales)
ACCXEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ACCXEL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ACCXEL LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
3
334,886
410,606
CURRENT ASSETS
Debtors
4
366,583
150,147
Cash at bank and in hand
17,788
52,856
384,371
203,003
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(124,893)
(195,260)
NET CURRENT ASSETS
259,478
7,743
TOTAL ASSETS LESS CURRENT LIABILITIES
594,364
418,349
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
6
(655,013)
(538,567)
NET LIABILITIES
(60,649)
(120,218)
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss reserves
(61,649)
(121,218)
TOTAL EQUITY
(60,649)
(120,218)
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 August 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.
ACCXEL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
19 June 2025
19 June 2025
and are signed on its behalf by:
Natalie King
Director
Company registration number 13246438 (England and Wales)
ACCXEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
ACCOUNTING POLICIES
Company information
AccXel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Whimsey Industrial Estate, Steam Mills Road, Cinderford, Gloucestershire, GL14 3JA.
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
Going concern
The company has required financial support from a related company during its early years. The company is now showing a profit in the current year. The directors are confident that the company will be able to meet its obligations and will continue to trade in profit going forward. They are also confident in the continued support of the related company should it prove necessary. They therefore consider it appropriate to prepare the accounts on a going concern basis.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the 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, 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.
ACCXEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.4
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
12% straight line
Fixtures and fittings
15% straight line
Equipment
15% 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.
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.
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. 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.
ACCXEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
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.
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
10
ACCXEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
3
TANGIBLE FIXED ASSETS
Plant and equipment
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 September 2023 and 31 August 2024
182,960
195,916
156,417
535,293
Depreciation and impairment
At 1 September 2023
38,117
48,421
38,149
124,687
Depreciation charged in the year
22,870
29,387
23,463
75,720
At 31 August 2024
60,987
77,808
61,612
200,407
Carrying amount
At 31 August 2024
121,973
118,108
94,805
334,886
At 31 August 2023
144,843
147,495
118,268
410,606
4
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
66,116
70,954
Other debtors
279,531
79,193
345,647
150,147
Deferred tax asset
20,936
366,583
150,147
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Obligations under finance leases
33,298
32,280
Trade creditors
40,472
119,059
Taxation and social security
9,379
14,138
Other creditors
2,765
1,172
Accruals and deferred income
38,979
28,611
124,893
195,260
ACCXEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
(Continued)
- 7 -
Obligations under finance leases totaling £33,298 (2023 - £32,280) are secured on the assets to which they relate.
Other creditors comprise amounts due under defined contribution pension schemes.
6
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
Notes
£
£
Obligations under finance leases
55,013
88,567
Other creditors
600,000
450,000
655,013
538,567
Obligations under finance leases totaling £55,013 (2023 - £88,567) are secured on the assets to which they relate.
Other creditors comprise amounts due to participating interests.