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COMPANY REGISTRATION NUMBER: 05181425
Axitech Limited
Filleted Unaudited Financial Statements
31 December 2024
Axitech Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
4
8,244
8,244
Tangible assets
5
221
-------
-------
8,244
8,465
Current assets
Debtors
6
308,435
Cash at bank and in hand
9,455
75
---------
----
317,890
75
Creditors: amounts falling due within one year
7
1,698,890
1,510,427
------------
------------
Net current liabilities
1,381,000
1,510,352
------------
------------
Total assets less current liabilities
( 1,372,756)
( 1,501,887)
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1,372,757)
( 1,501,888)
------------
------------
Shareholders deficit
( 1,372,756)
( 1,501,887)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Axitech Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 8 July 2025 , and are signed on behalf of the board by:
Mr J M Kinder
Director
Company registration number: 05181425
Axitech Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Park Row, Leeds, LS1 5AB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company continues to be reliant on support from its parent company Axitech Group Limited. The director has considered the current and future cash flow requirements of the business and is satisfied that preparing the accounts on a going concern basis is wholly appropriate
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Amortisation rate as follows: Patents, trademarks and licences - 0% Web design - 0% Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Patents, trademarks and licences
Web Design
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
5,200
3,044
8,244
-------
-------
-------
Amortisation
At 1 January 2024 and 31 December 2024
-------
-------
-------
Carrying amount
At 31 December 2024
5,200
3,044
8,244
-------
-------
-------
At 31 December 2023
5,200
3,044
8,244
-------
-------
-------
5. Tangible assets
Equipment
£
Cost
At 1 January 2024 and 31 December 2024
840
----
Depreciation
At 1 January 2024
619
Charge for the year
221
----
At 31 December 2024
840
----
Carrying amount
At 31 December 2024
----
At 31 December 2023
221
----
6. Debtors
2024
2023
£
£
Trade debtors
308,435
---------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
28,099
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,628,640
1,426,836
Corporation tax
81,454
Social security and other taxes
42,051
2,037
Other creditors
100
100
------------
------------
1,698,890
1,510,427
------------
------------
8. Related party transactions
Axitech Limited is a wholly owned subsidiary of Axitech Group Limited. At the year end £1,628,640 (2023: £1,426,836) was owed to Axitech Group Limited.