PAXT Limited - Filleted accounts

PAXT Limited
Registered number:		04026429
Balance Sheet
as at 28 February 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	4		47,379			47,192
Investments	5		179,400			179,400
			226,779			226,592

Current assets
Stocks		55,158			34,538
Debtors	6	1,053,210			796,595
Cash at bank and in hand		54,783			163,984
		1,163,151			995,117

Creditors: amounts falling due within one year	7	(1,345,345)			(992,176)

Net current (liabilities)/assets			(182,194)			2,941

Total assets less current liabilities			44,585			229,533


Provisions for liabilities			(11,850)			(11,798)


Net assets			32,735			217,735

Capital and reserves
Called up share capital			700			700
Profit and loss account			32,035			217,035

Shareholders' funds			32,735			217,735

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Timothy Pollard
Director
Approved by the board on 18 March 2025

PAXT Limited
Notes to the Accounts
for the year ended 28 February 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Property improvements			10% straight line
	Equipment			25% straight line
	Fixtures and fittings			15% reducing balance


	Investments
	Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					9		9


3	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 March 2024							76,250
	At 28 February 2025							76,250

	Amortisation
	At 1 March 2024							76,250
	At 28 February 2025							76,250

	Net book value
	At 28 February 2025							-

	Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.


4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Fixtures and fittings		Total
£			£		£		£
	Cost
	At 1 March 2024	84,437		81,935		77,019		243,391
	Additions	-		16,696		-		16,696
	At 28 February 2025	84,437		98,631		77,019		260,087

	Depreciation
	At 1 March 2024	84,437		48,548		63,214		196,199
	Charge for the year	-		14,437		2,072		16,509
	At 28 February 2025	84,437		62,985		65,286		212,708

	Net book value
	At 28 February 2025	-		35,646		11,733		47,379
	At 29 February 2024	-		33,387		13,805		47,192




5	Investments
Investments in
subsidiary
undertakings
£
	Cost
	At 1 March 2024							179,400

	At 28 February 2025							179,400


6	Debtors					2025		2024
£							£

	Trade debtors					(78,666)		(123,198)
	Other taxes and social security costs					6,516		3,847
	Other debtors					1,125,360		915,946
						1,053,210		796,595


7	Creditors: amounts falling due within one year					2025		2024
£							£

	Trade creditors					116,925		34,818
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					1,027,523		819,744
	Corporation tax					61,496		64,278
	Other taxes and social security costs					4,115		6,263
	Other creditors					135,286		67,073
						1,345,345		992,176


8	Other information

	PAXT Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Unit 15 South Cambs Business Park
	Babraham Road
	Sawston
	Cambridgeshire
	CB22 3JH