| Axscend Limited |
| Registered number: |
04275454 |
| Abbreviated Balance Sheet |
| as at 31 August 2014 |
|
|
|
Notes |
|
|
2014 |
|
|
2013 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
62,652 |
|
|
78,325 |
|
| Current assets |
| Stocks |
|
|
94,098 |
|
|
131,140 |
| Debtors |
3 |
|
142,854 |
|
|
112,405 |
| Cash at bank and in hand |
|
|
47,783 |
|
|
1,718 |
|
|
|
284,735 |
|
|
245,263 |
|
| Creditors: amounts falling due within one year |
|
|
(68,330) |
|
|
(204,639) |
|
| Net current assets |
|
|
|
216,405 |
|
|
40,624 |
|
| Total assets less current liabilities |
|
|
|
279,057 |
|
|
118,949 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(270,950) |
|
|
(29,944) |
|
| Net assets |
|
|
|
8,107 |
|
|
89,005 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
5 |
|
|
1,000 |
|
|
1,000 |
| Profit and loss account |
|
|
|
7,107 |
|
|
88,005 |
|
| Shareholders' funds |
|
|
|
8,107 |
|
|
89,005 |
|
|
|
|
|
|
|
|
| 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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| T J Steer |
| Director |
| Approved by the board on 13 February 2015 |
|
| Axscend Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 August 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off tangible fixed assets over their estimated useful lives. |
|
|
Plant and machinery etc. |
At rates between 12.5% and 33.33% on cost per annum |
|
Motor vehicles |
25% on cost per annum |
|
|
Research and development |
|
Expenditure on research and development is recognised in the profit and loss account as an expense as it is incurred. |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
Leasing and hire purchase commitments |
|
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 September 2013 |
254,672 |
|
Additions |
23,480 |
|
Disposals |
(12,995) |
|
At 31 August 2014 |
265,157 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2013 |
176,347 |
|
Charge for the year |
29,407 |
|
On disposals |
(3,249) |
|
At 31 August 2014 |
202,505 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2014 |
62,652 |
|
At 31 August 2013 |
78,325 |
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2014 |
|
2013 |
| £ |
£ |
|
Debtors include: |
|
|
Amounts due after more than one year |
13,688 |
|
5,621 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Loans |
2014 |
|
2013 |
| £ |
£ |
|
Creditors include: |
|
Amounts falling due for payment after more than five years |
90,000 |
|
- |
|
Secured loans |
60,000 |
|
138,877 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Timothy Julian Steer |
|
Advances and Repayments |
10,123 |
|
- |
|
(10,123) |
|
- |
|
|
Phillip Williams |
|
Advances and Repayments |
107 |
|
- |
|
- |
|
107 |
|
|
|
10,230 |
|
- |
|
(10,123) |
|
107 |
|
|
|
|
|
|
|
|
|
| 7 |
Post balance sheet events |
|
|
During the period under review the Company received the offer of a loan of £126,000 from Kent County Council under the Expansion East Kent scheme which was accepted. The loan was paid in two instalments, the first instalment of £60,000 was received on 9 July 2014 whilst the second instalment of £66,000, which was payable on evidence of satisfactory performance, was received 21 October 2014. |
|
|
| 8 |
Ultimate controlling party |
|
|
The company is a wholly owned subsidiary of Axscend Group Limited, a company incorporated in England and Wales |
