Axis Accounts Limited - Period Ending 2015-09-30

Registration number: 04529264

Axis Accounts Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

Jon Ransom FCA
Chartered Accountants
Office 7, Unit 16
Dinan Way Trading Estate
Concorde Road
Exmouth
Devon
EX8 4RS

Axis Accounts Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Axis Accounts Limited
(Registration number: 04529264)
Abbreviated Balance Sheet at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					5			5
Tangible fixed assets					457			537
					462			542
Current assets
Stocks					1,500			1,000
Debtors					22,993			31,091
Cash at bank and in hand					3			4
					24,496			32,095
Creditors: Amounts falling due within one year					(11,940)			(12,595)
Net current assets					12,556			19,500
Net assets					13,018			20,042
Capital and reserves
Called up share capital		3			200			200
Profit and loss account					12,818			19,842
Shareholders' funds					13,018			20,042

For the year ending 30 September 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 30 June 2016 and signed on its behalf by:

.........................................
Mr J P Ransom
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Axis Accounts Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any residual value, over its estimated economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% on cost

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% on a reducing balnace basis
Office equipment	33% on cost

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Axis Accounts Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2014		26,505			3,485			29,990
At 30 September 2015		26,505			3,485			29,990
Depreciation
At 1 October 2014		26,500			2,948			29,448
Charge for the year		-			80			80
At 30 September 2015		26,500			3,028			29,528
Net book value
At 30 September 2015		5			457			462
At 30 September 2014		5			537			542

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordfinary of £1 each		100			100			100			100
Ordinary A of £1 each		75			75			75			75
Ordinary B of £1 each		25			25			25			25
		200			200			200			200

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr Jonathan Peter Ransom
amounts advanced for personal expenses	-	8,201	4,166	-

Page 3