Axis Accounts Limited - Period Ending 2016-09-30

Axis Accounts Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016

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

Notes to the Abbreviated Accounts

2 to 3

Axis Accounts Limited
(Registration number: 04529264)
Abbreviated Balance Sheet at 30 September 2016

	Note	2016 £	2015 £
Fixed assets
Intangible fixed assets		5	5
Tangible fixed assets		389	457
		394	462
Current assets
Stocks		1,500	1,500
Debtors		23,900	22,993
Cash at bank and in hand		916	3
		26,316	24,496
Creditors: Amounts falling due within one year		(10,261)	(11,940)
Net current assets		16,055	12,556
Net assets		16,449	13,018
Capital and reserves
Called up share capital	3	200	200
Profit and loss account		16,249	12,818
Shareholders' funds		16,449	13,018

For the year ending 30 September 2016 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 director acknowledges his 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 director on 30 June 2017

.........................................
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 2016
......... 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 January 2015).

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 2016
......... continued

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 October 2015	26,505	3,485	29,990
At 30 September 2016	26,505	3,485	29,990
Depreciation
At 1 October 2015	26,500	3,028	29,528
Charge for the year	-	68	68
At 30 September 2016	26,500	3,096	29,596
Net book value
At 30 September 2016	5	389	394
At 30 September 2015	5	457	462

3	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary 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

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Jonathan Peter Ransom
amounts advanced for personal expenses	11,536	14,375	14,375	22,576

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