Proaxiom (UK) Limited - Accounts to registrar (filleted) - small 18.2

PROAXIOM (UK) LIMITED

Unaudited Financial Statements

for the Year Ended 31st August 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M C Price

M J Woodhouse

S Jones

SECRETARY:

Laytons Secretaries Limited

REGISTERED OFFICE:

Laytons

2 More London Riverside

London

SE1 2AP

REGISTERED NUMBER:

04051765

FIXED ASSETS

Tangible assets

4

30,899

341

CURRENT ASSETS

Debtors

5

566

19,643

Cash at bank

38,518

4,426

39,084

24,069

CREDITORS

Amounts falling due within one year

6

24,858

14,900

NET CURRENT ASSETS

14,226

9,169

TOTAL ASSETS LESS CURRENT LIABILITIES

45,125

9,510

CREDITORS

Amounts falling due after more than one year

7

21,566

-

NET ASSETS

23,559

9,510

CAPITAL AND RESERVES

Called up share capital

9,500

9,500

Retained earnings

14,059

10

SHAREHOLDERS' FUNDS

23,559

9,510

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9th May 2019 and were signed on its behalf by:

S Jones - Director

1.	STATUTORY INFORMATION

Proaxiom (UK) Limited is a private company, limited by shares , registered in Not specified/Other. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors, trade and other creditors and loans from third parties.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities, including loans, are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st September 2017

200

1,926

-

66,176

68,302

Additions

-

-

37,574

1,025

38,599

At 31st August 2018

200

1,926

37,574

67,201

106,901

DEPRECIATION

At 1st September 2017

195

1,839

-

65,927

67,961

Charge for year

-

22

7,515

504

8,041

At 31st August 2018

195

1,861

7,515

66,431

76,002

NET BOOK VALUE

At 31st August 2018

5

65

30,059

770

30,899

At 31st August 2017

5

87

-

249

341

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

37,574

At 31st August 2018

37,574

DEPRECIATION

Charge for year

7,515

At 31st August 2018

7,515

NET BOOK VALUE

At 31st August 2018

30,059

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

19,162

Other debtors

566

481

566

19,643

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

2,853

-

Trade creditors

620

543

Taxation and social security

17,591

10,757

Other creditors

3,794

3,600

24,858

14,900

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

21,566

-