AX Business Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07696930 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

AX BUSINESS SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R D J Lawrence

Mrs M J Wynn - Lawrence

REGISTERED OFFICE:

Suite G14 Bedford I-Lab

Priory Business Park

Stannard Way

Bedford

MK44 3RZ

REGISTERED NUMBER:

07696930 (England and Wales)

ACCOUNTANTS:

Wright Connections Limited

Bedford I-Lab

Priory Business Park

Stannard Way

Bedford

Bedfordshire

MK44 3RZ

FIXED ASSETS

Tangible assets

4

-

9,489

Investments

5

1

1

1

9,490

CURRENT ASSETS

Debtors

6

57,143

73,768

Cash at bank

67

63

57,210

73,831

CREDITORS

Amounts falling due within one year

7

227,391

155,244

NET CURRENT LIABILITIES

(170,181

)

(81,413

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(170,180

)

(71,923

)

CREDITORS

Amounts falling due after more than one year

8

31,818

68,342

NET LIABILITIES

(201,998

)

(140,265

)

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

(202,000

)

(140,267

)

SHAREHOLDERS' FUNDS

(201,998

)

(140,265

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 applicable to companies subject to the small companies regime.

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 30 September 2019 and were signed on its behalf by:

R D J Lawrence - Director

1.	STATUTORY INFORMATION

AX Business Systems Ltd is a private company, limited by shares , registered in England and Wales. 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 (£).

The financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have not been prepared on a going concern basis as the company does not have the financial

resources to meet its current liabilities. The directors believe it is more appropriate to prepare the accounts on a

break up basis.

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.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

17,538

Additions

2,059

Disposals

(19,597

)

At 31 December 2018

-

DEPRECIATION

At 1 January 2018

8,049

Eliminated on disposal

(8,049

)

At 31 December 2018

-

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

9,489

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2018

and 31 December 2018

1

NET BOOK VALUE

At 31 December 2018

1

At 31 December 2017

1

6.

DEBTORS

31.12.18

31.12.17

as restated

£

£

Amounts falling due within one year:

Trade debtors

759

49,218

Other debtors

47,691

24,550

48,450

73,768

Amounts falling due after more than one year:

Other debtors

8,693

-

Aggregate amounts

57,143

73,768

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

as restated

£

£

Bank loans and overdrafts

24,645

837

Trade creditors

68,946

69,305

Amounts owed to participating interests

-

4,289

Taxation and social security

60,927

37,966

Other creditors

72,873

42,847

227,391

155,244

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

as restated

£

£

Other creditors

31,818

68,342

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

as restated

£

£

Bank overdrafts

24,645

837

Funding Circle

83,522

99,100

108,167

99,937

The Funding Circle loan and bank overdraft are personally guaranteed by the directors.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

as restated

£

£

2

ordinary

1

2

2

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2018 and the

period ended 31 December 2017:

31.12.18

31.12.17

as restated

£

£

R D J Lawrence

Balance outstanding at start of year

10,912

3,155

Amounts advanced

9,148

10,912

Amounts repaid

(10,912

)

(3,155

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,148

10,912

Mrs M J Wynn - Lawrence

Balance outstanding at start of year

12,878

2,128

Amounts advanced

17,605

12,878

Amounts repaid

(12,878

)

(2,128

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

17,605

12,878

The loan is repayable on demand. Interest is charged at 2.5% per annum.

12.	RELATED PARTY DISCLOSURES

During the year the company performed software development work for Uniconta (UK) Ltd a company fully

owned by the directors. There has been no charge for such work performed during the year.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is by its 2 directors, R Lawrence andM Wynn-Lawrence.