AXVP Limited Company accounts

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COMPANY REGISTRATION NUMBER: 09651689

AXVP LIMITED

UNAUDITED ABRIDGED FINANCIAL STATEMENTS

31 March 2019

AXVP LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2019

Contents	Page

Directors' report	1

Abridged income statement	3

Abridged statement of financial position	4

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements	11

AXVP LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 MARCH 2019

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 March 2019 .

Directors

The directors who served the company during the year were as follows:

Mr S Aziz
Mr Q Aziz
Mrs L Niblock-Aziz
Miss A Aziz

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 November 2019 and signed on behalf of the board by:

Mr Q Aziz

Director

Registered office:

1 Derby Road

Eastwood

Nottingham

United Kingdom

NG16 3PA

AXVP LIMITED

ABRIDGED INCOME STATEMENT

YEAR ENDED 31 MARCH 2019

	2019	2018
Note	£	£
GROSS PROFIT	154,251	184,516

Administrative expenses	122,899	62,478
	----------	----------
OPERATING PROFIT	31,352	122,038

		----------	----------
PROFIT BEFORE TAXATION	4	31,352	122,038

Tax on profit	5,351	5,584
	---------	----------
PROFIT FOR THE FINANCIAL YEAR	26,001	116,454
	---------	----------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

AXVP LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 March 2019

	2019		2018
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5	29,302	33,849
Investments	6	10	10
		---------	---------
		29,312	33,859

CURRENT ASSETS

Debtors	21,705	103,604
Cash at bank and in hand	44,047	114,696
	---------	----------
	65,752	218,300

CREDITORS: amounts falling due within one year	12,979		143,075
	---------		----------
NET CURRENT ASSETS		52,773		75,225
		---------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES		82,085		109,084
		---------		----------
NET ASSETS		82,085		109,084
		---------		----------

CAPITAL AND RESERVES

Called up share capital	112	112
Profit and loss account	81,973	108,972
	---------	----------
SHAREHOLDERS FUNDS	82,085	109,084
	---------	----------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

AXVP LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 29 November 2019 , and are signed on behalf of the board by:

Mr Q Aziz

Director

Company registration number: 09651689

AXVP LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2019

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 1 Derby Road, Eastwood, Nottingham, NG16 3PA, United Kingdom.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Depreciation of tangible assets	5,171	5,972
	-------	-------

5. Tangible assets

	£
Cost
At 1 April 2018	40,993
Additions	624
	---------
At 31 March 2019	41,617
	---------
Depreciation
At 1 April 2018	7,144
Charge for the year	5,171
	---------
At 31 March 2019	12,315
	---------
Carrying amount
At 31 March 2019	29,302
	---------
At 31 March 2018	33,849
	---------

6. Investments

	£
Cost
At 1 April 2018 and 31 March 2019	10
	----
Impairment
At 1 April 2018 and 31 March 2019	–
	----
Carrying amount
At 31 March 2019	10
	----
At 31 March 2018	10
	----

7. Directors' advances, credits and guarantees

Including in creditors is an amount of £119 (2018: £72,066) owed to the directors. This amount is interest free, unsecured and repayable on demand.

AXVP LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 31 MARCH 2019

The following pages do not form part of the abridged financial statements.

AXVP LIMITED

CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF AXVP LIMITED

YEAR ENDED 31 MARCH 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of AXVP Limited for the year ended 31 March 2019, which comprise the abridged income statement, abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

PELLS Chartered accountants

1 Derby Road Eastwood Nottingham NG16 3PA

29 November 2019