Axiscross Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02436284 (England and Wales)

Axiscross Limited

Unaudited Financial Statements

for the Year Ended 31 December 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M L Hole

H H Salem

A J Chasan

SECRETARY:

M L Hole

REGISTERED OFFICE:

25 Ives Street

Knightsbridge

London

SW3 2ND

REGISTERED NUMBER:

02436284 (England and Wales)

FIXED ASSETS

Investment property

5

2,400,000

2,400,000

CURRENT ASSETS

Debtors

6

4,715

565

Cash at bank

57,695

76,011

62,410

76,576

CREDITORS

Amounts falling due within one year

7

(14,590

)

(36,811

)

NET CURRENT ASSETS

47,820

39,765

TOTAL ASSETS LESS CURRENT LIABILITIES

2,447,820

2,439,765

CAPITAL AND RESERVES

Called up share capital

8

480,102

480,102

Revaluation reserve

1,251,762

1,251,762

Retained earnings

715,956

707,901

SHAREHOLDERS' FUNDS

2,447,820

2,439,765

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2022 and were signed on its behalf by:

M L Hole - Director

1.	GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:

25 Ives Street

Knightsbridge

London

Hampshire

SW3 2ND

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

3.	ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

GOING CONCERN

The financial statements have been prepared on a going concern basis.

DEPRECIATION

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance basis

REVENUE RECOGNITION

Turnover represents rents receivable, which are recognised in the accounting period to which they relate.

The company recognises turnover when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

INVESTMENT PROPERTY

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

SHARE CAPITAL

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

DIVIDENDS

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

2,400,000

NET BOOK VALUE

At 31 December 2021

2,400,000

At 31 December 2020

2,400,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Social security and other taxes

4,715

-

Prepayments and accrued income

-

565

4,715

565

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Corporation tax liability

1,890

25,764

Social security and other taxes

-

1,115

Accruals and deferred income

12,700

9,932

14,590

36,811

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

480,102

Ordinary shares

£1

480,102

480,102