Axitech Limited Filleted accounts for Companies House (small and micro)

0 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05181425 2021-01-01 2021-12-31 05181425 2021-12-31 05181425 2020-12-31 05181425 2020-01-01 2020-12-31 05181425 2020-12-31 05181425 bus:Director1 2021-01-01 2021-12-31 05181425 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 05181425 core:WithinOneYear 2021-12-31 05181425 core:RestatedAmount core:WithinOneYear 2020-12-31 05181425 core:RestatedAmount 2020-12-31 05181425 core:ShareCapital 2021-12-31 05181425 core:ShareCapital 2020-12-31 05181425 core:RetainedEarningsAccumulatedLosses 2021-12-31 05181425 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2020-12-31 05181425 core:PatentsTrademarksLicencesConcessionsSimilar 2020-12-31 05181425 core:WithinOneYear 2020-12-31 05181425 bus:SmallEntities 2021-01-01 2021-12-31 05181425 bus:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 05181425 bus:FullAccounts 2021-01-01 2021-12-31 05181425 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 05181425 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31

COMPANY REGISTRATION NUMBER: 05181425

Axitech Limited

Filleted Unaudited Financial Statements

31 December 2021

Axitech Limited

Statement of Financial Position

31 December 2021

	2021	2020
		(restated)
Note	£	£

Fixed assets

Intangible assets	5	8,244	8,244
Tangible assets	6	394	525
		-------	-------
		8,638	8,769

Current assets

Debtors	7	137,874	137,875
Cash at bank and in hand		74	102
		---------	---------
		137,948	137,977

Creditors: amounts falling due within one year	8	1,589,597	1,504,731
		------------	------------
Net current liabilities		1,451,649	1,366,754
		------------	------------
Total assets less current liabilities		( 1,443,011)	( 1,357,985)
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 1,443,012)	( 1,357,986)
	------------	------------
Shareholders deficit	( 1,443,011)	( 1,357,985)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Axitech Limited

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 23 December 2022 , and are signed on behalf of the board by:

Mr J M Kinder
Director

Company registration number: 05181425

Axitech Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Park Row, Leeds, LS1 5AB.

2. Statement of compliance

These 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

3.I Basis of preparation

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

3.II Going concern

The company continues to be reliant on support from its parent company Axitech Group Limited. The director has considered the current and future cash flow requirements of the business and is satisfied that preparing the accounts on a going concern basis is wholly appropriate

3.III 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.

3.IV Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

3.V Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

3.VI 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.

3.VII 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:

	Equipment	-	25% reducing balance

3.VIII Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2020: 8 ).

5. Intangible assets

	Patents, trademarks and licences	Web Design	Total
	£	£	£
Cost
At 1 January 2021 (as restated) and 31 December 2021	5,200	3,044	8,244
	-------	-------	-------
Amortisation
At 1 January 2021 and 31 December 2021	–	–	–
	-------	-------	-------
Carrying amount
At 31 December 2021	5,200	3,044	8,244
	-------	-------	-------
At 31 December 2020	5,200	3,044	8,244
	-------	-------	-------

6. Tangible assets

	Equipment
	£
Cost
At 1 January 2021 (as restated) and 31 December 2021	840
	----
Depreciation
At 1 January 2021	315
Charge for the year	131
	----
At 31 December 2021	446
	----
Carrying amount
At 31 December 2021	394
	----
At 31 December 2020	525
	----

7. Debtors

	2021	2020
		(restated)
	£	£
Other debtors	137,874	137,875
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
		(restated)
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,462,166	1,377,250
Social security and other taxes	3,048	3,098
Other creditors	124,383	124,383
	------------	------------
	1,589,597	1,504,731
	------------	------------

9. Related party transactions

Axitech Limited is a wholly owned subsidiary of Axitech Group Limited. At the year end £1,430,166 (2020: £1,345,250) was owed to Axitech Group Limited. At the year end £32,000 (2020: £32,000) was owed to MotorResolve Limited, a company under common control.