Axiom Building Services Limited Filleted accounts for Companies House (small and micro)

AXIOM BUILDING SERVICES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05858430

Axiom Building Services Limited

Filleted Unaudited Financial Statements

31 December 2020

Axiom Building Services Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Axiom Building Services Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Axiom Building Services Limited

Year ended 31 December 2020

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2020, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

HARPER SHELDON LIMITED Chartered Accountants

Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

30 March 2021

Axiom Building Services Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	158,143	696,916

Current assets

Stocks		9,650	9,650
Debtors	6	1,367,219	2,139,932
Cash at bank and in hand		1,033,390	1,315,597
		------------	------------
		2,410,259	3,465,179

Creditors: amounts falling due within one year	7	575,626	1,491,848
		------------	------------
Net current assets		1,834,633	1,973,331
		------------	------------
Total assets less current liabilities		1,992,776	2,670,247

Provisions	32,000	33,755
	------------	------------
Net assets	1,960,776	2,636,492
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,960,774	2,636,490
	------------	------------
Shareholders funds	1,960,776	2,636,492
	------------	------------

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 2020 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 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 financial statements .

Axiom Building Services Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 30 March 2021 , and are signed on behalf of the board by:

Mr S J Pennington	Mr J Jones
Director	Director

Company registration number: 05858430

Axiom Building Services Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Unit C, The Aquarius Centre Waterwel, Edison Close, Waterwells Business Park, Glos, GL2 2FN.

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

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.

Revenue recognition

Turnover represents net invoiced sales of work done, excluding value added tax and is recognised at the appropriate valuation stages of contracts. Retentions are recognised as income only to the extent that they are deemed recoverable at the year end.

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:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 37 (2019: 40 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2020	505,520	45,846	63,168	339,092	42,920	996,546
Additions	–	2,056	–	38,700	–	40,756
Disposals	( 505,520)	( 13,372)	( 46,652)	( 29,750)	–	( 595,294)
	---------	--------	--------	---------	--------	---------
At 31 Dec 2020	–	34,530	16,516	348,042	42,920	442,008
	---------	--------	--------	---------	--------	---------
Depreciation
At 1 Jan 2020	–	33,845	39,410	197,088	29,287	299,630
Charge for the year	–	2,244	1,062	43,305	5,953	52,564
Disposals	–	( 11,409)	( 29,981)	( 26,939)	–	( 68,329)
	---------	--------	--------	---------	--------	---------
At 31 Dec 2020	–	24,680	10,491	213,454	35,240	283,865
	---------	--------	--------	---------	--------	---------
Carrying amount
At 31 Dec 2020	–	9,850	6,025	134,588	7,680	158,143
	---------	--------	--------	---------	--------	---------
At 31 Dec 2019	505,520	12,001	23,758	142,004	13,633	696,916
	---------	--------	--------	---------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	605,135	1,822,917
Amounts owed by group undertakings and undertakings in which the company has a participating interest	445,082	–
Other debtors	317,002	317,015
	------------	------------
	1,367,219	2,139,932
	------------	------------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	134,734	1,023,608
Social security and other taxes	359,707	226,505
Other creditors	81,185	241,735
	---------	------------
	575,626	1,491,848
	---------	------------

8. Related party transactions

During the year, Axiom Building Services Ltd sold their head office premises to fund the directors pension fund.