Axicon Auto ID Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02003365 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2023

for

Axicon Auto ID Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Morrison

M C Hicks

A J Carey

Mrs S Hicks

REGISTERED OFFICE:

Church Road

Weston on the Green

Bicester

Oxfordshire

OX25 3QP

REGISTERED NUMBER:

02003365 (England and Wales)

ACCOUNTANTS:

Behegan Lynes

Accountancy & Taxation Advisers

Bank Chambers

Brook Street

Bishops Waltham

Hampshire

SO32 1AX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

388,451

185,786

Investments

6

946

863

389,397

186,649

CURRENT ASSETS

Stocks

594,104

438,369

Debtors

7

1,424,661

1,366,172

Cash at bank and in hand

3,486,340

3,628,489

5,505,105

5,433,030

CREDITORS

Amounts falling due within one year

8

346,606

557,760

NET CURRENT ASSETS

5,158,499

4,875,270

TOTAL ASSETS LESS CURRENT LIABILITIES

5,547,896

5,061,919

PROVISIONS FOR LIABILITIES

9

4,601

-

NET ASSETS

5,543,295

5,061,919

CAPITAL AND RESERVES

Called up share capital

10

100,000

100,000

Retained earnings

5,443,295

4,961,919

SHAREHOLDERS' FUNDS

5,543,295

5,061,919

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 and authorised for issue on 17 January 2024 and were signed on its behalf by:

M Morrison - Director

M C Hicks - Director

1.	STATUTORY INFORMATION

Axicon Auto ID Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trade mark are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Plant & machinery

-

33% on cost and 25% on cost

Fixtures & fittings

-

25% on reducing balance

Motor vehicles

-

33% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 funded defined contribution pension scheme for the directors and employees. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

Employee benefits

Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2022

and 30 April 2023

10,000

AMORTISATION

At 1 May 2022

and 30 April 2023

10,000

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant &

Fixtures

property

machinery

& fittings

£

£

£

COST

At 1 May 2022

185,392

367,377

65,780

Additions

80,144

165,317

9,387

Disposals

-

-

(6,679

)

At 30 April 2023

265,536

532,694

68,488

DEPRECIATION

At 1 May 2022

38,467

362,975

53,713

Charge for year

5,310

44,828

5,346

Eliminated on disposal

-

-

(6,609

)

At 30 April 2023

43,777

407,803

52,450

NET BOOK VALUE

At 30 April 2023

221,759

124,891

16,038

At 30 April 2022

146,925

4,402

12,067

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2022

218,821

34,053

871,423

Additions

22,289

5,399

282,536

Disposals

-

-

(6,679

)

At 30 April 2023

241,110

39,452

1,147,280

DEPRECIATION

At 1 May 2022

210,237

20,245

685,637

Charge for year

16,014

8,303

79,801

Eliminated on disposal

-

-

(6,609

)

At 30 April 2023

226,251

28,548

758,829

NET BOOK VALUE

At 30 April 2023

14,859

10,904

388,451

At 30 April 2022

8,584

13,808

185,786

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2022

863

Additions

83

At 30 April 2023

946

NET BOOK VALUE

At 30 April 2023

946

At 30 April 2022

863

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade debtors

536,518

569,268

Amounts owed by group undertakings

687,450

570,873

Other debtors

200,693

226,031

1,424,661

1,366,172

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade creditors

62,357

140,541

Taxation and social security

164,774

119,908

Other creditors

119,475

297,311

346,606

557,760

9.	PROVISIONS FOR LIABILITIES

30.4.23

£

Deferred taxation

4,601

Deferred

tax

£

Balance at 1 May 2022

(21,504

)

Adjustment in respect of

capital allowances

26,105

Balance at 30 April 2023

4,601

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.23

30.4.22

value:

£

£

100,000

Ordinary

£1

100,000

100,000

11.	ULTIMATE CONTROLLING PARTY

The company is ultimately owned and controlled by M C Hicks and his immediate family.