Axiscross Limited - Period Ending 2015-12-31

Registration number: 02436284

Axiscross Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Westlake Clark
Chartered Accountants
118 Old Milton Road
New Milton
Hampshire
BH25 6EB

Axiscross Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Axiscross Limited
(Registration number: 02436284)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015						2014
	£			£			£			£
Fixed assets
Tangible fixed assets		2						3,000,000						3,000,000
Current assets
Debtors					46,240						1,244
Cash at bank and in hand					15,891						40,795
					62,131						42,039
Creditors: Amounts falling due within one year					(61,439)						(52,557)
Net current assets/(liabilities)								692						(10,518)
Total assets less current liabilities								3,000,692						2,989,482
Creditors: Amounts falling due after more than one year								-						(73,841)
Net assets								3,000,692						2,915,641
Capital and reserves
Called up share capital		3			480,102						480,102
Revaluation reserve					1,851,762						1,851,762
Profit and loss account					668,828						583,777
Shareholders' funds								3,000,692						2,915,641

The directors' statements required by Section 475(2), (3) are shown on the following page which forms part of this Balance Sheet.

The notes form an integral part of these financial statements.
Page 1

Axiscross Limited
(Registration number: 02436284)
Abbreviated Balance Sheet at 31 December 2015
......... continued

For the year ended 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 22 March 2016 and signed on its behalf by:

.........................................
M L Hole
Director

The notes form an integral part of these financial statements.
Page 2

Axiscross Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The directors believe that the company is well placed to manage its business risks successfully, despite the current uncertain economic outlook, and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents rents receivable, net of value added tax, which are credited to revenue in the accounting period in which they are receivable.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold investment property	Not depreciated

Investment properties

The company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE (effective January 2015), as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Page 3

Axiscross Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		3,000,000			3,000,000
At 31 December 2015		3,000,000			3,000,000
Net book value
At 31 December 2015		3,000,000			3,000,000
At 31 December 2014		3,000,000			3,000,000

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		480,102			480,102			480,102			480,102

Page 4

Axiscross Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
H H Salem
Advance. No interest is charged	7,803	-	-	-

Page 5