Axium Process Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 04432600 (England and Wales)

AXIUM PROCESS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

DIRECTORS:

D W Houldsworth

Mrs M Houldsworth

P C Taylor

D P Davies

Dr P P Esteban

SECRETARY:

Mrs M Houldsworth

REGISTERED OFFICE:

Unit 2B Hendy Industrial Estate

Hendy

Swansea

SA4 0XP

REGISTERED NUMBER:

04432600 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

2

194,622

140,324

CURRENT ASSETS

Stocks

371,975

248,422

Debtors

1,744,177

1,399,705

Cash at bank and in hand

163,223

494,989

2,279,375

2,143,116

CREDITORS

Amounts falling due within one year

3

375,425

885,729

NET CURRENT ASSETS

1,903,950

1,257,387

TOTAL ASSETS LESS CURRENT LIABILITIES

2,098,572

1,397,711

CREDITORS

Amounts falling due after more than one year

3

(2,097,698

)

(1,751,001

)

PROVISIONS FOR LIABILITIES

(12,738

)

-

NET LIABILITIES

(11,864

)

(353,290

)

CAPITAL AND RESERVES

Called up share capital

4

1,000

1,000

Profit and loss account

(12,864

)

(354,290

)

SHAREHOLDERS' FUNDS

(11,864

)

(353,290

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 March 2016 and were signed on its behalf by:

D W Houldsworth - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Although the company has recorded a profit for the year, it has net liabilities at the balance sheet date.

The company finances its assets and working capital by a combination of loans from directors and its

parent company. There is no present intention that this support should be withdrawn.

The company is also subject to the inherent risk of continuing to trade profitably and in collecting

monies from credit customers within agreed credit terms.

After making enquiries, the directors have a reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future. Accordingly, they continue to

adopt the going concern basis of accounting for the annual report and accounts.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover is the amount derived from ordinary activities, stated after trade discounts, other sales taxes

and VAT. The amount recorded as turnover in respect of long term contracts is ascertained by

reference to the value of the work carried out to date. Attributable profit is recognised as the difference

between recorded turnover and related costs. Other turnover is recognised on the dispatch of goods to

the customer.

Tangible fixed assets

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

useful life.

Plant & machinery etc

- 33% on cost and 25% on cost

Property improvements

- 10% on cost

Stocks

Stocks and work-in-progress are stated at the lower of cost and net realisable value. Cost includes

materials, direct labour and production overheads appropriate to the relevant stage of production. Net

realisable value is based on estimated selling price less all further costs to completion and any relevant

selling and distribution costs.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be

paid(or recovered) using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date. Timing differences are differences between the company's taxable profits and

its results as stated in the financial statements that arise from the inclusion of gains and losses in tax

assessments in periods different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that,

on the basis of all available evidence, it can be regarded as more likely than not that there will be

suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted.

Deferred tax is measured on a non-discounted basis.

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 the profit and loss on a straight line basis over the

period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet

and depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

870,815

Additions

187,619

At 30 June 2015

1,058,434

DEPRECIATION

At 1 July 2014

730,491

Charge for year

133,321

At 30 June 2015

863,812

NET BOOK VALUE

At 30 June 2015

194,622

At 30 June 2014

140,324

3.

CREDITORS

Creditors include an amount of £ 12,835 for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

1,000

Ordinary

£1

1,000

1,000

5.	ULTIMATE PARENT COMPANY

6.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, Mr D W and Mrs M Houldsworth due to their shareholding in

the parent company.