Axiscross Limited - Period Ending 2016-12-31

Registration number: 02436284

Axiscross Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

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

Axiscross Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Axiscross Limited

Company Information

Directors

M L Hole H H Salem A J Chasan

Company secretary

M L Hole

Registered office

25 Ives Street Knightsbridge London SW3 2ND

Accountants

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

Page 1

Axiscross Limited

(Registration number: 02436284)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Investment property	4	3,000,000	3,000,000
Current assets
Debtors	5	38,284	46,240
Cash at bank and in hand		933	15,891
		39,217	62,131
Creditors: Amounts falling due within one year	6	(65,557)	(61,439)
Net current (liabilities)/assets		(26,340)	692
Total assets less current liabilities		2,973,660	3,000,692
Provisions for liabilities		(136,714)	(147,975)
Net assets		2,836,946	2,852,717
Capital and reserves
Called up share capital		480,102	480,102
Revaluation reserve		1,715,048	1,703,787
Profit and loss account		641,796	668,828
Total equity		2,836,946	2,852,717

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Axiscross Limited

(Registration number: 02436284)
Balance Sheet as at 31 December 2016 (continued)

For the financial year ending 31 December 2016 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 May 2017 and signed on its behalf by:
 

.........................................

M L Hole

Company secretary and director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Axiscross Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
25 Ives Street
Knightsbridge
London
SW3 2ND

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents rents receivable, which are recognised in the accounting period to which they relate.

The company recognises turnover when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

Axiscross Limited

Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)

2	Accounting policies (continued)

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Depreciation

Asset class	Depreciation method and rate
Freehold investment property	Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2015 - 0).

4	Investment properties

	2016 £
At 1 January	3,000,000
At 31 December	3,000,000

There has been no valuation of investment property by an independent valuer during the year.

Page 5

Axiscross Limited

Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)

5

Debtors

	2016 £	2015 £
Trade debtors	37,500	37,500
Other debtors	450	7,803
Prepayments and accrued income	334	937
Total current trade and other debtors	38,284	46,240

6

Creditors

	2016 £	2015 £
Due within one year
Taxation and social security	11,730	6,722
Other creditors	-	2,250
Corporation tax liability	23,235	21,300
Accruals and deferred income	30,592	31,167
	65,557	61,439

7	Related party transactions

Transactions with directors

2016	At 1 January 2016 £	Repayments by director £	At 31 December 2016 £
H H Salem
Advance. No interest charged	7,803	(7,803)	-

2015	Advances to directors £	At 31 December 2015 £
H H Salem
Advance. No interest charged	7,803	7,803

Page 6

Axiscross Limited

Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)

8	Transition to FRS 102

This is the first year that the Company has presented its results under Financial Reporting Standards 102 1A (FRS 102 1A). The last financial statements prepared under the previous UK GAAP were for the year ended 31 December 2015. The date of transition to FRS 102 1A was 1 January 2015. Set out below are the changes in accounting policies which reconcile profit for the financial year ended 31 December 2015 and the total equity as at 1 January 2015 and 31 December 2015 between UK GAAP as previously reported and FRS 102 1A.

Changes for FRS 102 1A adoption
Under FRS 102 1A, changes in the fair value of investment properties and listed investments are recorded in the profit and loss account. Under previous UK GAAP these changes were recorded in the Statement of Total Recognised Gains and Losses.

Deferred tax has also been recognised on these fair value changes.

Balance Sheet at 1 January 2015
 

	As originally reported £	Remeasurement £	As restated £
Fixed assets
Investment property	3,000,000	-	3,000,000
Current assets
Debtors	1,244	-	1,244
Cash at bank and in hand	40,795	-	40,795
	42,039	-	42,039
Creditors: Amounts falling due within one year	(52,557)	-	(52,557)
Net current liabilities	(10,518)	-	(10,518)
Total assets less current liabilities	2,989,482	-	2,989,482
Creditors: Amounts falling due after more than one year	(73,841)	-	(73,841)
Provisions for liabilities	-	(153,379)	(153,379)
Net assets/(liabilities)	2,915,641	(153,379)	2,762,262
Capital and reserves
Called up share capital	(480,102)	-	(480,102)
Revaluation reserve	(1,851,762)	153,379	(1,698,383)
Profit and loss account	(583,777)	-	(583,777)
Total equity	(2,915,641)	153,379	(2,762,262)

Page 7

Axiscross Limited

Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)

8	Transition to FRS 102 (continued)

Balance Sheet at 31 December 2015
 

	As originally reported £	Remeasurement £	As restated £
Fixed assets
Investment property	3,000,000	-	3,000,000
Current assets
Debtors	46,240	-	46,240
Cash at bank and in hand	15,891	-	15,891
	62,131	-	62,131
Creditors: Amounts falling due within one year	(61,439)	-	(61,439)
Net current assets	692	-	692
Total assets less current liabilities	3,000,692	-	3,000,692
Provisions for liabilities	-	(147,975)	(147,975)
Net assets/(liabilities)	3,000,692	(147,975)	2,852,717
Capital and reserves
Called up share capital	(480,102)	-	(480,102)
Revaluation reserve	(1,851,762)	147,975	(1,703,787)
Profit and loss account	(668,828)	-	(668,828)
Total equity	(3,000,692)	147,975	(2,852,717)

Page 8