REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2022 |
for |
Axioma (UK) Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2022 |
for |
Axioma (UK) Limited |
Axioma (UK) Limited (Registered number: 05981946) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 8 |
Balance Sheet | 9 |
Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
Axioma (UK) Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Statutory Auditors |
71-75 Shelton Street |
London |
WC2H 9JQ |
Axioma (UK) Limited (Registered number: 05981946) |
Strategic Report |
for the Year Ended 31 December 2022 |
The directors present their strategic report for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
During the year the company continued to provide investment management solutions under an intercompany service agreement with its parent company Axioma Inc., which has been in force since January 2016. |
The company’s key financial and other performance indicators for the year were as follows: |
31 December 2022 |
31 December 2021 |
Notes | £'000 | £'000 |
Other income | 21,190 | 17,308 |
Operating profit | 1,005 | 824 |
Shareholder's equity | 3,602 | 2,805 |
Number of staff | 3 | 82 | 72 |
PRINCIPAL RISKS AND UNCERTAINTIES |
All of the company's income is generated by the inter-company service agreement with its parent company Axioma Inc. The directors of the company as confident that this agreement will remain in place for the foreseeable future. |
FUTURE DEVELOPMENTS |
The directors expect the company will continue to operate under the terms of its inter-company service agreement which guarantees income on a cost plus basis. The directors are therefore confident that in the coming period the company will continue to deliver a profit in line with the terms of that agreement. |
RESULTS AND DIVIDENDS |
The profit after tax for the year amounted to £797,689 (2021 - £647,983) which will be retained within the business. The directors do not recommend payment of a dividend (2021 - Nil). |
ON BEHALF OF THE BOARD: |
Axioma (UK) Limited (Registered number: 05981946) |
Report of the Directors |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
During the year the company continued to provide investment management solutions under an intercompany service agreement with its parent company Axioma Inc. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2022 (period ended 31 December 2021 Nil). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
The Company made no political donations or incurred any political expenditure during the period (2021: Nil). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with applicable law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice). |
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and estimates that are reasonable and prudent ; and |
- | assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and |
- | use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities. |
Axioma (UK) Limited (Registered number: 05981946) |
Report of the Directors |
for the Year Ended 31 December 2022 |
DISCLOSURE OF INFORMATION TO AUDITORS |
The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditor is unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Axioma (UK) Limited |
Opinion |
We have audited the financial statements of Axioma (UK) Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Axioma (UK) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK. |
- | We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. |
- | We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand where it considered there was a susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage the results. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error. |
Report of the Independent Auditors to the Members of |
Axioma (UK) Limited |
- | Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
& Statutory Auditors |
71-75 Shelton Street |
London |
WC2H 9JQ |
Axioma (UK) Limited (Registered number: 05981946) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
(20,184,377 | ) | (16,484,858 | ) |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,005,776 | 824,446 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
Axioma (UK) Limited (Registered number: 05981946) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
DEFERRED TAXATION | 13 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Axioma (UK) Limited (Registered number: 05981946) |
Cash Flow Statement |
for the Year Ended 31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 18 |
Interest element of finance lease payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
19 |
248,258 |
Cash and cash equivalents at end of year | 19 | 132,134 | 143,337 |
Axioma (UK) Limited (Registered number: 05981946) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Axioma (UK) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company is dependant on income from its parent company under the terms of an inter-company service agreement in order to finance its activities. The directors are confident that in the coming period the company will continue to deliver a profit in line with the terms of that agreement. |
Other operating income |
The Company has no turnover but instead has other operating income which comprises management fees recharged to the parent company on a cost-plus basis. |
Tangible fixed assets |
- | Fixtures and fittings - 25% straight line |
- | Computer equipment - 25% straight line |
- | Leasehold improvements - 20% straight line |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Axioma (UK) Limited (Registered number: 05981946) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Employee benefits |
Defined contribution plans and other long-term employee benefits |
A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans arc recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. |
3. | EMPLOYEES AND DIRECTORS |
31.12.22 | 31.12.21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.22 | 31.12.21 |
Directors | 3 | 4 |
Customer experience | 21 | 17 |
Engineering | 12 | 14 |
Operations | 13 | 7 |
Product solutions | 14 | 15 |
Sales | 14 | 14 |
Corporate | 5 | 2 |
4. | DIRECTORS' EMOLUMENTS |
31.12.22 | 31.12.21 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Axioma (UK) Limited (Registered number: 05981946) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | DIRECTORS' EMOLUMENTS - continued |
Information regarding the highest paid director is as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.22 | 31.12.21 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.22 | 31.12.21 |
£ | £ |
Leasing |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
Axioma (UK) Limited (Registered number: 05981946) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.22 | 31.12.21 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Deferred tax | ( |
) | ( |
) |
Other timing differences |
Tax paid under foreign jurisdictions |
Underprovision in prior year |
Total tax charge | 207,716 | 176,252 |
8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Axioma (UK) Limited (Registered number: 05981946) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Deferred tax asset |
Prepayments |
The amounts owed by group undertakings are not interest bearing. The loan is repayable on demand. |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Finance leases (see note 12) |
Trade creditors |
Tax |
Social security and other taxes |
Accrued expenses |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Finance leases (see note 12) |
Axioma (UK) Limited (Registered number: 05981946) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
12. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
31.12.22 | 31.12.21 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.12.22 | 31.12.21 |
£ | £ |
Within one year |
Between one and five years |
13. | DEFERRED TAXATION |
31.12.22 | 31.12.21 |
£ | £ |
Deferred tax (liability)/asset | 18,836 | (9,223 | ) |
Deferred tax |
At 1 January 2022 | (9,223 | ) |
Accelerated capital allowances | 7,226 |
Other temporary timing differences | 20,833 |
At 31 December 2022 | 18,836 |
Axioma (UK) Limited (Registered number: 05981946) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | $1 | 10,514 | 10,514 |
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. |
15. | RELATED PARTY DISCLOSURES |
All of the income received by the company £ |
As at 31 December 2022 £8,411,834 (2021 - £6,808,145) was owed to the company by various group entities as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Axioma Inc, USA | 6,757,232 |
Axioma (HK) Ltd, Hong Kong | 29,424 | 29,424 |
Axioma (AU) Ltd, Australia | 39,037 | 20,673 |
Axioma Deutschland GmbH, Germany | 816 | 816 |
8,411,834 | 6,808,145 |
A sub-lease agreement was entered into in the year between Axioma UK Limited and STOXX Ltd, a group company. Rent income of £76,595 (2021: £Nil) was received in the year, and a balance of £26,470 was owed to the company at 31 December 2022 (2021: £Nil). |
16. | CONTROLLING PARTY |
The company is a wholly owned subsidiary of Axioma Inc, a company incorporated in the United States of America. The ultimate parent company is Deutsche Börse AG., a company incorporated in Germany. |
The largest group in which the results of the Company are consolidated is that headed by Deutsche Börse AG, 60485 Frankfurt, Main, Germany . The smallest group in which they are consolidated is that headed by Axioma, Inc, 17 State Street - Suite 2700, New York, NY 10004 . The consolidated financial statements of these groups are available to the public and may be obtained from https://www.deutsche-boerse.com/dbg-en/investor-relations/financial-reports. |
17. | SHARE-BASED PAYMENT TRANSACTIONS |
Group Share Plan |
Employees of the company are able to participate in the Group Share Plan of the ultimate parent company, Deutsche Börse Group AG. Under this scheme, in the year ended 31 December 2022 and 31 December 2021, the participating employees had the opportunity to subscribe for up to 50 shares of the Deutsche Börse Group AG at a discount of 40 per cent and another 50 shares at a discount of 10 per cent. The acquired shares are subject to a lock-up period of two years. The expense of this benefit is recognised as a staff expense during the period. |
Axioma (UK) Limited (Registered number: 05981946) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
18. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.22 | 31.12.21 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 371 | 211 |
Finance income | - | (375 | ) |
1,118,639 | 895,575 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
19. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 132,134 | 143,337 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 143,337 | 248,258 |
20. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.1.22 | Cash flow | changes | At 31.12.22 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 143,337 | (11,203 | ) | 132,134 |
143,337 | ( |
) | 132,134 |
Debt |
Finance leases | (166,566 | ) | 74,447 | (44,688 | ) | (136,807 | ) |
(166,566 | ) | 74,447 | (44,688 | ) | (136,807 | ) |
Total | (23,229 | ) | 63,244 | (44,688 | ) | (4,673 | ) |
Axioma (UK) Limited (Registered number: 05981946) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
21. | MAJOR NON-CASH TRANSACTIONS |
Included in fixed assets are assets purchased under finance lease arrangements with a carrying value of £137,707 (2021: £165,841). |