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REGISTERED NUMBER:
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AXIOM DEVELOPMENTS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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REGISTERED NUMBER:
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AXIOM DEVELOPMENTS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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AXIOM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07657140) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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AXIOM DEVELOPMENTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AXIOM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07657140) |
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BALANCE SHEET |
31ST DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
AXIOM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07657140) |
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BALANCE SHEET - continued |
31ST DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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AXIOM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07657140) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Axiom Developments Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The financial statements are rounded to the nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The going concern basis has been adopted in preparing the financial statements given the continued support from |
the directors. |
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Turnover |
Turnover represents net invoiced sales of services and goods, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in |
progress, costs includes a relevant proportion of overheads according to the stage of completion. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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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. |
AXIOM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07657140) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Cash and cash equivalents |
Cash and cash equivalents includes deposits held at call at banks. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at transaction price, less any impairment. |
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Exceptional items |
The company classifies certain one-off charges or credit as 'exceptional items'. These are disclosed separately to |
provide further understanding of the financial performance. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st January 2016 |
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Additions |
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Disposals | ( |
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At 31st December 2016 |
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DEPRECIATION |
At 1st January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st December 2016 |
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NET BOOK VALUE |
At 31st December 2016 |
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At 31st December 2015 |
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The net book value of tangible fixed assets includes £NIL (2015 - £ 3,124 ) in respect of assets held under hire |
purchase contracts. |
AXIOM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07657140) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Hire purchase contracts | - | 1,937 |
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8. | OTHER FINANCIAL COMMITMENTS |
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The company has future operating lease commitments in respect of rent of £146,164. |
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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10. | ULTIMATE CONTROLLING PARTY |
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Axiom Developments Limited is an 80% owned subsidiary of Axiom Energy Group Limited whose registered |
office is 2 Waterside Way, Northampton, Northamptonshire. The principal place of business is 33 Cavendish |
Square, London, W1G OPG. |
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11. | FIRST YEAR ADOPTION |
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This is the first period that the Company has presented its financial statements under Financial Reporting |
Standard 102 Section 1A issued by the Financial Reporting Council. The last financial statements under |
previous UK GAAP were for the year ended 31st December 2015 and the date of transition was therefore the 1st |
January 2015. The policies applied for the year ended 31st December 2015 are not materially different from FRS |
102 Section 1A and have not impacted on equity or profit or loss. |