Company Registration No. 11909182 (England and Wales)
AXIOM UK NOMINEE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
AXIOM UK NOMINEE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AXIOM UK NOMINEE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
$
$
$
$
Current assets
Debtors
4
0.01
0.01
Net current assets
0.01
0.01
Capital and reserves
Called up share capital
5
0.01
0.01
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 September 2021 and are signed on its behalf by:
M Beetz
Director
Company Registration No. 11909182
AXIOM UK NOMINEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Axiom UK Nominee Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Square Suite, 6th Floor, 3 St James's Square, London, SW1Y 4JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
US dollars
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. This had an adverse affect on the economies and financial markets of many countries in 2020. Improvements have been seen in 2021 due to the vaccine roll out, stimulus programs, and lifting of restrictions in many countries, It is unknown how long these conditions may last and any future financial affect it will have on the group. The group continues to monitor conditions closely and will continue to mitigate any future risks.
true
The financial statements have been prepared on a going concern basis considering that the group to which it relates to satisfy the going concern assumption. Management have prepared cash flow projections for the group for the financial years ended 31 December 2021 and 31 December 2022, which indicate that the group will generate sufficient turnover and generate profits to have a strong cash balance to ensure that it can continue to support the company.
COVID-19 has not had a significant impact to the
group companies financial performance considering the nature of their business activities.
The post year end results of the
group
demonstrates that they have achieved profits and will have continue to have sufficient resources to operate notwithstanding the threats that the outbreak has brought.
The directors therefore believe that the adoption of the going concern basis is justified and accordingly they continue to adopt this basis in preparing the annual report and accounts.
1.3
Reporting period
The company has prepared its current period financial statements for the twelve month period ended 31 December 2020. The comparative period prepared for nine months from 27 March 2019 to 31 December 2019 are not entirely comparable.
1.4
Profit and loss account
The company has not traded during the year or the preceding financial period. During
this time,
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
AXIOM UK NOMINEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.7
Foreign exchange
Transactions in currencies other than
dollars
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
AXIOM UK NOMINEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Treatment of investments held on trust
The company holds shares in group entity Axiom UK Topco Limited, on trust, on behalf of investing managers who provided funds to make the purchase. Although the company is the legal owner, the beneficial owner is the investing manager. On that basis, management has made a judgement that due to the nature of this arrangement, the investment is not required to be recognized as an asset in the books of Axiom UK Nominee Limited. As at 31 December 2020, Axiom UK Nominee Limited holds 5,558,097 (2019: 5,554,772) shares in Axiom UK Topco Limited on behalf of the managers.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3.00
3.00
4
Debtors
2020
2019
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
0.01
0.01
AXIOM UK NOMINEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
5
Called up share capital
2020
2019
$
$
Ordinary share capital
1 Ordinary of 1p each
0.01
0.01
Upon incorporation, 1 ordinary share at paid up value of $0.01 a share was allotted to the shareholder in the previous period.
No further movement in the current year.
6
Parent company
The parent company is Ana TF having its registered office at 2 Rue Albert, Borschette, L-1246, Luxembourg.
No one person has overall control.