5 30/05/2021 2021-05-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2020-05-31 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04215903 2020-05-31 2021-05-30 04215903 2021-05-30 04215903 2020-05-30 04215903 2019-05-31 2020-05-30 04215903 2020-05-30 04215903 core:FurnitureFittingsToolsEquipment 2020-05-31 2021-05-30 04215903 bus:Director1 2020-05-31 2021-05-30 04215903 core:FurnitureFittingsToolsEquipment 2020-05-30 04215903 core:LandBuildings core:LongLeaseholdAssets 2021-05-30 04215903 core:FurnitureFittingsToolsEquipment 2021-05-30 04215903 core:WithinOneYear 2021-05-30 04215903 core:WithinOneYear 2020-05-30 04215903 core:AfterOneYear 2021-05-30 04215903 core:AfterOneYear 2020-05-30 04215903 core:LandBuildings core:LongLeaseholdAssets 2020-05-31 2021-05-30 04215903 core:ShareCapital 2021-05-30 04215903 core:ShareCapital 2020-05-30 04215903 core:RetainedEarningsAccumulatedLosses 2021-05-30 04215903 core:RetainedEarningsAccumulatedLosses 2020-05-30 04215903 core:FurnitureFittingsToolsEquipment 2020-05-30 04215903 bus:SmallEntities 2020-05-31 2021-05-30 04215903 bus:AuditExempt-NoAccountantsReport 2020-05-31 2021-05-30 04215903 bus:FullAccounts 2020-05-31 2021-05-30 04215903 bus:SmallCompaniesRegimeForAccounts 2020-05-31 2021-05-30 04215903 bus:PrivateLimitedCompanyLtd 2020-05-31 2021-05-30 04215903 1 2020-05-31 2021-05-30
Company registration number: 04215903
AQK Limited
Unaudited filleted financial statements
30 May 2021
AQK Limited
Contents
Statement of financial position
Notes to the financial statements
AQK Limited
Statement of financial position
30 May 2021
30/05/21 30/05/20
Note £ £ £ £
Fixed assets
Tangible assets 5 54,440 3,319
_______ _______
54,440 3,319
Current assets
Stocks 18,000 2,500
Debtors 6 37,239 96,506
Cash at bank and in hand 33,045 6,548
_______ _______
88,284 105,554
Creditors: amounts falling due
within one year 7 ( 68,040) ( 84,343)
_______ _______
Net current assets 20,244 21,211
_______ _______
Total assets less current liabilities 74,684 24,530
Creditors: amounts falling due
after more than one year 8 ( 60,921) ( 24,136)
Provisions for liabilities ( 2,772) ( 631)
_______ _______
Net assets/(liabilities) 10,991 ( 237)
_______ _______
Capital and reserves
Called up share capital 98 98
Profit and loss account 10,893 ( 335)
_______ _______
Shareholders funds/(deficit) 10,991 ( 237)
_______ _______
For the period ending 30 May 2021 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Neil Dhami
Director
Company registration number: 04215903
AQK Limited
Notes to the financial statements
Period ended 30 May 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 73 Hebron Road, Clydach, Swansea, SA6 5EH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model and the performance model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 5 (2020: 6 ).
5. Tangible assets
Leasehold property improvements Fixtures, fittings and equipment Total
£ £ £
Cost
At 31 May 2020 - 20,600 20,600
Additions 29,503 28,988 58,491
Disposals - ( 8,242) ( 8,242)
_______ _______ _______
At 30 May 2021 29,503 41,346 70,849
_______ _______ _______
Depreciation
At 31 May 2020 - 17,280 17,280
Charge for the year - 6,130 6,130
Disposals - ( 7,001) ( 7,001)
_______ _______ _______
At 30 May 2021 - 16,409 16,409
_______ _______ _______
Carrying amount
At 30 May 2021 29,503 24,937 54,440
_______ _______ _______
At 30 May 2020 - 3,320 3,320
_______ _______ _______
6. Debtors
30/05/21 30/05/20
£ £
Other debtors 37,239 96,506
_______ _______
7. Creditors: amounts falling due within one year
30/05/21 30/05/20
£ £
Bank loans and overdrafts (secured) 12,990 19,999
Trade creditors 14,433 12,960
Corporation tax 5,138 6,952
Social security and other taxes 516 8,818
Other creditors 34,963 35,614
_______ _______
68,040 84,343
_______ _______
8. Creditors: amounts falling due after more than one year
30/05/21 30/05/20
£ £
Bank loans and overdrafts (secured) 60,921 24,136
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 8,961 (2020 £ 12,558 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured and is repayable in monthly instalments. The interest rate is variable.
9. Events after the end of the reporting period
The company continued to utilise the financial support available to business during the current pandemic, in particular the furlough scheme and Covid grants. The debt due from a company under common control referred to in note 10 is believed to be recoverable because of the continued support of the directors of that company. In general, the company has been able to trade through most of the pandemic and the directors consider it appropriate to prepare the accounts on the going concern basis.
10. Related party transactions
The company trades from premises jointly owned by one of the directors, Mr N Dhami, and a family member. No rent is charged for the use of the premises to the company. The company has advanced monies of £34,444 (2020: £89,444) to a company under common control. The amount advanced is interest free and repayable on demand.