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COMPANY REGISTRATION NUMBER: 11768572
EKINS1 LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2023
EKINS1 LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Investments
5
360,000
360,000
CURRENT ASSETS
Debtors
6
126
Cash at bank and in hand
1,117
2,799
-------
-------
1,243
2,799
CREDITORS: amounts falling due within one year
7
86,747
81,585
--------
--------
NET CURRENT LIABILITIES
85,504
78,786
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
274,496
281,214
CREDITORS: amounts falling due after more than one year
8
185,677
186,801
PROVISIONS
27,211
20,680
---------
---------
NET ASSETS
61,608
73,733
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
1
1
Revaluation reserve
81,631
88,162
Profit and loss account
( 20,024)
( 14,430)
--------
--------
SHAREHOLDERS FUNDS
61,608
73,733
--------
--------
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 income statement has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EKINS1 LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr S A Ekins
Director
Company registration number: 11768572
EKINS1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 School Road, Kettering, NN14 1SN, Northamptonshire.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rents received.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Investments
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. INVESTMENTS
Investment property
£
Cost
At 1 February 2022 and 31 January 2023
360,000
---------
Impairment
At 1 February 2022 and 31 January 2023
---------
Carrying amount
At 31 January 2023
360,000
---------
At 31 January 2022
360,000
---------
6. DEBTORS
2023
2022
£
£
Other debtors
126
----
----
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,000
1,000
Trade creditors
75
200
Corporation tax
126
Other creditors
85,672
80,259
--------
--------
86,747
81,585
--------
--------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
185,677
186,801
---------
---------
9. RELATED PARTY TRANSACTIONS
The director has advanced funds to the company. At 31 January 2023 the amount due from the company was £84,152 (2022 - £78,809).