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Registration number: 03300886

AKC Systems Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2023

 

AKC Systems Ltd

Contents

Company Information

1

Directors' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 8

 

AKC Systems Ltd

Company Information

Directors

S R Capel

H Beer

Registered office

Platf9rm Floor 5
Tower Point
44 North Road
Brighton
BN1 1YR

 

AKC Systems Ltd

Directors' Report for the Year Ended 31 January 2023

The directors present their report and the abridged financial statements for the year ended 31 January 2023.

Directors of the company

The directors who held office during the year were as follows:

S R Capel

H Beer

Principal activity

The principal activity of the company is the supply of handrails.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

.........................................
S R Capel
Director

 

AKC Systems Ltd

(Registration number: 03300886)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

875

6,912

Tangible assets

6

10,337

12,780

 

11,212

19,692

Current assets

 

Debtors

80,651

66,043

Cash at bank and in hand

 

186,288

152,165

 

266,939

218,208

Prepayments and accrued income

 

172

158

Creditors: Amounts falling due within one year

(220,467)

(116,171)

Net current assets

 

46,644

102,195

Total assets less current liabilities

 

57,856

121,887

Accruals and deferred income

 

(498)

(498)

Net assets

 

57,358

121,389

Capital and reserves

 

Called up share capital

110

110

Share premium reserve

2,500

2,500

Profit and loss account

54,748

118,779

Total equity

 

57,358

121,389

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

AKC Systems Ltd

(Registration number: 03300886)
Abridged Balance Sheet as at 31 January 2023

All of the company’s members have consented to the preparation of an Abridged Balance Sheet and have elected to take the option not to file the Profit and Loss Account in accordance with Section 444 of the Companies Act 2006

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

.........................................

S R Capel

Director

 

AKC Systems Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Platf9rm Floor 5
Tower Point
44 North Road
Brighton
BN1 1YR
United Kingdom

These financial statements were authorised for issue by the Board on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

AKC Systems Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

Straight line over four years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

Straight line over five years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

AKC Systems Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,222

3,988

Amortisation expense

1,793

6,300

 

AKC Systems Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 February 2022

31,500

At 31 January 2023

31,500

Amortisation

At 1 February 2022

24,587

Amortisation charge

6,038

At 31 January 2023

30,625

Carrying amount

At 31 January 2023

875

At 31 January 2022

6,912

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

21,850

8,768

30,618

Additions

-

1,536

1,536

At 31 January 2023

21,850

10,304

32,154

Depreciation

At 1 February 2022

12,637

5,201

17,838

Charge for the year

2,185

1,794

3,979

At 31 January 2023

14,822

6,995

21,817

Carrying amount

At 31 January 2023

7,028

3,309

10,337

At 31 January 2022

9,213

3,567

12,780

Included within the net book value of land and buildings above is £7,028 (2022 - £9,213) in respect of short leasehold land and buildings.