Registered number
SC114879
A.K.D. Systems Limited
Filleted Accounts
31 May 2023
Sarah Grant B.A, FCCA
Chartered Certified Accountant
Suite 26 Bonnington Bond
2 Anderson Place
Leith
EH6 5NP
A.K.D. Systems Limited
Registered number: SC114879
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 146,438 148,668
Current assets
Stocks 775,290 539,742
Debtors 4 674,693 923,922
Cash at bank and in hand 474,371 445,925
1,924,354 1,909,589
Creditors: amounts falling due within one year 5 (1,226,038) (1,290,547)
Net current assets 698,316 619,042
Total assets less current liabilities 844,754 767,710
Creditors: amounts falling due after more than one year 6 (284,637) (75,036)
Provisions for liabilities (13,517) (9,968)
Net assets 546,600 682,706
Capital and reserves
Called up share capital 3,334 3,334
Share premium 7,532 7,532
Capital redemption reserve 6,833 6,833
Profit and loss account 528,901 665,007
Shareholders' funds 546,600 682,706
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Groom
Director
Approved by the board on 26 October 2023
A.K.D. Systems Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tenants Improvements over 10 years
Plant and machinery over 7 years
Fixtures, fittings, tools and equipment over 10 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 65 60
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 172,932 158,410 131,742 463,084
Additions - - 31,095 31,095
At 31 May 2023 172,932 158,410 162,837 494,179
Depreciation
At 1 June 2022 123,692 146,881 43,843 314,416
Charge for the year 5,332 1,483 26,510 33,325
At 31 May 2023 129,024 148,364 70,353 347,741
Net book value
At 31 May 2023 43,908 10,046 92,484 146,438
At 31 May 2022 49,240 11,529 87,899 148,668
4 Debtors 2023 2022
£ £
Trade debtors 632,640 887,860
Other debtors 42,053 36,062
674,693 923,922
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 85,000 9,596
Obligations under finance lease and hire purchase contracts 21,475 22,143
Trade creditors 1,202,757 1,229,114
Taxation and social security costs (146,842) (111,409)
Other creditors 63,648 141,103
1,226,038 1,290,547
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 245,288 36,481
Obligations under finance lease and hire purchase contracts 39,349 38,555
284,637 75,036
7 Related party transactions 2023 2022
£ £
The following amounts were outstanding at the reporting end date:
Amounts owed to related parties
Key management personnel 43,289 75,109
The following amounts were outstanding at the reporting end date:
Amounts owed by related parties
Key management personnel 2,500 -
These loans are interest free and hold no fixed terms of repayment
8 Other information
A.K.D. Systems Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
AKD House
Maulsford Avenue
Danderhall
Midlothian
EH22 1PH
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