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COMPANY REGISTRATION NUMBER: 08406136
Vakkas Limited
Filleted Unaudited Financial Statements
31 March 2023
Vakkas Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Vakkas Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
152,592
146,773
Investments
6
1,256,880
1,256,880
------------
------------
1,409,472
1,403,653
Current assets
Stocks
379,850
285,000
Debtors
7
268,722
43,500
Cash at bank and in hand
35,955
41,051
---------
---------
684,527
369,551
Creditors: amounts falling due within one year
8
450,877
230,197
---------
---------
Net current assets
233,650
139,354
------------
------------
Total assets less current liabilities
1,643,122
1,543,007
Creditors: amounts falling due after more than one year
9
770,729
687,674
Provisions
28,993
27,887
------------
------------
Net assets
843,400
827,446
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
843,300
827,346
---------
---------
Shareholders funds
843,400
827,446
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year 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 .
Vakkas Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
Mr Yusuf Cagin
Director
Company registration number: 08406136
Vakkas Limited
Notes to the Financial Statements
Year ended 31 March 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 Kimberley House, 31 Burnt Oak Broadway, Edgware, London, HA8 5LD.
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 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.
Deferred tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent 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:
Plant and machinery
-
20% on reducing balance
Fixtures, fittings and equipment
-
20% on reducing balance
Motor vehicles
-
20% on reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
31,530
144,737
146,514
322,781
Additions
2,900
48,984
33,200
85,084
Disposals
( 102,352)
( 102,352)
--------
---------
---------
---------
At 31 March 2023
34,430
193,721
77,362
305,513
--------
---------
---------
---------
Depreciation
At 1 April 2022
14,995
83,879
77,134
176,008
Charge for the year
3,887
21,969
12,293
38,149
Disposals
( 61,236)
( 61,236)
--------
---------
---------
---------
At 31 March 2023
18,882
105,848
28,191
152,921
--------
---------
---------
---------
Carrying amount
At 31 March 2023
15,548
87,873
49,171
152,592
--------
---------
---------
---------
At 31 March 2022
16,535
60,858
69,380
146,773
--------
---------
---------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2022 and 31 March 2023
1,256,880
------------
Impairment
At 1 April 2022 and 31 March 2023
------------
Carrying amount
At 31 March 2023
1,256,880
------------
At 31 March 2022
1,256,880
------------
7. Debtors
2023
2022
£
£
Other debtors
268,722
43,500
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
397,537
216,455
Corporation tax
4,481
Social security and other taxes
3,381
6,003
Other creditors
49,959
3,258
---------
---------
450,877
230,197
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
662,731
667,970
Other creditors
107,998
19,704
---------
---------
770,729
687,674
---------
---------