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Registration number: 07001335

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

for
 

Aktis Gallery (UK) Limited

 

Aktis Gallery (UK) Limited

Contents of the Financial Statements
for the Year Ended 31 December 2021

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Aktis Gallery (UK) Limited

Company Information
for the Year Ended 31 December 2021

Director:

Mrs Anna Chalov

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

07001335

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Aktis Gallery (UK) Limited

(Registration number: 07001335)
Balance Sheet as at 31 December 2021

Note

31.12.21

31.12.20

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

2,558

 

4,139

CURRENT ASSETS

   

 

Stocks

5

-

 

276,998

 

Debtors

6

32,870

 

34,262

 

Cash at bank and in hand

 

62,188

 

65,574

 

 

95,058

 

376,834

 

CREDITORS

   

 

Creditors within 1yr

7

47,288

 

219,623

 

Net current assets

   

47,770

 

157,211

Total assets less current liabilities

   

50,328

 

161,350

Creditors
Amounts falling due after more than one year

7

 

137,500

 

150,000

Net (liabilities)/assets

   

(87,172)

 

11,350

CAPITAL AND RESERVES

   

 

Called up share capital

 

2

 

2

Profit and loss account

 

(87,174)

 

11,348

Shareholders' (deficit)/funds

   

(87,172)

 

11,350

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 November 2023
 

 

Aktis Gallery (UK) Limited

(Registration number: 07001335)
Balance Sheet as at 31 December 2021 (continued)

.........................................
Mrs Anna Chalov
Director

 

Aktis Gallery (UK) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021

1.

General information

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

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the director on 17 November 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 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 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.

The presentational currency is Pound Sterling (£).

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Aktis Gallery (UK) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021 (continued)

2

Accounting policies (continued)

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.

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

Fixtures & fittings

10 years - straight line

Computer equipment

3 years - straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

 

Aktis Gallery (UK) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021 (continued)

2

Accounting policies (continued)

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.

 

Aktis Gallery (UK) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021 (continued)

3.

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Aktis Gallery (UK) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021 (continued)

4.

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2021

25,225

8,316

33,541

Additions

-

1,933

1,933

At 31 December 2021

25,225

10,249

35,474

Depreciation

At 1 January 2021

23,624

5,778

29,402

Charge for the year

1,601

1,913

3,514

At 31 December 2021

25,225

7,691

32,916

Carrying amount

At 31 December 2021

-

2,558

2,558

At 31 December 2020

1,601

2,538

4,139

5.

Stocks

31.12.21
£

31.12.20
£

Other inventories

-

276,998

6.

Debtors

Current

31.12.21
£

31.12.20
£

Trade debtors

-

16,205

Prepayments

19,140

9,234

Other debtors

13,730

8,823

 

32,870

34,262

 

Aktis Gallery (UK) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021 (continued)

7.

Creditors

Creditors: amounts falling due within one year

31.12.21
£

31.12.20
£

Due within one year

Trade creditors

-

7,209

Taxation and social security

424

3,711

Accruals and deferred income

6,500

-

Other creditors

40,364

208,703

47,288

219,623

Creditors: amounts falling due after more than one year

Note

31.12.21
£

31.12.20
£

Due after one year

 

Loans and borrowings

8

137,500

150,000

8.

Loans and borrowings

31.12.21
£

31.12.20
£

Non-current loans and borrowings

Bank borrowings

137,500

150,000