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REGISTERED NUMBER: 11316402 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

AK CONVENIENCE LIMITED

AK CONVENIENCE LIMITED (REGISTERED NUMBER: 11316402)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AK CONVENIENCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2022







DIRECTORS: Mrs J K Ghuman
B S Ghuman





REGISTERED OFFICE: Harpal House
14 Holyhead Road
Handsworth
Birmingham
West Midlands
B21 0LT





REGISTERED NUMBER: 11316402 (England and Wales)

AK CONVENIENCE LIMITED (REGISTERED NUMBER: 11316402)

BALANCE SHEET
31 OCTOBER 2022

31/10/22 31/10/21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,000 17,500
Tangible assets 5 3,280 3,645
18,280 21,145

CURRENT ASSETS
Stocks 6 21,644 23,249
Debtors 7 15,062 9,731
Cash at bank and in hand 23,617 25,200
60,323 58,180
CREDITORS
Amounts falling due within one year 8 28,513 28,325
NET CURRENT ASSETS 31,810 29,855
TOTAL ASSETS LESS CURRENT
LIABILITIES

50,090

51,000

CREDITORS
Amounts falling due after more than one
year

9

49,090

50,000
NET ASSETS 1,000 1,000

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
SHAREHOLDERS' FUNDS 1,000 1,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AK CONVENIENCE LIMITED (REGISTERED NUMBER: 11316402)

BALANCE SHEET - continued
31 OCTOBER 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





B S Ghuman - Director


AK CONVENIENCE LIMITED (REGISTERED NUMBER: 11316402)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1. STATUTORY INFORMATION

AK Convenience Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 2 ) .

AK CONVENIENCE LIMITED (REGISTERED NUMBER: 11316402)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2021
and 31 October 2022 25,000
AMORTISATION
At 1 November 2021 7,500
Amortisation for year 2,500
At 31 October 2022 10,000
NET BOOK VALUE
At 31 October 2022 15,000
At 31 October 2021 17,500

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 November 2021
and 31 October 2022 5,000
DEPRECIATION
At 1 November 2021 1,355
Charge for year 365
At 31 October 2022 1,720
NET BOOK VALUE
At 31 October 2022 3,280
At 31 October 2021 3,645

6. STOCKS
31/10/22 31/10/21
£    £   
Stocks 21,644 23,249

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/22 31/10/21
£    £   
Other debtors 5,000 5,000
Directors' current accounts 10,062 4,731
15,062 9,731

AK CONVENIENCE LIMITED (REGISTERED NUMBER: 11316402)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/22 31/10/21
£    £   
Trade creditors 6,395 11,479
Tax 17,027 12,164
VAT 1,326 1,705
Other creditors 1,489 1,527
Accrued expenses 2,276 1,450
28,513 28,325

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/10/22 31/10/21
£    £   
Bank loans (see note 10) 49,090 50,000

10. LOANS

An analysis of the maturity of loans is given below:

31/10/22 31/10/21
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 49,090 50,000

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/10/22 31/10/21
value: £    £   
1,000 Ordinary £1 1,000 1,000

12. RESERVES
Retained
earnings
£   

Profit for the year 17,867
Dividends (17,867 )
At 31 October 2022 -

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £17,868 (2021 - £18,407) were paid to the directors .