Company Registration No. 08042407 (England and Wales)
Aikon Accountants Limited
Unaudited accounts
for the year ended 31 December 2022
Aikon Accountants Limited
Unaudited accounts
Contents
Aikon Accountants Limited
Company Information
for the year ended 31 December 2022
Company Number
08042407 (England and Wales)
Registered Office
17 Hanover Square
Mayfair
London
W1S 1BN
United Kingdom
Aikon Accountants Limited
Statement of financial position
as at 31 December 2022
Cash at bank and in hand
-
1,507
Creditors: amounts falling due within one year
(37,064)
(31,566)
Net current assets
50,840
94,291
Total assets less current liabilities
50,840
94,485
Creditors: amounts falling due after more than one year
(48,837)
(50,000)
Called up share capital
100
100
Profit and loss account
1,903
44,385
Shareholders' funds
2,003
44,485
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 December 2023 and were signed on its behalf by
V G Sriram
Director
Company Registration No. 08042407
Aikon Accountants Limited
Notes to the Accounts
for the year ended 31 December 2022
Aikon Accountants Limited is a private company, limited by shares, registered in England and Wales, registration number 08042407. The registered office is 17 Hanover Square, Mayfair , London, W1S 1BN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 GBP, which is the functional currency of the entity.
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) Disclosures in respect of share-based payments have not been presented.
(e) No disclosure has been given for the aggregate remuneration of key management personnel.
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.
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Aikon Accountants Limited
Notes to the Accounts
for the year ended 31 December 2022
Tangible fixed assets and depreciation
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.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Computer equipment
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Aikon Accountants Limited
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
60,892
61,626
Accrued income and prepayments
2,150
17,523
Other debtors
24,862
45,201
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
452
-
Trade creditors
5,353
4,679
Taxes and social security
25,009
22,334
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Creditors: amounts falling due after more than one year
2022
2021
Aikon Accountants Limited
Notes to the Accounts
for the year ended 31 December 2022
8
Transactions with related parties
As at 31 December 2022 the company was owed £2,786 by the Director (2021 - £10,835).
As at 31 December 2022 the company was owed £692 by Aikon Investments Ltd (2021 - £692).
Aikon Investments Ltd is a related party of the company.
As at 31 December 2022 the company was owed £5,279 by Ace Consultants (UK) Limited (2021 - £33,433).
Ace Consultants (UK) Limited is a related party of the company.
During the year, the company provided services amounting £9,000 to Aikon Solutions Ltd.
As at 31 December 2022 the company was owed £600 by Aikon Solutions Ltd.
Aikon Solutions Ltd is a related party of the company.
V G Sriram is the ultimate controlling party of the company.
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Average number of employees
During the year the average number of employees was 5 (2021: 4).