Registered number
07450298
Ekin (UK) Limited
Filleted Accounts
30 November 2023
Ekin (UK) Limited
Registered number: 07450298
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,600 3,600
Tangible assets 4 67,954 69,938
71,554 73,538
Current assets
Stocks 276,734 217,484
Debtors 5 23,455 27,579
Business Reserve Account 117,148 1
Cash at bank and in hand 7,284 16,718
424,621 261,782
Creditors: amounts falling due within one year 6 (402,057) (250,413)
Net current assets 22,564 11,369
Net assets 94,118 84,907
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 93,118 83,907
Shareholder's funds 94,118 84,907
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr Halil Yasar
Director
Approved by the board on 5 February 2024
Ekin (UK) Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 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.
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 14 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 9,000
At 30 November 2023 9,000
Amortisation
At 1 December 2022 5,400
At 30 November 2023 5,400
Net book value
At 30 November 2023 3,600
At 30 November 2022 3,600
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 164,176
Additions 13,541
At 30 November 2023 177,717
Depreciation
At 1 December 2022 94,238
Charge for the year 15,525
At 30 November 2023 109,763
Net book value
At 30 November 2023 67,954
At 30 November 2022 69,938
5 Debtors 2023 2022
£ £
Scottish Power - 1,377
Rent 9,000 9,000
Other debtors 14,455 17,202
6 Creditors: amounts falling due within one year 2023 2022
£ £
Youlend (Loan) 111,083 -
Bounce Back Loan 24,515 35,163
Trade creditors 70,117 18,538
Taxation and social security costs (4,675) (5,207)
Other creditors 201,017 201,919
402,057 250,413
7 Other information
Ekin (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
565
Green Lanes
London
England
N8 0RL
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