2022-05-202023-05-312023-05-31false14120660AKT Establishments 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AKT Establishments Ltd

Registered Number
14120660
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2023

AKT Establishments Ltd
Company Information
for the period from 20 May 2022 to 31 May 2023

Directors

Mrs K S Barnett
Mr S D Barnett
Mrs A C Gledhill

Registered Address

15 Bridge Street
Hereford
HR4 9DF

Registered Number

14120660 (England and Wales)
AKT Establishments Ltd
Statement of Financial Position
31 May 2023

Notes

2023

£

£

Fixed assets
Tangible assets36,605
6,605
Current assets
Stocks43,393
Debtors4,190
Cash at bank and on hand1,403
8,986
Creditors amounts falling due within one year5(43,122)
Net current assets (liabilities)(34,136)
Total assets less current liabilities(27,531)
Net assets(27,531)
Capital and reserves
Called up share capital90
Profit and loss account(27,621)
Shareholders' funds(27,531)
The financial statements were approved and authorised for issue by the Board of Directors on 12 February 2024, and are signed on its behalf by:
Mr S D Barnett
Director
Registered Company No. 14120660
AKT Establishments Ltd
Notes to the Financial Statements
for the period ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The company is only able to trade with the continuing support of the directors and associated companies, who have indicated that this support will not be withdrawn. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.
Revenue from sale of goods
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably. Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the company has transferred the significant risks and rewards of ownership to the buyer; - the company retains no continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect the transaction can be measured reliably.
Employee benefits
The company operates a defined contributions plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: Office equipment - 5 years straight line Computer equipment - 5 years straight line Fixtures, fittings and equipment - 5 years straight line The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
Trade and other 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.
Trade and other 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.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

2023
Average number of employees during the year7
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
Additions7,0298667,895
At 31 May 237,0298667,895
Depreciation and impairment
Charge for year1,193971,290
At 31 May 231,193971,290
Net book value
At 31 May 235,8367696,605
At 19 May 22---
4.Stocks

2023

£
Raw materials and consumables3,393
Total3,393
5.Creditors: amounts due within one year

2023

£
Trade creditors / trade payables2,445
Taxation and social security806
Other creditors39,268
Accrued liabilities and deferred income603
Total43,122
Short term creditors are measured at transaction 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.
6.Creditors: amounts due after one year
7.Related party transactions
During the year the company operated loan accounts with the directors of the company. The amount due to them at the year end was £11,203. These loans are interest free and repayable on demand. During the year the company operated a loan account with JJ & Little Dots Ltd, a company under common control. The amount due to JJ & Little Dots Ltd at the year end was £17,500. Interest is chargeable on the loan and it is repayable on demand. During the year the company operated a loan account with Activate Sports Education Ltd, a company under the control of one of the directors. The amount due to Activate Sports Education Ltd at the year end was £6,500. This loan is interest free and repayable on demand.