Company Registration No. NI004783 (Northern Ireland)
AIKEN PROMOTIONS LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
AIKEN PROMOTIONS LIMITED
COMPANY INFORMATION
Director
Mr P Aiken
Company number
NI004783
Registered office
418 Lisburn Road
Belfast
Northern Ireland
BT9 6GN
Auditor
SLMD Limited
Unit G
Forestview Office
Purdy's Lane
Belfast
BT8 7AR
AIKEN PROMOTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AIKEN PROMOTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,267
2,918
Current assets
Debtors
5
2,206,759
754,439
Cash at bank and in hand
3,719,774
2,468,493
5,926,533
3,222,932
Creditors: amounts falling due within one year
6
(4,198,502)
(1,707,161)
Net current assets
1,728,031
1,515,771
Total assets less current liabilities
1,730,298
1,518,689
Provisions for liabilities
357
357
Net assets
1,730,655
1,519,046
Capital and reserves
Called up share capital
7
75
75
Profit and loss reserves
8
1,730,580
1,518,971
Total equity
1,730,655
1,519,046

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 8 February 2024
Mr P Aiken
Director
Company Registration No. NI004783
The notes on pages 2 to 5 form part of these financial statements
AIKEN PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Aiken Promotions Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 418 Lisburn Road, Belfast, Northern Ireland, BT9 6GN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% Straight line
Computers
20% Straight line

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

AIKEN PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded using the average rate for the year. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Going concern

At the date of the signing of the financial statements, The Director believes that Covid-19 had no impact on Aiken Promotions Limited's ability to continue as a going concern due to a significant level of reserves.

AIKEN PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2021 - 4).

4
Tangible fixed assets
Plant, equipment & computers
£
Cost
At 1 January 2022 and 31 December 2022
36,237
Depreciation and impairment
At 1 January 2022
33,319
Depreciation charged in the year
651
At 31 December 2022
33,970
Carrying amount
At 31 December 2022
2,267
At 31 December 2021
2,918
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
295,013
20,840
Other debtors
1,911,746
733,599
2,206,759
754,439
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
5
5
Trade creditors
1,924,125
487,679
Other taxation and social security
29,543
67,252
Other creditors
2,244,829
1,152,225
4,198,502
1,707,161
AIKEN PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
75 Ordinary shares of £1 each
75
75
75
75
8
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
1,518,971
1,555,671
Profit/(loss) for the year
211,609
(36,700)
At the end of the year
1,730,580
1,518,971
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Mr Seamus Dawson.
The auditor was SLMD Limited.
10
Related party transactions

Aiken Promotions Limited is part of a group owned and controlled by Roscor Management Unlimited, a company incorporated in The Republic Of Ireland. The group was under the control of Mr P Aiken throughout the year. During the year, there were no related party transactions to disclose.

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