Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr A Hayes 08/10/2007 Mr T Parry 23/12/2019 Mr G Spicer 23/12/2019 22 February 2024 The principal activity of the Company during the financial year was the sale and maintenance of motor vehicles. 06393340 2023-03-31 06393340 bus:Director1 2023-03-31 06393340 bus:Director2 2023-03-31 06393340 bus:Director3 2023-03-31 06393340 2022-03-31 06393340 core:CurrentFinancialInstruments 2023-03-31 06393340 core:CurrentFinancialInstruments 2022-03-31 06393340 core:Non-currentFinancialInstruments 2023-03-31 06393340 core:Non-currentFinancialInstruments 2022-03-31 06393340 core:ShareCapital 2023-03-31 06393340 core:ShareCapital 2022-03-31 06393340 core:RetainedEarningsAccumulatedLosses 2023-03-31 06393340 core:RetainedEarningsAccumulatedLosses 2022-03-31 06393340 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 06393340 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06393340 core:PlantMachinery 2022-03-31 06393340 core:Vehicles 2022-03-31 06393340 core:FurnitureFittings 2022-03-31 06393340 core:OfficeEquipment 2022-03-31 06393340 core:PlantMachinery 2023-03-31 06393340 core:Vehicles 2023-03-31 06393340 core:FurnitureFittings 2023-03-31 06393340 core:OfficeEquipment 2023-03-31 06393340 core:CostValuation 2022-03-31 06393340 core:AdditionsToInvestments 2023-03-31 06393340 core:CostValuation 2023-03-31 06393340 bus:OrdinaryShareClass1 2023-03-31 06393340 2022-04-01 2023-03-31 06393340 bus:FullAccounts 2022-04-01 2023-03-31 06393340 bus:SmallEntities 2022-04-01 2023-03-31 06393340 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06393340 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06393340 bus:Director1 2022-04-01 2023-03-31 06393340 bus:Director2 2022-04-01 2023-03-31 06393340 bus:Director3 2022-04-01 2023-03-31 06393340 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-04-01 2023-03-31 06393340 core:PlantMachinery 2022-04-01 2023-03-31 06393340 core:Vehicles 2022-04-01 2023-03-31 06393340 core:FurnitureFittings 2022-04-01 2023-03-31 06393340 core:OfficeEquipment 2022-04-01 2023-03-31 06393340 2021-04-01 2022-03-31 06393340 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 06393340 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 06393340 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06393340 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06393340 (England and Wales)

ARKONIK LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

ARKONIK LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

ARKONIK LIMITED

BALANCE SHEET

As at 31 March 2023
ARKONIK LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,474,878 2,266,760
Tangible assets 4 387,380 607,620
Investments 5 1 0
1,862,259 2,874,380
Current assets
Stocks 309,005 1,246,396
Debtors 6 1,187,478 800,865
Cash at bank and in hand 195,784 873,150
1,692,267 2,920,411
Creditors: amounts falling due within one year 7 ( 3,100,943) ( 3,396,566)
Net current liabilities (1,408,676) (476,155)
Total assets less current liabilities 453,583 2,398,225
Creditors: amounts falling due after more than one year 8 ( 858,846) ( 1,134,904)
Provision for liabilities ( 25,859) ( 566,349)
Net (liabilities)/assets ( 431,122) 696,972
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account ( 431,222 ) 696,872
Total shareholder's (deficit)/funds ( 431,122) 696,972

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Arkonik Limited (registered number: 06393340) were approved and authorised for issue by the Board of Directors on 22 February 2024. They were signed on its behalf by:

Mr A Hayes
Director
Mr T Parry
Director
Mr G Spicer
Director
ARKONIK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
ARKONIK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Arkonik Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is Lakeside Park, Mells, Somerset, BA11 3RH.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 75 70

3. Intangible assets

Development costs Total
£ £
Cost
At 01 April 2022 4,971,015 4,971,015
At 31 March 2023 4,971,015 4,971,015
Accumulated amortisation
At 01 April 2022 2,704,255 2,704,255
Charge for the financial year 791,882 791,882
At 31 March 2023 3,496,137 3,496,137
Net book value
At 31 March 2023 1,474,878 1,474,878
At 31 March 2022 2,266,760 2,266,760

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 145,830 580,516 171,357 42,203 939,906
Additions 1,416 0 0 0 1,416
Disposals ( 17,083) ( 48,113) ( 64,292) 0 ( 129,488)
At 31 March 2023 130,163 532,403 107,065 42,203 811,834
Accumulated depreciation
At 01 April 2022 111,450 119,475 69,705 31,656 332,286
Charge for the financial year 5,962 106,457 14,079 2,638 129,136
Disposals ( 5,132) ( 12,888) ( 18,948) 0 ( 36,968)
At 31 March 2023 112,280 213,044 64,836 34,294 424,454
Net book value
At 31 March 2023 17,883 319,359 42,229 7,909 387,380
At 31 March 2022 34,380 461,041 101,652 10,547 607,620

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 0
Additions 1
At 31 March 2023 1
Carrying value at 31 March 2023 1
Carrying value at 31 March 2022 0

6. Debtors

2023 2022
£ £
Trade debtors 0 85,929
Amounts owed by Group undertakings 646 0
Corporation tax 64,500 176,753
Other debtors 1,122,332 538,183
1,187,478 800,865

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 368,077 368,077
Trade creditors 969,465 768,621
Amounts owed to Group undertakings 0 108,640
Other taxation and social security 214,988 60,214
Other creditors 1,548,413 2,091,014
3,100,943 3,396,566

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 858,846 1,134,904

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
At 1 April (48,153) 318,933
Advances to director 58,675 8,269
Repayments by director 0 (375,355)
At 31 March 10,522 (48,153)