Registered number
05973172
CK Financial Markets Limited
Filleted Accounts
31 October 2023
CK Financial Markets Limited
Registered number: 05973172
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,105 2,847
Current assets
Debtors 4 4,293 95,363
Cash at bank and in hand 175,062 81,342
179,355 176,705
Creditors: amounts falling due within one year 5 (168,486) (150,344)
Net current assets 10,869 26,361
Total assets less current liabilities 22,974 29,208
Creditors: amounts falling due after more than one year 6 - (26,286)
Provisions for liabilities (2,975) (683)
Net assets 19,999 2,239
Capital and reserves
Called up share capital 102 102
Profit and loss account 19,897 2,137
Shareholders' funds 19,999 2,239
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 statement of income and retained earnings has not been delivered to the Registrar of Companies.
……………………………………
C Harris
Director
Approved by the board on 23 January 2024
CK Financial Markets Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
The principal accounting policies adopted in the preparation of the accounts are set out below; they have remained unchanged from the previous period and have been consistently applied:
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, Section 1A (small entities). There have been no material departures from that standard.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and VAT. Turnover includes revenue earned from the rendering of services. 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 accumulated depreciation and 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:
Plant and machinery 10% on reducing balance
Land and buildings not depreciated
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.
Government-backed loans
Government-backed loans provided in response to COVID-19 are initially recognised at transaction price and subsequently measured at amortised cost determined using the effective interest method. Loan interest paid by Government, in accordance with the terms of these loans, is included in the accounts as interest payable and as government grants received.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2.00 2.00
3 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 November 2022 - 11,436 11,436
Additions 7,743 2,000 9,743
At 31 October 2023 7,743 13,436 21,179
Depreciation
At 1 November 2022 - 8,589 8,589
Charge for the year - 485 485
At 31 October 2023 - 9,074 9,074
Net book value
At 31 October 2023 7,743 4,362 12,105
At 31 October 2022 - 2,847 2,847
4 Debtors 2023 2022
£ £
Trade debtors - 84,000
Other debtors 4,293 11,363
4,293 95,363
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 10,175
Taxation and social security costs 63,764 53,080
Other creditors 104,722 87,089
168,486 150,344
6 Creditors: amounts falling due after more than one year 2023 2022
£ £
Bank loans - 26,286
7 Other information
CK Financial Markets Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Ralls House, Parklands Business Park, Forest Road, Denmead, Waterlooville, Hants, PO7 6XP.
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