Registered number
04553638
AKD Fire & Security Ltd
Unaudited Filleted Accounts
For the Year Ended
31 December 2023
AKD Fire & Security Ltd
Registered number: 04553638
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 1,843
Tangible assets 4 92,378 66,985
92,378 68,828
Current assets
Stocks 8,250 7,900
Debtors 5 158,633 260,621
Cash at bank and in hand 259,826 306,857
426,709 575,378
Creditors: amounts falling due within one year 6 (143,205) (236,969)
Net current assets 283,504 338,409
Total assets less current liabilities 375,882 407,237
Provisions for liabilities (17,552) (12,727)
Net assets 358,330 394,510
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 7 50 50
Profit and loss account 358,230 394,410
Shareholders' funds 358,330 394,510
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 profit and loss account has not been delivered to the Registrar of Companies.
AK Duff
Director
Approved by the board on 25 March 2024
AKD Fire & Security Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Display stock 33.3% straight line
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 11 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 37,700
At 31 December 2023 37,700
Amortisation
At 1 January 2023 35,857
Provided during the year 1,843
At 31 December 2023 37,700
Net book value
At 31 December 2023 -
At 31 December 2022 1,843
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 95,675 97,095 192,770
Additions 949 55,982 56,931
Disposals - (30,150) (30,150)
At 31 December 2023 96,624 122,927 219,551
Depreciation
At 1 January 2023 85,408 40,377 125,785
Charge for the year 2,805 17,092 19,897
On disposals - (18,509) (18,509)
At 31 December 2023 88,213 38,960 127,173
Net book value
At 31 December 2023 8,411 83,967 92,378
At 31 December 2022 10,267 56,718 66,985
5 Debtors 2023 2022
£ £
Trade debtors 135,277 248,619
Other debtors 23,356 12,002
158,633 260,621
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 27,184 25,377
Taxation and social security costs 53,950 100,901
Other creditors 62,071 110,691
143,205 236,969
7 Revaluation reserve 2023
£
At 1 January 2023 50
At 31 December 2023 50
8 Related party transactions
During the year ended 31st December 2023 the company paid rent to K Draper and A Duff, directors, of £14,400 (2022 - £14,400).
9 Other information
AKD Fire & Security Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Dockray Hall Mill
Dockray Hall
Kendal
Cumbria
LA9 4RU
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