AK Innovations Limited 05996830 true 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is project management and engineering services Digita Accounts Production Advanced 6.30.9574.0 true A J King T King true 05996830 2023-06-01 2024-05-31 05996830 2024-05-31 05996830 bus:OrdinaryShareClass1 2024-05-31 05996830 core:RetainedEarningsAccumulatedLosses 2024-05-31 05996830 core:ShareCapital 2024-05-31 05996830 core:CurrentFinancialInstruments 2024-05-31 05996830 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 05996830 core:FurnitureFittingsToolsEquipment 2024-05-31 05996830 bus:FRS102 2023-06-01 2024-05-31 05996830 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 05996830 bus:FullAccounts 2023-06-01 2024-05-31 05996830 bus:RegisteredOffice 2023-06-01 2024-05-31 05996830 bus:CompanySecretary1 2023-06-01 2024-05-31 05996830 bus:Director2 2023-06-01 2024-05-31 05996830 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 05996830 bus:EntityNoLongerTradingButTradedInPast 2023-06-01 2024-05-31 05996830 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05996830 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 05996830 core:OfficeEquipment 2023-06-01 2024-05-31 05996830 countries:EnglandWales 2023-06-01 2024-05-31 05996830 2023-05-31 05996830 core:FurnitureFittingsToolsEquipment 2023-05-31 05996830 2023-05-31 05996830 bus:OrdinaryShareClass1 2023-05-31 05996830 core:RetainedEarningsAccumulatedLosses 2023-05-31 05996830 core:ShareCapital 2023-05-31 05996830 core:CurrentFinancialInstruments 2023-05-31 05996830 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05996830 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05996830

AK Innovations Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

AK Innovations Limited

Profit and Loss Account for the Year Ended 31 May 2024

The company has not traded during the year. During this year, the company received no income and incurred no expenditure and therefore made neither profit nor loss.

 

AK Innovations Limited

(Registration number: 05996830)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

2,403

2,403

Current assets

 

Debtors

4

15,710

15,710

Cash at bank and in hand

 

30,256

30,256

 

45,966

45,966

Creditors: Amounts falling due within one year

6

(11,996)

(11,996)

Net current assets

 

33,970

33,970

Net assets

 

36,373

36,373

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

36,363

36,363

Shareholders' funds

 

36,373

36,373

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 18 July 2024
 

.........................................
A J King
Director

 

AK Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

These financial statements were authorised for issue by the director on 18 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

AK Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

AK Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

5,563

5,563

Additions

2,032

2,032

At 31 May 2024

7,595

7,595

Depreciation

At 1 June 2023

4,165

4,165

Charge for the year

1,027

1,027

At 31 May 2024

5,192

5,192

Carrying amount

At 31 May 2024

2,403

2,403

At 31 May 2023

2,403

2,403

4

Debtors

Current

2024
£

2023
£

Other debtors

15,710

15,710

 

15,710

15,710

5

Cash and cash equivalents

2024
£

2023
£

Cash at bank

28,339

28,339

Short-term deposits

1,917

1,917

30,256

30,256

 

AK Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Amounts due to related parties

4,784

4,784

Social security and other taxes

 

688

688

Accruals

 

850

850

Income tax liability

5,674

5,674

 

11,996

11,996

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10