REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
ALBAKOS CONTRACTORS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
ALBAKOS CONTRACTORS LTD |
ALBAKOS CONTRACTORS LTD (REGISTERED NUMBER: 05957680) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
ALBAKOS CONTRACTORS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2nd Floor |
10(b) Aldermans Hill |
Palmers Green |
London |
N13 4PJ |
ALBAKOS CONTRACTORS LTD (REGISTERED NUMBER: 05957680) |
BALANCE SHEET |
31 OCTOBER 2022 |
31.10.22 | 31.10.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ALBAKOS CONTRACTORS LTD (REGISTERED NUMBER: 05957680) |
BALANCE SHEET - continued |
31 OCTOBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
ALBAKOS CONTRACTORS LTD (REGISTERED NUMBER: 05957680) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
1. | STATUTORY INFORMATION |
Albakos Contractors Limited is a private company,limited by shares, registered in England and Wales.The company 's registered number is 05957680 and registered office address is 24 Grasmere Court, Palmerston Road, Wood Green, London, N22 8QR. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sale of goods and services, excluding value added tax. |
Tangible fixed assets |
Plant and machinery etc | - |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Revenue recognition |
Amounts due under contracts-not yet invoiced (work in progress) are valued at the recoverable standard value of time charged by all personnel engaged in the provision of engineering services. Revenue is recognised as the contracts progress to reflect the partial performance of the contractual obligation. The amount of revenue recognised reflects the accrual of the right for consideration as contract activity progresses by reference to the value of work performed. |
Going concern |
As with most businesses the Company has been affected by the ongoing impact of Covid-19, the exit from the European Union and the high level of inflation in the UK economy. These have had an impact on the operations, customers, suppliers and staff. The Company is taking all the steps it can to protect the future of the business. Although the total impact is still uncertain the director believes that it is appropriate to prepare the accounts on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - |
ALBAKOS CONTRACTORS LTD (REGISTERED NUMBER: 05957680) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2021 |
and 31 October 2022 |
DEPRECIATION |
At 1 November 2021 |
Charge for year |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2021 |
and 31 October 2022 |
DEPRECIATION |
At 1 November 2021 |
and 31 October 2022 | ( |
) |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Bank loans and overdrafts (see note 7) |
Other loans (see note 7) |
Trade creditors | ( |
) |
Tax |
Social security and other taxes |
VAT | - | 1,573 |
Accrued expenses |
ALBAKOS CONTRACTORS LTD (REGISTERED NUMBER: 05957680) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Directors' loan accounts | 32,467 | 12,509 |
7. | LOANS |
An analysis of the maturity of loans is given below: |
31.10.22 | 31.10.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Amt owed to connected company |
8. | DIRECTOR LOAN |
Included in Creditors - amounts falling due after more than one year is a loan of £32,467 (2021-£12,509) due to the Director. This loan is recognised at transaction price. The director's loan is not due until after more than 1 year and is interest free. |
9. | PROVISIONS FOR LIABILITIES |
31.10.22 | 31.10.21 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 November 2021 |
Provided during year | ( |
) |
Balance at 31 October 2022 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.22 | 31.10.21 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
ALBAKOS CONTRACTORS LTD (REGISTERED NUMBER: 05957680) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2021 | ( |
) |
Deficit for the year | ( |
) |
At 31 October 2022 | ( |
) |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Interest on the director's loan account was charged at the official HM Revenue & Customs rates. |
13. | GOING CONCERN |
As at 31 October 2022 the company had Net Liabilities of £47,227 (2021: £44,945) . |
The financial statements have been prepared on a going concern basis on the assumption that the director and Pitta Corner Limited, the connected company, will continue supporting the company. |
The director and Pitta Corner Limited, have provided assurances that they will continue supporting the company to meet its obligations as they fall due by providing loans. |
The director believes that in the following years the results will improve leading to a strengthening of the company's balance sheet. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ALBAKOS CONTRACTORS LTD |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Albakos Contractors Ltd for the year ended 31 October 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Albakos Contractors Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Albakos Contractors Ltd and state those matters that we have agreed to state to the director of Albakos Contractors Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Albakos Contractors Ltd and its director for our work or for this report. |
It is your duty to ensure that Albakos Contractors Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Albakos Contractors Ltd. You consider that Albakos Contractors Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Albakos Contractors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
2nd Floor |
10(b) Aldermans Hill |
Palmers Green |
London |
N13 4PJ |