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Registration number: 08315238

Akendi UK Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Akendi UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Akendi UK Limited

Company Information

Directors

Dr L Poll

Mr T V Gelderen

Registered office

184 The Tram Shed
East Road
Cambridge
Cambridgeshire
CB1 1BG

 

Akendi UK Limited

(Registration number: 08315238)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,086

3,675

Current assets

 

Debtors

5

38,021

38,541

Cash at bank and in hand

 

254

4,634

 

38,275

43,175

Creditors: Amounts falling due within one year

6

(43,639)

(31,339)

Net current (liabilities)/assets

 

(5,364)

11,836

Total assets less current liabilities

 

(2,278)

15,511

Creditors: Amounts falling due after more than one year

6

(14,873)

(24,876)

Provisions for liabilities

3,161

8,003

Net liabilities

 

(13,990)

(1,362)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(14,090)

(1,462)

Shareholders' deficit

 

(13,990)

(1,362)

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

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

 

Akendi UK Limited

(Registration number: 08315238)
Balance Sheet as at 31 December 2023

.........................................
Dr L Poll
Director

   
     

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Akendi UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
184 The Tram Shed
East Road
Cambridge
Cambridgeshire
CB1 1BG

These financial statements were authorised for issue by the Board on 28 February 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Akendi UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Going concern

At the balance sheet date, the company had net current liabilities of £5,364 (2022: (Net current assets) £11,836) and retained losses of £13,990 (2022: £1,362). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss Account within 'Other interest receivable and similar income'.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Akendi UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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% reducing balance

Fixtures and fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed annually for any bad debt and any adjustment is made accordingly through the profit and loss.

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 at the transaction price.

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.

 

Akendi UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Akendi UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

26,722

26,722

Additions

524

524

Disposals

(2,940)

(2,940)

At 31 December 2023

24,306

24,306

Depreciation

At 1 January 2023

23,047

23,047

Charge for the year

869

869

Eliminated on disposal

(2,696)

(2,696)

At 31 December 2023

21,220

21,220

Carrying amount

At 31 December 2023

3,086

3,086

At 31 December 2022

3,675

3,675

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

19,299

18,147

Amounts owed by related parties

9

-

9,714

Prepayments

 

2,371

2,332

Other debtors

 

16,351

8,348

   

38,021

38,541

 

Akendi UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

11,002

10,124

Trade creditors

 

1,210

1,120

Amounts owed to group undertakings

9

15,895

-

Taxation and social security

 

11,252

14,988

Accruals and deferred income

 

1,639

1,625

Other creditors

 

2,641

3,482

 

43,639

31,339

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

14,873

24,876

Included within bank loans and overdrafts due under one year is £10,128 (2022 - £10,124). Amounts due over one year are £14,873 (2022 - £24,876). This relates to a loan aquired under the Bounce Back Loan Scheme (BBLS) which is managed by the British Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.
 

 

Akendi UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,128

10,124

Bank overdrafts

874

-

11,002

10,124

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,873

24,876

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Akendi UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions


At the balance sheet date the company owed Dr L Poll £529 (2022: £719). This loan is provided interest free and is repayable on demand.


At the balance sheet date, the company owed Akendi Inc, a connected company £15,895 (2022: £9,715). This loan is provided interest free and is repayable on demand.

 

10

Controlling party

The company is exempt from the obligation to prepare and deliver group accounts.

 The company's immediate parent is Akendi (Toronto) Inc, incorporated in Canada.