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COMPANY REGISTRATION NUMBER: 08406136
Vakkas Limited
Filleted Unaudited Financial Statements
31 March 2024
Vakkas Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Vakkas Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
152,592
Investments
6
1,256,880
1,256,880
------------
------------
1,256,880
1,409,472
Current assets
Stocks
379,850
Debtors
7
403,076
268,722
Cash at bank and in hand
9,536
35,955
---------
---------
412,612
684,527
Creditors: amounts falling due within one year
8
30,475
450,877
---------
---------
Net current assets
382,137
233,650
------------
------------
Total assets less current liabilities
1,639,017
1,643,122
Creditors: amounts falling due after more than one year
9
739,825
770,729
Provisions
28,993
28,993
------------
------------
Net assets
870,199
843,400
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
870,099
843,300
---------
---------
Shareholders funds
870,199
843,400
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Vakkas Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 July 2024 , and are signed on behalf of the board by:
Mr Yusuf Cagin
Director
Company registration number: 08406136
Vakkas Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kimberley House, 31 Burnt Oak Broadway, Edgware, London, HA8 5LD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% on reducing balance
Fixtures, fittings and equipment
-
20% on reducing balance
Motor vehicles
-
20% on reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
34,430
193,721
77,362
305,513
Disposals
( 34,430)
( 193,721)
( 77,362)
( 305,513)
--------
---------
--------
---------
At 31 March 2024
--------
---------
--------
---------
Depreciation
At 1 April 2023
18,882
105,848
28,191
152,921
Disposals
( 18,882)
( 105,848)
( 28,191)
( 152,921)
--------
---------
--------
---------
At 31 March 2024
--------
---------
--------
---------
Carrying amount
At 31 March 2024
--------
---------
--------
---------
At 31 March 2023
15,548
87,873
49,171
152,592
--------
---------
--------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
1,256,880
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
1,256,880
------------
At 31 March 2023
1,256,880
------------
7. Debtors
2024
2023
£
£
Trade debtors
1,426
Other debtors
401,650
268,722
---------
---------
403,076
268,722
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
397,537
Corporation tax
3,490
Social security and other taxes
3,381
Other creditors
26,985
49,959
--------
---------
30,475
450,877
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
630,489
662,731
Other creditors
109,336
107,998
---------
---------
739,825
770,729
---------
---------