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REGISTERED NUMBER: 09863738 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

AKP Limited

AKP Limited (Registered number: 09863738)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


AKP Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr W A Read
Mrs T J Read





REGISTERED OFFICE: Number Sixty One
Alexandra Road
Lowestoft
Suffolk
NR32 1PL





REGISTERED NUMBER: 09863738 (England and Wales)





ACCOUNTANTS: CUNNINGHAMS
Number Sixty One
Alexandra Road
Lowestoft
Suffolk
NR32 1PL

AKP Limited (Registered number: 09863738)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 600
Tangible assets 5 700,289 553,888
700,289 554,488

CURRENT ASSETS
Stocks 160,811 92,520
Debtors 245,075 249,663
Cash at bank 86,469 61,534
492,355 403,717
CREDITORS
Amounts falling due within one year 411,476 448,524
NET CURRENT ASSETS/(LIABILITIES) 80,879 (44,807 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

781,168

509,681

CREDITORS
Amounts falling due after more than one
year

6

(412,312

)

(268,852

)

PROVISIONS FOR LIABILITIES (160,723 ) (86,416 )
NET ASSETS 208,133 154,413

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 - 81,136
Capital redemption reserve 33 -
Retained earnings 208,000 73,177
SHAREHOLDERS' FUNDS 208,133 154,413

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

AKP Limited (Registered number: 09863738)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





Mr W A Read - Director


AKP Limited (Registered number: 09863738)

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

1. STATUTORY INFORMATION

AKP Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

The company's plant and machinery is carried under the revaluation model, being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are carried out with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AKP Limited (Registered number: 09863738)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the leased asset or, if lower, the present value of the minimum lease payments, determined at the inception of the lease. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 2,000
AMORTISATION
At 1 January 2023 1,400
Amortisation for year 600
At 31 December 2023 2,000
NET BOOK VALUE

At 31 December 2023 -
At 31 December 2022 600

AKP Limited (Registered number: 09863738)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2023 564,563
Additions 279,280
Disposals (2,850 )
Revaluations (128,649 )
At 31 December 2023 712,344
DEPRECIATION
At 1 January 2023 10,675
Charge for year 1,380
At 31 December 2023 12,055
NET BOOK VALUE
At 31 December 2023 700,289
At 31 December 2022 553,888

Cost or valuation at 31 December 2023 is represented by:

Totals
£   
Valuation in 2019 (9,507 )
Valuation in 2023 (128,649 )
Cost 850,500
712,344

If plant and machinery had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 840,993 553,825
Aggregate depreciation 12,056 234,337

Plant and machinery was valued on an open market basis on 31 December 2023 by the directors .

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.12.23 31.12.22
£    £   
Repayable by instalments
Bank loans 8,966 15,527

AKP Limited (Registered number: 09863738)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 82,164 62,837
Between one and five years 244,968 110,651
327,132 173,488

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 327,132 173,488

Other creditors are secured by fixed and floating charges over the company's trade debtors. Hire purchase liabilities are secured on the underlying assets.

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023 81,136
Asset revaluation (81,136 )

At 31 December 2023 -