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REGISTERED NUMBER: SC293129 (Scotland)















Unaudited Financial Statements for the Year Ended 31st December 2023

for

AKI Smith Ltd.

AKI Smith Ltd. (Registered number: SC293129)

Contents of the Financial Statements
for the year ended 31st December 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


AKI Smith Ltd.

Company Information
for the year ended 31st December 2023







Directors: S Smith
H Smith





Secretary: S Smith





Registered office: 4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT





Registered number: SC293129 (Scotland)





Accountants: Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
AKI Smith Ltd.


The following reproduces the text of the report prepared for the directors 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 Directors 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 AKI Smith Ltd. for the year ended 31st December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of AKI Smith Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of AKI Smith Ltd. and state those matters that we have agreed to state to the Board of Directors of AKI Smith Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that AKI Smith 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 profit of AKI Smith Ltd.. You consider that AKI Smith 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 AKI Smith 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.






Frame Kennedy
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT


30th September 2024

AKI Smith Ltd. (Registered number: SC293129)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 474,213 212,451
474,213 212,451

Current assets
Stocks 192,290 172,927
Debtors 6 56,759 67,912
Cash at bank and in hand 95,050 191,132
344,099 431,971
Creditors
Amounts falling due within one year 7 133,224 50,080
Net current assets 210,875 381,891
Total assets less current liabilities 685,088 594,342

Creditors
Amounts falling due after more than one year 8 (116,792 ) (125,904 )

Provisions for liabilities (32,104 ) (26,593 )
Net assets 536,192 441,845

AKI Smith Ltd. (Registered number: SC293129)

Balance Sheet - continued
31st December 2023

2023 2022
Notes £    £    £    £   
Capital and reserves
Called up share capital 100 100
Retained earnings 536,092 441,745
536,192 441,845

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2024 and were signed on its behalf by:





S Smith - Director


AKI Smith Ltd. (Registered number: SC293129)

Notes to the Financial Statements
for the year ended 31st December 2023


1. Statutory information

AKI Smith Ltd. is a private company, limited by shares , registered in Scotland. 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.

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 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


AKI Smith Ltd. (Registered number: SC293129)

Notes to the Financial Statements - continued
for the year ended 31st 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.

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.

Fair value
Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.

3. Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1st January 2023
and 31st December 2023 60,854
Amortisation
At 1st January 2023
and 31st December 2023 60,854
Net book value
At 31st December 2023 -
At 31st December 2022 -

AKI Smith Ltd. (Registered number: SC293129)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


5. Tangible fixed assets
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost
At 1st January 2023 138,492 384,799 37,800 561,091
Additions 236,205 98,292 3,000 337,497
Disposals - (72,985 ) (2,600 ) (75,585 )
At 31st December 2023 374,697 410,106 38,200 823,003
Depreciation
At 1st January 2023 67,971 258,056 22,613 348,640
Charge for year 6,936 40,579 4,130 51,645
Eliminated on disposal - (50,845 ) (650 ) (51,495 )
At 31st December 2023 74,907 247,790 26,093 348,790
Net book value
At 31st December 2023 299,790 162,316 12,107 474,213
At 31st December 2022 70,521 126,743 15,187 212,451

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 44,440 21,014
Other debtors 12,319 46,898
56,759 67,912

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 9,090 8,890
Trade creditors 58,151 6,045
Taxation and social security 28,548 16,545
Other creditors 37,435 18,600
133,224 50,080

Included within bank loans and overdrafts are secured debts of £9,090 (2022 - £8,890).

AKI Smith Ltd. (Registered number: SC293129)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 116,792 125,904

Included within bank loans are secured debts of £116,792 (2022 - £125,904).

9. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
S Smith and H Smith
Balance outstanding at start of year (24,576 ) (51,299 )
Amounts advanced 78,040 44,291
Amounts repaid (19,232 ) (17,568 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 34,232 (24,576 )

The above overdrawn director's loan was repaid within 9 months of the year-end.