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AKS TUNING LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH JUNE 2024






AKS TUNING LTD (REGISTERED NUMBER: 08561965)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Accountants' Report 8

AKS TUNING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: A E T Kerr
Mrs A K Kerr





SECRETARY: D B Kerr





REGISTERED OFFICE: The Workshop, Willow Vale
Pavenham Road
Oakley
Bedfordshire
MK43 7SZ





REGISTERED NUMBER: 08561965 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

AKS TUNING LTD (REGISTERED NUMBER: 08561965)

STATEMENT OF FINANCIAL POSITION
30TH JUNE 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 103,078 62,539
103,078 62,539

CURRENT ASSETS
Stocks 323,245 311,493
Debtors 6 37,738 50,342
Cash at bank 62,060 112,544
423,043 474,379
CREDITORS
Amounts falling due within one year 7 271,044 313,435
NET CURRENT ASSETS 151,999 160,944
TOTAL ASSETS LESS CURRENT
LIABILITIES

255,077

223,483

CREDITORS
Amounts falling due after more than one year 8 (41,133 ) (25,406 )

PROVISIONS FOR LIABILITIES (25,770 ) (15,635 )
NET ASSETS 188,174 182,442

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 188,074 182,342
SHAREHOLDERS' FUNDS 188,174 182,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 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.

AKS TUNING LTD (REGISTERED NUMBER: 08561965)

STATEMENT OF FINANCIAL POSITION - continued
30TH JUNE 2024


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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2nd October 2024 and were signed on its behalf by:





A E T Kerr - Director


AKS TUNING LTD (REGISTERED NUMBER: 08561965)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024

1. STATUTORY INFORMATION

Aks Tuning Ltd 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.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company. Figures are rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied at all years presented unless otherwise stated.

Turnover
Turnover is recognised on the sale of vehicle parts and on the repairs of vehicles, net of vat.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013 is being amortised over its estimated useful life.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AKS TUNING LTD (REGISTERED NUMBER: 08561965)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

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

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 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st July 2023
and 30th June 2024 10,000
AMORTISATION
At 1st July 2023
and 30th June 2024 10,000
NET BOOK VALUE
At 30th June 2024 -
At 30th June 2023 -

AKS TUNING LTD (REGISTERED NUMBER: 08561965)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st July 2023 155,908 67,570 223,478
Additions 17,450 60,730 78,180
At 30th June 2024 173,358 128,300 301,658
DEPRECIATION
At 1st July 2023 128,003 32,936 160,939
Charge for year 13,700 23,941 37,641
At 30th June 2024 141,703 56,877 198,580
NET BOOK VALUE
At 30th June 2024 31,655 71,423 103,078
At 30th June 2023 27,905 34,634 62,539

The net book value of tangible fixed assets includes £ 60,143 (2023 - £ 17,280 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 27,308 42,296
Other debtors - 1,000
Prepayments 10,430 7,046
37,738 50,342

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 9) 6,099 4,584
Trade creditors 37,580 83,123
Corporation tax 8,039 18,008
Social security and other taxes 914 874
VAT 14,131 17,793
Other creditors 346 323
Directors' current accounts 192,306 177,930
Accrued expenses 1,629 800
271,044 313,435

AKS TUNING LTD (REGISTERED NUMBER: 08561965)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/24 30/6/23
£    £   
Bank loans - 1-2 years 9,076 19,076
Hire purchase contracts (see note 9) 32,057 6,330
41,133 25,406

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30/6/24 30/6/23
£    £   
Net obligations repayable:
Within one year 6,099 4,584
Between one and five years 32,057 6,330
38,156 10,914

10. RELATED PARTY DISCLOSURES

The business premises are personally owned by the company directors and rent of £14,200 (2023:£12,000) was charged to the profit and loss account in the year.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
AKS TUNING 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 Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income 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 Aks Tuning Ltd for the year ended 30th June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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 Board of Directors of Aks Tuning 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 Aks Tuning Ltd and state those matters that we have agreed to state to the Board of Directors of Aks Tuning Ltd, as a body, 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 Aks Tuning Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Aks Tuning 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 Aks Tuning Ltd. You consider that Aks Tuning 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 Aks Tuning 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.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


4th October 2024