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Registration number: 11071531

Akureyri Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Akureyri Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Akureyri Limited

Company Information

Director

Mr Wesley Stevens

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

Gavin Fernandes Tax & Wealth Management
Chartered accountants
6 Wildacres
Northwood
Middlesex
HA6 3JD

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Akureyri Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Akureyri Limited for the year ended 30 November 2023 as set out on pages 3 to 10 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Akureyri Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Akureyri Limited and state those matters that we have agreed to state to the Board of Directors of Akureyri Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Akureyri Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Akureyri Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Akureyri Limited. You consider that Akureyri Limited 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 accounts of Akureyri Limited. 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 accounts.

......................................

Gavin Fernandes Tax & Wealth Management
Chartered accountants
6 Wildacres
Northwood
Middlesex
HA6 3JD

29 November 2024

 

Akureyri Limited

(Registration number: 11071531)
Balance Sheet as at 30 November 2023

Note

2023

2022

Fixed assets

 

Tangible assets

4

428

817

Investment property

5

3,132,694

2,690,436

Other financial assets

6

491,848

448,855

 

3,624,970

3,140,108

Current assets

 

Debtors

7

49,618

30,994

Cash at bank and in hand

 

79,081

675,323

 

128,699

706,317

Creditors: Amounts falling due within one year

8

(240,838)

(224,667)

Net current (liabilities)/assets

 

(112,139)

481,650

Total assets less current liabilities

 

3,512,831

3,621,758

Creditors: Amounts falling due after more than one year

8

(2,883,098)

(2,946,063)

Net assets

 

629,733

675,695

Capital and reserves

 

Called up share capital

10

113

113

Retained earnings

629,620

675,582

Shareholders' funds

 

629,733

675,695

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 November 2024
 

 

Akureyri Limited

(Registration number: 11071531)
Balance Sheet as at 30 November 2023

.........................................
Mr Wesley Stevens
Director

 

Akureyri Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
England

These financial statements were authorised for issue by the director on 29 November 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Akureyri Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined infrequently once every 3-5 years on average by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Akureyri Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Office equipment

Total

Cost or valuation

At 1 December 2022

2,097

2,097

At 30 November 2023

2,097

2,097

Depreciation

At 1 December 2022

1,280

1,280

Charge for the year

389

389

At 30 November 2023

1,669

1,669

Carrying amount

At 30 November 2023

428

428

At 30 November 2022

817

817

5

Investment properties

2023

At 1 December

2,690,436

Additions

442,258

At 30 November

3,132,694

 

Akureyri Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss

Total

Non-current financial assets

Cost or valuation

At 1 December 2022

448,855

448,855

Fair value adjustments

3,650

3,650

Additions

48,138

48,138

Disposals

(8,795)

(8,795)

At 30 November 2023

491,848

491,848

Impairment

Carrying amount

At 30 November 2023

491,848

491,848

7

Debtors

Current

2023

2022

Trade debtors

34,215

23,870

Other debtors

15,403

7,124

 

49,618

30,994

8

Creditors

Creditors: amounts falling due within one year

Note

2023

2022

Due within one year

 

Loans and borrowings

9

115,765

109,340

Trade creditors

 

1,270

566

Taxation and social security

 

25,469

53,242

Accruals and deferred income

 

1,752

1,595

Other creditors

 

96,582

59,924

 

240,838

224,667

 

Akureyri Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023

2022

Due after one year

 

Loans and borrowings

9

2,883,098

2,946,063

The bank loan is secured against assets of the company. The company has a loan with Bank of Ireland of €1,793,000 (2022: €1,553,000). The term of repayment of the loan is within 25 years. The interest rates applicable are market related rate and are subject to change.

9

Loans and borrowings

Non-current loans and borrowings

2023

2022

Bank borrowings

1,566,978

1,375,287

Other borrowings

1,316,120

1,570,776

2,883,098

2,946,063

Current loans and borrowings

2023

2022

Bank borrowings

115,765

109,340

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary of €1.13 each

100

113

100

113

       
 

Akureyri Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

11

Related party transactions

During the year, the company made the following related party transactions:

Shareholder (property and other investments)
At the balance sheet date, the amounts due to the Shareholder was €1,316,120 (2022 - €1,570,776). These loans were unsecured, interest rate charged at 7.5% and repayable on demand.

Shareholder (other)
At the balance sheet date, the amounts due to the Shareholder was €94,982 (2022 - €52,906). These loans were unsecured, interest rate charged at 7.5% and repayable on demand.