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AKWELL LIMITED

Registered Number
02014399
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

AKWELL LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

Gulsen SAMANI
Osman SAMANI

Company Secretary

Gulsen SAMANI

Registered Address

32 Willoughby Road
London
N8 0JG

Registered Number

02014399 (England and Wales)
AKWELL LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets370,70594,273
Investment property44,771,0084,771,008
4,841,7134,865,281
Current assets
Debtors55,7506,527
Cash at bank and on hand33,45219,512
39,20226,039
Creditors amounts falling due within one year6(280,155)(277,205)
Net current assets (liabilities)(240,953)(251,166)
Total assets less current liabilities4,600,7604,614,115
Creditors amounts falling due after one year7(311,279)(328,816)
Provisions for liabilities8(278,497)(284,345)
Net assets4,010,9844,000,954
Capital and reserves
Called up share capital100100
Profit and loss account4,010,8844,000,854
Shareholders' funds4,010,9844,000,954
The financial statements were approved and authorised for issue by the Board of Directors on 18 December 2024, and are signed on its behalf by:
Osman SAMANI
Director
Registered Company No. 02014399
AKWELL LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 June 23196197,462197,658
At 31 May 24196197,462197,658
Depreciation and impairment
At 01 June 23-103,385103,385
Charge for year-23,56823,568
At 31 May 24-126,953126,953
Net book value
At 31 May 2419670,50970,705
At 31 May 2319694,07794,273
4.Investment property

£
Fair value at 01 June 234,771,008
At 31 May 244,771,008
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-777
Other debtors5,7505,750
Total5,7506,527
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables7514,655
Bank borrowings and overdrafts52,61152,611
Taxation and social security57,01556,518
Other creditors138,528126,171
Accrued liabilities and deferred income31,25037,250
Total280,155277,205
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts309,163326,700
Other creditors2,1162,116
Total311,279328,816
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)278,497284,345
Total278,497284,345