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Company Registration No. 14852886 (England and Wales)
THE SANKOFA PALACE LIMITED Unaudited accounts for the period from 8 May 2023 to 31 May 2024
THE SANKOFA PALACE LIMITED Unaudited accounts Contents
Page
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THE SANKOFA PALACE LIMITED Company Information for the period from 8 May 2023 to 31 May 2024
Director
Millicent Obeng
Company Number
14852886 (England and Wales)
Registered Office
24 BRIDGELANDS WAY BIRMINGHAM B20 3UT UNITED KINGDOM
Accountants
D K OBENG GROUP 120 DALMALLY ROAD CROYDON SURREY CR0 6LT
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of THE SANKOFA PALACE LIMITED for the period from 8 May 2023 to 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of THE SANKOFA PALACE LIMITED for the period from 8 May 2023 to 31 May 2024 as set out on pages 5 - 7 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 icaew.com/membershandbook.
This report is made solely to the Board of Directors of THE SANKOFA PALACE LIMITED, as a body, in accordance with the terms of our engagement letter dated 3 February 2025. Our work has been undertaken solely to prepare for your approval the accounts of THE SANKOFA PALACE LIMITED and state those matters that we have agreed to state to the Board of Directors of THE SANKOFA PALACE LIMITED, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than THE SANKOFA PALACE LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that THE SANKOFA PALACE 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 THE SANKOFA PALACE LIMITED. You consider that THE SANKOFA PALACE LIMITED is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of THE SANKOFA PALACE 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.
D K OBENG GROUP Chartered Accountants 120 DALMALLY ROAD CROYDON SURREY CR0 6LT 7 February 2025
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THE SANKOFA PALACE LIMITED Statement of financial position as at 31 May 2024
2024 
Notes
£ 
Fixed assets
Tangible assets
904 
Current assets
Inventories
6,200 
Cash at bank and in hand
1,452 
7,652 
Creditors: amounts falling due within one year
(7,573)
Net current assets
79 
Total assets less current liabilities
983 
Creditors: amounts falling due after more than one year
(6,236)
Provisions for liabilities
Deferred tax
(172)
Net liabilities
(5,425)
Capital and reserves
Called up share capital
1 
Profit and loss account
(5,426)
Shareholders' funds
(5,425)
For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 February 2025 and were signed on its behalf by
Millicent Obeng Director Company Registration No. 14852886
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THE SANKOFA PALACE LIMITED Notes to the Accounts for the period from 8 May 2023 to 31 May 2024
1
Statutory information
THE SANKOFA PALACE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 14852886. The registered office is 24 BRIDGELANDS WAY, BIRMINGHAM, B20 3UT, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The Financial Statements have been prepared on a going concern basis, despite the company's balance sheet showing net liabilities of £5,425. This does not indicate that the company may be unable to continue trading. Based on the current forecasts the directors have indicated that they have the resources to make funds available to the company to enable it to meet its debts as and when they fall due for a period of at least twelve months from the date of approval of these financial statements and they are of the opinion that the going concern basis is appropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33.33% Straight Line
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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THE SANKOFA PALACE LIMITED Notes to the Accounts for the period from 8 May 2023 to 31 May 2024
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 8 May 2023
- 
Additions
1,349 
At 31 May 2024
1,349 
Depreciation
Charge for the period
445 
At 31 May 2024
445 
Net book value
At 31 May 2024
904 
5
Creditors: amounts falling due within one year
2024 
£ 
Bank loans and overdrafts
1,800 
Loans from directors
5,053 
Accruals
720 
7,573 
6
Creditors: amounts falling due after more than one year
2024 
£ 
Bank loans
6,236 
7
Share capital
2024 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
8
Average number of employees
During the period the average number of employees was 0.
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