Company registration number 05442074 (England and Wales)
AKL UTILITIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
AKL UTILITIES LTD
COMPANY INFORMATION
Directors
Mr R I Dawson
Mrs J H Dawson
Secretary
Mrs J H Dawson
Company number
05442074
Registered office
6 Oaklea
Hilda Park
Chester le Street
County Durham
England
DH2 2LA
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
Bankers
Bank of Scotland
Teviot House
South Gyle Crescent
Edinburgh
EH12 9DR
AKL UTILITIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AKL UTILITIES LTD
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,837
905
Investment property
4
57,608
51,256
61,445
52,161
Current assets
Debtors
5
46,883
95,915
Cash at bank and in hand
847,716
882,480
894,599
978,395
Creditors: amounts falling due within one year
6
(15,082)
(26,050)
Net current assets
879,517
952,345
Total assets less current liabilities
940,962
1,004,506
Provisions for liabilities
7
(959)
(226)
Net assets
940,003
1,004,280
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
939,903
1,004,180
Total equity
940,003
1,004,280
AKL UTILITIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Mrs J H Dawson
Director
Company registration number 05442074 (England and Wales)
AKL UTILITIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

AKL Utilities Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Oaklea, Hilda Park, Chester le Street, County Durham, England, DH2 2LA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade and settlement discounts.

 

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% on reducing balance
Computer equipment
15% on reducing balance
Motor vehicles
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

The methods and significant assumptions used to ascertain the fair value of £57,608 and fair value movement of £Nil included in the profit/loss for the year are as follows:

 

The investment property has been valued at fair value based on estimates by the directors

1.5
Impairment of assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

AKL UTILITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

 

Taxation for 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 and deferred taxation assets and liabilities are not discounted.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

AKL UTILITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
3,145
1,821
5,395
10,361
Additions
3,000
357
-
0
3,357
At 31 May 2024
6,145
2,178
5,395
13,718
Depreciation and impairment
At 1 June 2023
2,729
1,332
5,395
9,456
Depreciation charged in the year
324
101
-
0
425
At 31 May 2024
3,053
1,433
5,395
9,881
Carrying amount
At 31 May 2024
3,092
745
-
0
3,837
At 31 May 2023
416
489
-
0
905
4
Investment property
2024
£
Fair value
At 1 June 2023
51,256
Additions
6,352
At 31 May 2024
57,608
AKL UTILITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,226
49,043
Other debtors
16,890
43,527
Prepayments and accrued income
3,767
3,345
46,883
95,915
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,506
7,696
Corporation tax
3,707
15,487
Accruals and deferred income
2,869
2,867
15,082
26,050
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
959
226
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
959
266
Tax losses carried forward
-
(40)
959
226
2024
Movements in the year:
£
Liability at 1 June 2023
226
Charge to profit or loss
733
Liability at 31 May 2024
959
AKL UTILITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
85
85
85
85
Ordinary A of £1 each
5
5
5
5
Ordinary B of £1 each
10
10
10
10
100
100
100
100

 

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
850
11
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr R I Dawson -
2.25
15,786
36,777
(50,415)
2,148
Mrs J H Dawson -
2.25
15,786
36,776
(50,415)
2,147
31,572
73,553
(100,830)
4,295

Interest amounting to £497 (2023: £549) bas been charged on the above loan at the HMRC Official Rate of Interest of 2.25%.

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