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Company No: 13902488 (England and Wales)

AK PROPERTY LONDON LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

AK PROPERTY LONDON LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

AK PROPERTY LONDON LTD

BALANCE SHEET

As at 30 June 2024
AK PROPERTY LONDON LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 30.06.2024 30.06.2023
£ £
Fixed assets
Investment property 3 325,000 310,288
325,000 310,288
Current assets
Cash at bank and in hand 45 70
45 70
Creditors: amounts falling due within one year 4 ( 70,420) ( 83,311)
Net current liabilities (70,375) (83,241)
Total assets less current liabilities 254,625 227,047
Creditors: amounts falling due after more than one year 5 ( 225,675) ( 225,675)
Provision for liabilities ( 2,795) 0
Net assets 26,155 1,372
Capital and reserves
Called-up share capital 6 1 1
Fair value reserve 11,917 0
Profit and loss account 14,237 1,371
Total shareholder's funds 26,155 1,372

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of AK Property London Ltd (registered number: 13902488) were approved and authorised for issue by the Director on 20 March 2025. They were signed on its behalf by:

Mr A M Knott
Director
AK PROPERTY LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
AK PROPERTY LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

AK Property London Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of refunds, rebates and discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Year ended
30.06.2024
Period from
08.02.2022 to
30.06.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 310,288
Fair value movement 14,712
As at 30 June 2024 325,000

Valuation

The company's director has confirmed the market value of the investment property on 30 June 2024. There has been no formal valuation of the investment property by an independent valuer during the year.

4. Creditors: amounts falling due within one year

30.06.2024 30.06.2023
£ £
Amounts owed to related parties 14,901 13,033
Amounts owed to director 52,390 69,881
Corporation tax 3,129 397
70,420 83,311

5. Creditors: amounts falling due after more than one year

30.06.2024 30.06.2023
£ £
Bank loans (secured) 225,675 225,675

The bank loan is secured against the investment property held by the company.

6. Called-up share capital

30.06.2024 30.06.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1