Registered number
14394709
LIMAK INTERNATIONAL LIMITED
Filleted Accounts
31 December 2024
LIMAK INTERNATIONAL LIMITED
Registered number: 14394709
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,995 -
Deferred tax assets 6 184,146
Current assets
Debtors 4 362,953 45,746
Cash at bank and in hand 22,125 51,377
385,078 97,123
Creditors: amounts falling due within one year 5 (1,126,239) (301,789)
Net current liabilities (741,161) (204,666)
Net liabilities (555,020) (204,666)
Capital and reserves
Called up share capital 100 100
Profit and loss account (555,120) (204,766)
Shareholders' funds (555,020) (204,666)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mustafa Kursat ASARDAG
Director
Approved by the board on 17 April 2025
LIMAK INTERNATIONAL LIMITED
Notes to the Accounts
for the period from 1 November 2023 to 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions and employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
The costs of short-term employee benefits are recognised as a liability and an expense, unless
those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 2,271
At 31 December 2024 2,271
Depreciation
Charge for the period 276
At 31 December 2024 276
Net book value
At 31 December 2024 1,995
4 Debtors 2024 2023
£ £
Trade debtors 172,945 -
VAT receivable 57,602 30,761
Other debtors 132,406 14,985
362,953 45,746
In 2023, the VAT receivable amount of £30761 was included under the heading of creditors.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 225,907 158,636
Loan from Limak Insaat Sanayi ve ticaret A.S 860,917 143,385
Taxation and social security costs 33,740 (526)
Other creditors 5,675 294
1,126,239 301,789
6 Deferred taxation 2024 2023
The deferred taxation balance is made up as follows: £ £
Taxable temporay difference on PPE (499) -
Losses 184,645 -
Deferred tax assets 184,146 -
7 Share capital 2024 2023
£ £
100 ordinery shares of £1 each. 100 100
8 Related party transactions
During the year, the Company sold services amounting to £1,312,818 (2023 - nil) to Limak Insaat San. Ve Tic. A.S.(TUR), Limak Construction Europe SL (ESP), Limak Cimento Sanayi Ve Ticaret A.S.(TUR), These are under common control of the Limak Insaat San. Ve Tic. A.S.(TUR). Amounts due from these companies at the year end £172,945 (2023 - nil) which are included in trade debtors.
Others amounts were outstanding at the reporting date: 2024 2023
£ £
The amount payable to Limak Insaat Sanayi ve Ticaret A.S. has been re-classified as a short-term liability. 860,917 143,385
9 Controlling party
The direct controlling party was Limak Insaat San. Ve Tic. A.S.(TUR) and 100% shareholder of the company.
10 Other information
LIMAK INTERNATIONAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
106 Great Portland Street (2nd Floor)
London
England
W1W 6PF
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