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Company No: 13668013 (England and Wales)

AKARA LONDON LIMITED

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

AKARA LONDON LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

AKARA LONDON LIMITED

BALANCE SHEET

As at 30 June 2024
AKARA LONDON LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 30.06.2024 30.06.2023
£ £
Fixed assets
Intangible assets 3 32,054 0
Tangible assets 4 44,300 0
76,354 0
Current assets
Stocks 12,918 0
Debtors 5 833,460 390,034
Cash at bank and in hand 12,093 0
858,471 390,034
Creditors: amounts falling due within one year 6 ( 1,340,922) ( 404,292)
Net current liabilities (482,451) (14,258)
Total assets less current liabilities (406,097) (14,258)
Net liabilities ( 406,097) ( 14,258)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 406,098 ) ( 14,259 )
Total shareholder's deficit ( 406,097) ( 14,258)

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.

Directors' responsibilities:

The financial statements of Akara London Limited (registered number: 13668013) were approved and authorised for issue by the Board of Directors on 16 June 2025. They were signed on its behalf by:

O Olupitan
Director
AKARA LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
AKARA LONDON LIMITED

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

Akara London Limited (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 11 St. Johns Park, London, SE3 7TD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

Total liabilities exceed current assets at the balance sheet date. The directors consider, however that the company has sufficient liquid assets to meet its liabilities as and when they fall due and that the company has sufficient support from its directors, shareholder and creditors. Accordingly the directors consider that it is appropriate to prepare the accounts on a going concern basis.

Reporting period length

The previous accounting period was a 8 month period ending 30 June 2023 as compared to current year which is 12 month period ending 30 June 2024. Periods are therefore not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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 discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Year ended
30.06.2024
Period from
01.11.2022 to
30.06.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 44 0

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2023 0 0
Additions 34,964 34,964
At 30 June 2024 34,964 34,964
Accumulated amortisation
At 01 July 2023 0 0
Charge for the financial year 2,910 2,910
At 30 June 2024 2,910 2,910
Net book value
At 30 June 2024 32,054 32,054
At 30 June 2023 0 0

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 July 2023 0 0 0
Additions 62,196 2,969 65,165
Disposals ( 13,255) 0 ( 13,255)
At 30 June 2024 48,941 2,969 51,910
Accumulated depreciation
At 01 July 2023 0 0 0
Charge for the financial year 7,354 636 7,990
Disposals ( 380) 0 ( 380)
At 30 June 2024 6,974 636 7,610
Net book value
At 30 June 2024 41,967 2,333 44,300
At 30 June 2023 0 0 0

5. Debtors

30.06.2024 30.06.2023
£ £
Amounts owed by Group undertakings 635,825 362,944
Amounts owed by Parent undertakings 83,939 0
Other debtors 113,696 27,090
833,460 390,034

6. Creditors: amounts falling due within one year

30.06.2024 30.06.2023
£ £
Trade creditors 26,191 1,755
Amounts owed to Group undertakings 1,137,228 400,837
Other creditors 177,503 1,700
1,340,922 404,292

7. Called-up share capital

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

8. Financial commitments

Other financial commitments

Charges :
Mellor Finance Limited held a floating charge against all the assets of the company.
Date of creation - 15 December 2023
Charge code - 1366 8013 0001