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Company No: 11212935 (England and Wales)

AKOKO LONDON LIMITED

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

AKOKO LONDON LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

AKOKO LONDON LIMITED

BALANCE SHEET

As at 30 June 2024
AKOKO LONDON LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 124,482 157,972
124,482 157,972
Current assets
Stocks 19,100 19,527
Debtors
- due within one year 4 1,287,332 524,385
- due after more than one year 4 1,449 0
Cash at bank and in hand 16,852 28,167
1,324,733 572,079
Creditors: amounts falling due within one year 5 ( 548,189) ( 268,243)
Net current assets 776,544 303,836
Total assets less current liabilities 901,026 461,808
Creditors: amounts falling due after more than one year 6 ( 1,737,242) ( 1,224,666)
Net liabilities ( 836,216) ( 762,858)
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account ( 837,216 ) ( 763,858 )
Total shareholder's deficit ( 836,216) ( 762,858)

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 Akoko London Limited (registered number: 11212935) 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
AKOKO LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
AKOKO 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 year, unless otherwise stated.

General information and basis of accounting

Akoko 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 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

Total liabilities exceeds 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, shareholders and creditors. Accordingly the directors consider that it is appropriate to prepare the accounts on a going concern basis.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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:

Land and buildings depreciated over the life of the lease
Leasehold improvements 5 years straight line
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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 44 18

3. Tangible assets

Land and buildings Leasehold improve-
ments
Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2023 5,480 221,737 105,136 6,182 338,535
Additions 0 0 34,142 1,233 35,375
Disposals 0 0 ( 4,632) 0 ( 4,632)
At 30 June 2024 5,480 221,737 134,646 7,415 369,278
Accumulated depreciation
At 01 July 2023 3,405 122,960 48,360 5,838 180,563
Charge for the financial year 638 44,348 23,000 599 68,585
Disposals 0 0 ( 4,352) 0 ( 4,352)
At 30 June 2024 4,043 167,308 67,008 6,437 244,796
Net book value
At 30 June 2024 1,437 54,429 67,638 978 124,482
At 30 June 2023 2,075 98,777 56,776 344 157,972

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 0 10,717
Amounts owed by Group undertakings 1,137,228 400,837
Other debtors 150,104 112,831
1,287,332 524,385
Debtors: amounts falling due after more than one year
Other debtors 1,449 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 92,285 10,000
Trade creditors 58,278 80,625
Amounts owed to Group undertakings 118,362 0
Other taxation and social security 183,344 102,457
Other creditors 95,920 75,161
548,189 268,243

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

2024 2023
£ £
Bank loans 159,698 19,167
Other creditors 1,577,544 1,205,499
1,737,242 1,224,666

Charges :
Nationwide Finance Limited held a fixed and floating charge against all the assets of the company.
Date of creation - 11 August 2023
Charge code - 1121 2935 0001

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000