Registered number
11602556
AKM FINE HOMES LIMITED
Filleted Accounts
31 October 2024
AKM FINE HOMES LIMITED
Registered number: 11602556
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,780,430 1,789,171
Current assets
Debtors 5 70,982 64,482
Cash at bank and in hand 653 2,546
71,635 67,028
Creditors: amounts falling due within one year 6 (76,125) (111,384)
Net current liabilities (4,490) (44,356)
Total assets less current liabilities 1,775,940 1,744,815
Creditors: amounts falling due after more than one year 7 (1,980,416) (1,952,396)
Net liabilities (204,476) (207,581)
Capital and reserves
Called up share capital 100 100
Special reserve 9 100,000 100,000
Profit and loss account (304,576) (307,681)
Shareholder's funds (204,476) (207,581)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Navin Mehra
Director
Approved by the board on 24 June 2025
AKM FINE HOMES LIMITED
Notes to the Accounts
for the year ended 31 October 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.
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:
Freehold buildings No depreciation on Investment properties
Leasehold land and buildings No depreciation on Investment properties
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 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
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2024 2023
£ £
(Loss) on sale of property - (114,608)
- (114,608)
- Flat 8, 46 Lowndes Square was sold in December 2022.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 1,716,935 134,186 1,851,121
At 31 October 2024 1,716,935 134,186 1,851,121
Depreciation
At 1 November 2023 - 61,950 61,950
Charge for the year - 8,741 8,741
At 31 October 2024 - 70,691 70,691
Net book value
At 31 October 2024 1,716,935 63,495 1,780,430
At 31 October 2023 1,716,935 72,236 1,789,171
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,716,935 1,716,935
Cumulative depreciation based on historical cost - -
1,716,935 1,716,935
5 Debtors 2024 2023
£ £
LMK Law Solicitors 2,728 2,728
Loans - Recoverable 1,500 10,000
Ravista Fine Homes Ltd 49,254 43,254
NM Businesses Ltd 6,500 2,500
Nimish Fine Homes Ltd 11,000 6,000
70,982 64,482
6 Creditors: amounts falling due within one year 2024 2023
£ £
Exclusive Fine Homes Ltd 37,414 67,914
Other creditors 38,711 43,470
76,125 111,384
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 591,000 591,000
Business loans 1,389,416 1,361,396
1,980,416 1,952,396
8 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,980,416 1,952,396
Secured bank loans 591,000 591,000
Bank Loans are secured against the properties owned by the company.
9 Special reserve 2024 2023
£ £
At 1 November 2023 100,000 100,000
At 31 October 2024 100,000 100,000
It relates to the funds injected by the Director/Shareholder to support the company.
10 Related party transactions
The company gave and received financial support to and from associated companies (common director). The amounts owed to and by associated companies were as follows:
2024 2023
£ £
Ravista Fine Homes Ltd 49,254 43,254
NM Businesses Ltd 6,500 2,500
Nimish Fine Homes Ltd 11,000 6,000
Exclusive Fine Homes Ltd (37,414) (67,914)
11 Controlling party
The company is controlled by the director with 100% shares.
12 Other information
AKM FINE HOMES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Huddle-RR Business
4th Floor
3 Shortlands
London
W6 8DA
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