A K 2005 LIMITED - Filleted accounts

A K 2005 LIMITED - Filleted accounts

A K 2005 LIMITED - Company Information

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Registered number
08672901
A K 2005 LIMITED
Report and Accounts
31 December 2019
A K 2005 LIMITED
Registered number: 08672901
Balance Sheet
as at 31 December 2019
Notes 2019 2018
£ £
Fixed assets
Intangible assets 2 34,360 39,500
Tangible assets 3 24,169 18,136
58,529 57,636
Current assets
Debtors 4 5,973 11,255
Cash at bank and in hand 28,088 31,260
34,061 42,515
Creditors: amounts falling due within one year 5 (74,253) (74,340)
Net current liabilities (40,192) (31,825)
Net assets 18,337 25,811
Capital and reserves
Called up share capital 100 100
Profit and loss account 18,237 25,711
Shareholder's funds 18,337 25,811
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 her 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.
Mrs A K Lofthouse
Director
Approved by the board on 30 April 2020
A K 2005 LIMITED
Notes to the Accounts
for the year ended 31 December 2019
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:
Commercial Vehicles 25% NBV
Fixtures, fittings, tools and equipment 15% NBV
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.
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.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2019 79,000
Additions 2,760
At 31 December 2019 81,760
Amortisation
At 1 January 2019 39,500
Provided during the year 7,900
At 31 December 2019 47,400
Net book value
At 31 December 2019 34,360
At 31 December 2018 39,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2019 1,979 29,587 31,566
Additions - 13,957 13,957
At 31 December 2019 1,979 43,544 45,523
Depreciation
At 1 January 2019 486 12,944 13,430
Charge for the year 274 7,650 7,924
At 31 December 2019 760 20,594 21,354
Net book value
At 31 December 2019 1,219 22,950 24,169
At 31 December 2018 1,493 16,643 18,136
4 Debtors 2019 2018
£ £
Trade debtors 5,973 11,255
5 Creditors: amounts falling due within one year 2019 2018
£ £
Obligations under finance lease and hire purchase contracts 28,672 21,385
Corporation tax 9,370 8,376
Other taxes and social security costs 17,916 18,699
Other creditors 18,295 25,880
74,253 74,340
6 Other information
A K 2005 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Room 23, Dunston House, Dunston Road, Chesterfield, S41 9QD
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