AKSWard Limited - Accounts to registrar (filleted) - small 18.2
AKSWard Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2018 |
| FOR |
| AKSWARD LIMITED |
| AKSWARD LIMITED (REGISTERED NUMBER: 05433208) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| AKSWARD LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 June 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| 88 Crawford Street |
| London |
| W1H 2EJ |
| AKSWARD LIMITED (REGISTERED NUMBER: 05433208) |
| BALANCE SHEET |
| 30 June 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Work in progress |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves | 11 | ( |
) | ( |
) |
| Capital Redemption Reserve | 11 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| AKSWARD LIMITED (REGISTERED NUMBER: 05433208) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2018 |
| 1. | STATUTORY INFORMATION |
| AKSWard Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in UK Pound Sterling, which is the functional currency of the company. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax. |
| Income received from clients invoiced or received in advance are deferred to the accounting period to which they |
| relate. |
| Income is recognised when the service has been provided to the client, the amount of revenue can be measured |
| reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the |
| costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Tangible fixed assets |
| Fixtures and fittings, and computer equipment are stated at historical cost less accumulated depreciation and |
| accumulated impairment losses. |
| Depreciation is recognised to write off the cost of assets less their residual values over their useful lives, using |
| the straight line method. |
| The useful lives of each category of asset is as follows: |
| Fixtures and fittings | - 25% on reducing balance |
| Computer equipment | - 33% on reducing balance |
| The company's policy is to review the remaining useful economic lives and residual values of fixtures and fittings, |
| and computer equipment on an on-going basis and to adjust the depreciation charge to reflect the remaining |
| estimated useful economic life and residual value. |
| Fully depreciated fixtures and fittings, and computer equipment are retained in the cost of the assets and related |
| accumulated depreciation until they are removed from service. In case of disposals, assets and related |
| depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is |
| charged or credited to the profit and loss account. |
| Assets not carried at fair value are also reviewed for impairment whenever events or changes in circumstances |
| indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by |
| which the asset's carrying value exceeds its recoverable amount. |
| The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Value in use is |
| defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's |
| continued use. the pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents |
| the current market risk free rate and risks inherent in the asset. For the purposes of assessing impairment, |
| assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating |
| units). |
| If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying |
| amount, the carrying amount is reduced to the recoverable amount. An impairment loss is recognised in the |
| profit and loss account, unless the asset has been revalued when the amount is recognised in other |
| comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is |
| recognised in profit and loss. |
| If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating |
| unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised |
| carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) |
| had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the |
| profit and loss account. |
| AKSWARD LIMITED (REGISTERED NUMBER: 05433208) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Work in progress |
| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads according to |
| the stage of completion of the contract. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
| that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
| of the timing difference. |
| 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. |
| Research and development |
| Expenditure on research is written off in the year in which it is incurred. Development expenditure is written off in |
| the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual |
| projects. In this situation, the expenditure is deferred and amortised over the period during which the company is |
| expected to benefit. |
| Where the company expects to make, or has made, a tax claim for allowable expenditure, these amounts are |
| accrued to the extent that they are considered to be recoverable. Where there is a tax refund due, this is |
| included in the UK Corporation Tax charge. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit and loss in the period to which they relate. |
| The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday |
| arrangements and defined contribution pension plans. |
| Short term benefits: |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an |
| expense in the period in which the service is received. |
| Annual bonus plans: |
| The company recognises a provision and an expense for bonuses where the company has a legal or |
| constructive obligation as a result of past events and a reliable estimate can be made. |
| Defined contribution pension plans: |
| The company operates a defined contribution plan. A defined contribution plan is a pension plan under which the |
| company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no |
| legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all |
| employees the benefits relating to employee service in the current and prior periods. |
| For defined contribution plans, the company pays contributions to privately administered pension plans on a |
| contractual or voluntary basis. The company has no further payment obligations once the contributions have |
| been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid |
| contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is |
| available. |
| Fixed asset investments |
| Fixed asset investments in subsidiaries and associates have been measured at cost less provision for |
| impairments in value. |
| AKSWARD LIMITED (REGISTERED NUMBER: 05433208) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase/leasing |
| Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and |
| depreciated in the same manner as other tangible fixed assets. The related obligations are included in creditors. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2017 |
| Additions |
| At 30 June 2018 |
| DEPRECIATION |
| At 1 July 2017 |
| Charge for year |
| At 30 June 2018 |
| NET BOOK VALUE |
| At 30 June 2018 |
| At 30 June 2017 |
| 5. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 July 2017 |
| and 30 June 2018 |
| NET BOOK VALUE |
| At 30 June 2018 |
| At 30 June 2017 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Associated company |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2018 | 2017 |
| £ | £ |
| Aggregate capital and reserves |
| (Loss)/profit for the year | ( |
) |
| The current year's company information for Corde Limited is based on draft accounts. |
| AKSWARD LIMITED (REGISTERED NUMBER: 05433208) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2018 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| The above investments include £2 which relates to 100% holdings in Andrews Kent & Stone Limited and |
| Anthony Ward Partnership Limited, both of which were dormant during the current financial year. |
| The directors believe that the market value of the above investments is not significantly different from the net |
| book value. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Finance leases |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 133,092 | 178,157 |
| Other creditors |
| Directors' current accounts | 55,943 | 136,785 |
| Accrued expenses |
| Other creditors include unsecured loan notes issued to directors, carrying a 5% per annum fixed rate of interest. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Finance leases |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank overdraft |
| Finance leases | 45,095 | - |
| The bank loan and overdraft are secured against the whole assets of the company. |
| The directors note that the overdraft facility is reviewed by the bank each year and will next be due for review on |
| 31 January 2019. |
| 10. | PROVISIONS FOR LIABILITIES |
| 2018 | 2017 |
| £ | £ |
| Deferred tax | 14,285 | 9,535 |
| Other provisions | 40,000 | 40,000 |
| AKSWARD LIMITED (REGISTERED NUMBER: 05433208) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2018 |
| 10. | PROVISIONS FOR LIABILITIES - continued |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 July 2017 |
| Provided during year |
| Balance at 30 June 2018 |
| Other provisions represent the likely expenses payable in regard of professional indemnity insurance matters. |
| 11. | RESERVES |
| Capital |
| Retained | Other | Redemption |
| earnings | reserves | Reserve | Totals |
| £ | £ | £ | £ |
| At 1 July 2017 | ( |
) | 1,003,323 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Purchase of own shares | (173,719 | ) | - | 131,042 | (42,677 | ) |
| At 30 June 2018 | ( |
) | 1,068,470 |
| The 'other reserves' value brought forward represents the consideration attributed to the net assets of Anthony |
| Ward Partnership Limited and Andrews Kent & Stone Limited on 1st July 2005 when they were acquired by this |
| company, less the actual net asset value at that date and accumulated costs. This has also been netted off by |
| the notional share premium attached to the shares that exceeded the value of the net assets transferred into this |
| company on 1 July 2005. |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | RELATED PARTY DISCLOSURES |
| The directors' loan account balances at the year end were £55,943 (2017: £136,785), including charges of 5% |
| interest on their respective credit balances. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by the directors. |