Aksons Technologies Ltd 31/12/2018 iXBRL

Aksons Technologies Ltd 31/12/2018 iXBRL

AKSONS TECHNOLOGIES LTD - Company Information

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Company registration number: 07889046
Aksons Technologies Ltd
Unaudited filleted financial statements
31 December 2018
Aksons Technologies Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Aksons Technologies Ltd
Directors and other information
Directors Mr Asad Akhlaq
Mrs Raisa Asad
Company number 07889046
Registered office 283 Wokingham Road
Earley
Reading
RG6 7DU
Accountants Charlton Baker Ltd
7-7C Snuff Street
Devizes
Wiltshire
SN10 1DU
Aksons Technologies Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Aksons Technologies Ltd
Year ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aksons Technologies Ltd for the year ended 31 December 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
Our work has been undertaken in accordance with the ICAEW Technical Release 07/16 AAF.
Charlton Baker Ltd
7-7C Snuff Street
Devizes
Wiltshire
SN10 1DU
Aksons Technologies Ltd
Statement of financial position
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 3,049 3,261
Investments 6 19,996 19,996
_______ _______
23,045 23,257
Current assets
Debtors 7 2,525 4,869
Cash at bank and in hand 85,086 99,999
_______ _______
87,611 104,868
Creditors: amounts falling due
within one year 8 ( 72,798) ( 75,531)
_______ _______
Net current assets 14,813 29,337
_______ _______
Total assets less current liabilities 37,858 52,594
Provisions for liabilities ( 549) ( 587)
_______ _______
Net assets 37,309 52,007
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 37,209 51,907
_______ _______
Shareholders funds 37,309 52,007
_______ _______
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 September 2019 , and are signed on behalf of the board by:
Mr Asad Akhlaq
Director
Company registration number: 07889046
Aksons Technologies Ltd
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 283 Wokingham Road, Earley, Reading, RG6 7DU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 January 2018 6,649 6,649
Additions 724 724
_______ _______
At 31 December 2018 7,373 7,373
_______ _______
Depreciation
At 1 January 2018 3,388 3,388
Charge for the year 936 936
_______ _______
At 31 December 2018 4,324 4,324
_______ _______
Carrying amount
At 31 December 2018 3,049 3,049
_______ _______
At 31 December 2017 3,261 3,261
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2018 and 31 December 2018 19,996 19,996
_______ _______
Impairment
At 1 January 2018 and 31 December 2018 - -
_______ _______
Carrying amount
At 31 December 2018 19,996 19,996
_______ _______
At 31 December 2017 19,996 19,996
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 2,475 4,830
Other debtors 50 39
_______ _______
2,525 4,869
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 38 608
Trade creditors 335 12,383
Social security and other taxes 10,066 14,125
Other creditors 62,359 48,415
_______ _______
72,798 75,531
_______ _______