AKM Construction Limited Filleted accounts for Companies House (small and micro)

AKM CONSTRUCTION LTD - Company Information

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COMPANY REGISTRATION NUMBER: NI620766

AKM Construction Limited

Filleted Unaudited Financial Statements

31 December 2018

AKM Construction Limited

Financial Statements

Year ended 31 December 2018

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

AKM Construction Limited

Officers and Professional Advisers

Director	M Cobain

Registered office	Unit 4
	Pavilions Office Park
	Kinnegar Drive
	Holywood
	County Down
	BT18 9JQ

Accountants	Maneely Mc Cann
	Chartered accountant
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

AKM Construction Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of AKM Construction Limited

Year ended 31 December 2018

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 December 2018, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Maneely Mc Cann Chartered accountant

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

30 September 2019

AKM Construction Limited

Statement of Financial Position

31 December 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	19,165	10,415

Current assets

Debtors	6	1,248,237	775,398
Cash at bank and in hand		108,833	75,986
		------------	---------
		1,357,070	851,384

Creditors: amounts falling due within one year	7	1,364,174	844,884
		------------	---------
Net current (liabilities)/assets		( 7,104)	6,500
		--------	--------
Total assets less current liabilities		12,061	16,915

Creditors: amounts falling due after more than one year	8	1,762	–
		--------	--------
Net assets		10,299	16,915
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	10,199	16,815
	--------	--------
Shareholders funds	10,299	16,915
	--------	--------

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 comprehensive income has not been delivered.

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

AKM Construction Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 30 September 2019 , and are signed on behalf of the board by:

M Cobain
Director

Company registration number: NI620766

AKM Construction Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 4, Pavilions Office Park, Kinnegar Drive, Holywood, County Down, BT18 9JQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	33% straight line
Motor vehicles	-	33% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2017: 2 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2018	345	8,200	3,000	11,545
Additions	720	3,000	9,413	13,133
	-------	--------	--------	--------
At 31 December 2018	1,065	11,200	12,413	24,678
	-------	--------	--------	--------
Depreciation
At 1 January 2018	70	1,026	34	1,130
Charge for the year	360	2,194	1,829	4,383
	-------	--------	--------	--------
At 31 December 2018	430	3,220	1,863	5,513
	-------	--------	--------	--------
Carrying amount
At 31 December 2018	635	7,980	10,550	19,165
	-------	--------	--------	--------
At 31 December 2017	275	7,174	2,966	10,415
	-------	--------	--------	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	33,718	–
Amounts owed by undertakings in which the company has a participating interest	1,172,764	715,222
Prepayments and accrued income	4,792	3,067
Other debtors	36,963	57,109
	------------	---------
	1,248,237	775,398
	------------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	481,322	400,255
Amounts owed to undertakings in which the company has a participating interest	419,439	124,661
Accruals and deferred income	15,469	11,765
Social security and other taxes	13,452	8,663
Obligations under finance leases and hire purchase contracts	2,825	7,183
Director loan accounts	428,357	292,357
Other creditors	3,310	–
	------------	---------
	1,364,174	844,884
	------------	---------

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

	2018	2017
	£	£
Obligations under finance leases and hire purchase contracts	1,762	–
	-------	----

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
M Cobain	( 292,357)	( 151,000)	15,000	( 428,357)
	---------	---------	--------	---------

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
M Cobain	( 292,357)	–	–	( 292,357)
	---------	----	----	---------

10. Related party transactions

Inplay IPTV Limited is a company under common control. During the year Inplay IPTV Limited advanced a loan to AKM Construction Limited . The balance due to Inplay IPTV Limited at the year end was £33,061 (2017: £1,061). Cobain Group Limited is a company under common control. During the year Cobain Group Limited charged management fees to AKM Construction Limited . The balance due to Cobain Group Limited at the year end was £386,378 (2017: £123,600). Gigha Bangor Limited is a company under common control. During the year Gigha Bangor Limited advanced a loan to AKM Construction Limited of £550,664 and AKM Construction Limited made sales to Gigha Bangor Limited of £525,267. The net balance due from Gigha Bangor Limited at the year end was £327,127 (2017: £352,524). Gigha Glenview Limited is a company under common control. During the year Gigha Glenview Limited advanced a loan to AKM Construction Limited of £2,328,500 and AKM Construction Limited made sales to Gigha Glenview Limited of £2,810,394. The net balance due from Gigha Glenview Limited at the year end was £844,593 (2017: £362,698).AKM Developments Limited is a company under common control. During the year AKM Construction Limited paid expenses on behalf of AKM Developments Limited. The balance due from AKM Developments Limited at the year end was £1,032 (2017: NIL). Twisel Brae Lane Management Company Limited is a company under control of Gigha Glenview Limited. During the year AKM Construction paid expenses on behalf of Twisel Brae Lane Management Company Limited. The balance due from Twisel Brae Lane Management Company Limited at the year end was £13 (2017: NIL).