Akoma International (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04526670 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2019

for

Akoma International (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A W Klufio

REGISTERED OFFICE:

Unit 9a Sawley Park

Nottingham Road

Derby

Derbyshire

DE21 6AS

REGISTERED NUMBER:

04526670 (England and Wales)

ACCOUNTANTS:

Bourne & Co

Chartered Accountants

6 Lichfield Street

Burton-on-Trent

Staffordshire

DE14 3RD

FIXED ASSETS

Intangible assets

4

44,537

13,995

Tangible assets

5

245,672

250,413

290,209

264,408

CURRENT ASSETS

Stocks

15,950

14,500

Debtors

6

6,554

68,955

Cash at bank

21,358

18,037

43,862

101,492

CREDITORS

Amounts falling due within one year

7

173,684

188,126

NET CURRENT LIABILITIES

(129,822

)

(86,634

)

TOTAL ASSETS LESS CURRENT LIABILITIES

160,387

177,774

CREDITORS

Amounts falling due after more than one year

8

(84,876

)

(93,983

)

PROVISIONS FOR LIABILITIES

10

(2,521

)

(3,138

)

NET ASSETS

72,990

80,653

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

72,989

80,652

SHAREHOLDERS' FUNDS

72,990

80,653

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 August 2020 and were signed by:

A W Klufio - Director

1.	STATUTORY INFORMATION

Akoma International (UK) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of nil years.

Website costs

Website costs relate to an e-commerce website which began operating during February 2016. The

initial development costs will be amortised over their expected useful life of five years.

Improvements made to the structure of the website subsequent to the start of operations will also

be amortised over five years from the expenditure date.

Expenses relating to the operation of the website, such as hosting and analytics, are posted to the

profit and loss account in the period to which they relate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

The company has a policy to depreciate the cost of freehold property at the rate of 2% per annum

on cost, taking into account the considered market value at the year end. Where the market value is

equal to or in excess of cost no depreciation is charged.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate

of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving

at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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 or loss in the period to which they relate.

Government grants

Grants received towards revenue expenditure are recognised as other income in the year in which

the revenue expenditure is incurred.

Grants received towards capital expenditure are accounted for on the accruals basis and are

released to the profit and loss account to match the depreciation policy of the asset to which they

relate.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and

loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Website

costs

£

COST

At 1 October 2018

24,512

Additions

38,576

At 30 September 2019

63,088

AMORTISATION

At 1 October 2018

10,517

Amortisation for year

8,034

At 30 September 2019

18,551

NET BOOK VALUE

At 30 September 2019

44,537

At 30 September 2018

13,995

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

property

property

fittings

£

£

£

COST

At 1 October 2018

212,619

30,027

23,725

Additions

-

-

-

At 30 September 2019

212,619

30,027

23,725

DEPRECIATION

At 1 October 2018

-

10,495

15,924

Charge for year

-

1,950

1,950

At 30 September 2019

-

12,445

17,874

NET BOOK VALUE

At 30 September 2019

212,619

17,582

5,851

At 30 September 2018

212,619

19,532

7,801

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2018

36,487

9,307

312,165

Additions

-

2,965

2,965

At 30 September 2019

36,487

12,272

315,130

DEPRECIATION

At 1 October 2018

28,622

6,711

61,752

Charge for year

1,965

1,841

7,706

At 30 September 2019

30,587

8,552

69,458

NET BOOK VALUE

At 30 September 2019

5,900

3,720

245,672

At 30 September 2018

7,865

2,596

250,413

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

-

46,717

Other debtors

6,554

22,238

6,554

68,955

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans and overdrafts

12,858

15,716

Trade creditors

35,952

23,579

Taxation and social security

4,677

4,781

Other creditors

120,197

144,050

173,684

188,126

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans

84,876

93,983

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in more than 5

years by instalments

33,445

42,552

33,445

42,552

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.19

30.9.18

£

£

Bank loans

97,734

106,841

10.	PROVISIONS FOR LIABILITIES

30.9.19

30.9.18

£

£

Deferred tax

2,521

3,138

Deferred

tax

£

Balance at 1 October 2018

3,138

Accelerated capital allowances

(617

)

Balance at 30 September 2019

2,521

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.19

30.9.18

value:

£

£

1

Ordinary

1

1

1