Akari Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC615571 (Scotland)

AKARI SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

6 DECEMBER 2018 TO 29 FEBRUARY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

5

DIRECTORS:

M M Totten

K Totten

L Climson

K L Murphy

N Bell

REGISTERED OFFICE:

51 Hillfield Drive

Newton Mearns

Glasgow

G77 6GD

REGISTERED NUMBER:

SC615571 (Scotland)

ACCOUNTANTS:

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

FIXED ASSETS

Tangible assets

4

6,882

CURRENT ASSETS

Debtors

5

193,664

Cash at bank

1,143

194,807

CREDITORS

Amounts falling due within one year

6

462,184

NET CURRENT LIABILITIES

(267,377

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(260,495

)

CAPITAL AND RESERVES

Called up share capital

7

2

Retained earnings

(260,497

)

SHAREHOLDERS' FUNDS

(260,495

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 31 October 2020 and were signed on its behalf by:

K L Murphy - Director

1.	STATUTORY INFORMATION

Akari Solutions Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC615571and its registered office is 51 Hillfield Drive, Newton Mearns, Glasgow, Scotland, G77 6G.

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.

Going concern

Although the company has net current liabilities and negative shareholder funds at the year end the directors continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements. The company's main creditors are loans owed to directors of the company and loans owed to directors of the parent company, Akari Solutions Group Limited. The loans will not require repayment until the company has appropriate funds. Therefore, having considered the company's working capital requirements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

In their assessment of going concern the directors have considered the current and developing impact on the business as a result of the COVID-19 virus. This has not had a significant, immediate impact on the company's operations however the directors are aware that if the current situation becomes prolonged then this may change. The directors continue to review the situation and any potential impact on the company's operations.

Turnover

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

Turnover represents the net invoiced sales of services excluding value added tax from the provision of information technology services.

Tangible fixed assets

Depreciation of fixed assets is calculated to write off the cost or valuation less any residual value over their estimated useful lives as follows:

Computer equipment

50% straight line

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.

Financial instruments

Debtors

Trade and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account.

Creditors

Trade and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

10,317

At 29 February 2020

10,317

DEPRECIATION

Charge for period

3,435

At 29 February 2020

3,435

NET BOOK VALUE

At 29 February 2020

6,882

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

71,450

Other debtors

122,214

193,664

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

27,241

Taxation and social security

12,321

Other creditors

422,622

462,184

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

2

Ordinary

£1

2

2 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Akari Solutions Limited for the period ended 29 February 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Akari Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Akari Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Akari Solutions Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Akari Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Akari Solutions Limited. You consider that Akari Solutions Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Akari Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

31 October 2020