3AK (GLASGOW) LIMITED

3AK (GLASGOW) LIMITED

3AK (GLASGOW) LIMITED - Company Information

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Company Registration No. 11131164 (England and Wales)
3AK (GLASGOW) LIMITED Unaudited accounts for the year ended 31 March 2020
3AK (GLASGOW) LIMITED Unaudited accounts Contents
Page
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3AK (GLASGOW) LIMITED Company Information for the year ended 31 March 2020
Directors
Asif Khan Sohail Hamid Khan
Company Number
11131164 (England and Wales)
Registered Office
14 Shearbridge road Bradford BD7 1NP United Kingdom
Accountants
SAF 53 Campus Road Listerhill Science Park Bradford West Yorkshire BD7 1HR
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Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of 3AK (GLASGOW) LIMITED for the year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 3AK (GLASGOW) LIMITED for the year ended 31 March 2020 as set out on pages 5 - 7 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of 3AK (GLASGOW) LIMITED, as a body, in accordance with the terms of our engagement letter dated 1 June 2018. Our work has been undertaken solely to prepare for your approval the accounts of 3AK (GLASGOW) LIMITED and state those matters that we have agreed to state to the Board of Directors of 3AK (GLASGOW) LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 3AK (GLASGOW) LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that 3AK (GLASGOW) LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of 3AK (GLASGOW) LIMITED. You consider that 3AK (GLASGOW) LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of 3AK (GLASGOW) 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 accounts.
SAF Chartered Certified Accountants 53 Campus Road Listerhill Science Park Bradford West Yorkshire BD7 1HR 29 March 2021
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3AK (GLASGOW) LIMITED Statement of financial position as at 31 March 2020
2020 
2019 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
81,246 
95,583 
Current assets
Inventories
197,402 
179,536 
Debtors
5
13,209 
1,284 
Cash at bank and in hand
1,048 
3,688 
211,659 
184,508 
Creditors: amounts falling due within one year
6
(353,753)
(309,950)
Net current liabilities
(142,094)
(125,442)
Net liabilities
(60,848)
(29,859)
Capital and reserves
Called up share capital
7
100 
100 
Profit and loss account
(60,948)
(29,959)
Shareholders' funds
(60,848)
(29,859)
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2021 and were signed on its behalf by
Asif Khan Director Company Registration No. 11131164
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3AK (GLASGOW) LIMITED Notes to the Accounts for the year ended 31 March 2020
1
Statutory information
3AK (GLASGOW) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11131164. The registered office is 14 Shearbridge road, Bradford, BD7 1NP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15%
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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3AK (GLASGOW) LIMITED Notes to the Accounts for the year ended 31 March 2020
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 April 2019
112,451 
At 31 March 2020
112,451 
Depreciation
At 1 April 2019
16,868 
Charge for the year
14,337 
At 31 March 2020
31,205 
Net book value
At 31 March 2020
81,246 
At 31 March 2019
95,583 
5
Debtors
2020 
2019 
£ 
£ 
Less than one year
VAT
4,000 
- 
Trade debtors
5,809 
- 
Other debtors
3,400 
1,284 
Total debtors less than one year
13,209 
1,284 
Greater than one year
Total debtors
13,209 
1,284 
6
Creditors: amounts falling due within one year
2020 
2019 
£ 
£ 
Bank loans and overdrafts
2,583 
- 
Trade creditors
260,252 
243,158 
Taxes and social security
1,413 
(6,906)
Other creditors
9,674 
3,661 
Loans from directors
79,831 
70,037 
353,753 
309,950 
7
Share capital
2020 
2019 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
8
Average number of employees
During the year the average number of employees was 5 (2019: 5).
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