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 2021

for

Akoma International (UK) Limited

Page

Company Information

1

Abridged 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

20,014

31,920

Tangible assets

5

238,449

240,677

258,463

272,597

CURRENT ASSETS

Stocks

9,000

23,500

Debtors

19,697

9,642

Cash at bank

20,672

54,178

49,369

87,320

CREDITORS

Amounts falling due within one year

134,547

145,282

NET CURRENT LIABILITIES

(85,178

)

(57,962

)

TOTAL ASSETS LESS CURRENT LIABILITIES

173,285

214,635

CREDITORS

Amounts falling due after more than one year

6

(110,331

)

(122,712

)

PROVISIONS FOR LIABILITIES

8

(7,167

)

(1,797

)

NET ASSETS

55,787

90,126

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

55,786

90,125

SHAREHOLDERS' FUNDS

55,787

90,126

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 May 2022 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.

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 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2020

63,088

Disposals

(24,512

)

At 30 September 2021

38,576

AMORTISATION

At 1 October 2020

31,168

Amortisation for year

7,715

Eliminated on disposal

(20,321

)

At 30 September 2021

18,562

NET BOOK VALUE

At 30 September 2021

20,014

At 30 September 2020

31,920

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2020

316,288

Additions

1,850

At 30 September 2021

318,138

DEPRECIATION

At 1 October 2020

75,611

Charge for year

4,078

At 30 September 2021

79,689

NET BOOK VALUE

At 30 September 2021

238,449

At 30 September 2020

240,677

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.9.21

30.9.20

£

£

Repayable by instalments

Bank loans due in more than 5

years by instalments

41,444

38,699

41,444

38,699

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.21

30.9.20

£

£

Bank loans

126,305

138,160

8.	PROVISIONS FOR LIABILITIES

30.9.21

30.9.20

£

£

Deferred tax

7,167

1,797

Deferred

tax

£

Balance at 1 October 2020

1,797

Accelerated capital allowances

5,370

Balance at 30 September 2021

7,167

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.21

30.9.20

value:

£

£

1

Ordinary

1

1

1

10.

COVID-19

The COVID-19 pandemic developed rapidly throughout 2020 and 2021 with the UK government and the devolved administrations of the United Kingdom introducing various measures that have affected economic activity. We have taken the necessary measures to monitor and mitigate the effects of COVID-19, such as health and safety measures for our staff and customers.

The measures introduced by the government during this and the previous accounting years, and subsequently, did have an impact upon the business. The company received financial assistance in the form of a local authority grant (2020), a bounce back loan (2020) and through the Coronavirus Job Retention Scheme during the years.

Due in part to the aforementioned government measures and the internal procedures implemented, the effect on our business and results has not been significant and based on our experience to date we expect this to remain the case.

We will continue to follow government policies and guidelines and to continue operations in the best and safest way possible without endangering the health of our staff or customers.

There has been no impact upon the company's liquidity or ability to continue as a going concern arising from the pandemic.