| CK Financial Markets Limited |
| Registered number: 05973172 |
| Balance Sheet |
| as at 31 October 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
2,847 |
|
|
3,164 |
|
| Current assets |
| Debtors |
4 |
|
95,363 |
|
|
47,704 |
| Cash at bank and in hand |
|
|
81,342 |
|
|
41,686 |
|
|
|
176,705 |
|
|
89,390 |
|
| Creditors: amounts falling due within one year |
5 |
|
(150,344) |
|
|
(54,557) |
|
| Net current assets |
|
|
|
26,361 |
|
|
34,833 |
|
| Total assets less current liabilities |
|
|
|
29,208 |
|
|
37,997 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(26,286) |
|
|
(36,017) |
|
| Provisions for liabilities |
|
|
|
(683) |
|
|
(680) |
|
| Net assets |
|
|
2,239 |
|
|
1,300 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
102 |
|
|
102 |
| Profit and loss account |
|
|
|
2,137 |
|
|
1,198 |
|
| Shareholders' funds |
|
|
|
2,239 |
|
|
1,300 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The statement of income and retained earnings has not been delivered to the Registrar of Companies. |
|
|
|
| …………………………………… |
| C Harris |
| Director |
| Approved by the board on 23 January 2023 |
|
| CK Financial Markets Limited |
| Notes to the Accounts |
| for the year ended 31 October 2022 |
|
|
| 1 |
Accounting policies |
|
|
The principal accounting policies adopted in the preparation of the accounts are set out below; they have remained unchanged from the previous period and have been consistently applied: |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland, Section 1A (small entities). There have been no material departures from that standard. |
|
|
Fundamental accounting concept |
|
The financial statements have been prepared under the going concern concept. In common with many businesses the company has been affected by COVID-19, which has had an impact on its operations, customers and suppliers. The directors are taking all possible steps to protect the future of the business and, although the total impact of COVID-19 on the business is still uncertain, they feel that the going concern basis is appropriate |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and VAT. Turnover includes revenue earned from the rendering of services. 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. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulated depreciation and impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
10% on reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Government-backed loans |
|
Government-backed loans provided in response to COVID-19 are initially recognised at transaction price and subsequently measured at amortised cost determined using the effective interest method. Loan interest paid by Government, in accordance with the terms of these loans, is included in the accounts as interest payable and as government grants received. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2.00 |
|
2.00 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery |
| £ |
|
Cost |
|
At 1 November 2021 |
11,436 |
|
At 31 October 2022 |
11,436 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2021 |
8,272 |
|
Charge for the year |
317 |
|
At 31 October 2022 |
8,589 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2022 |
2,847 |
|
At 31 October 2021 |
3,164 |
|
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
84,000 |
|
27,000 |
|
Other debtors |
11,363 |
|
20,704 |
|
|
|
|
|
|
95,363 |
|
47,704 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans and overdrafts |
10,175 |
|
10,051 |
|
Taxation and social security costs |
53,080 |
|
20,374 |
|
Other creditors |
87,089 |
|
24,132 |
|
|
|
|
|
|
150,344 |
|
54,557 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after more than one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans |
26,286 |
|
36,017 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans to directors |
|
During the year the company made advances to directors. No interest was paid on these amounts, and no significant conditions were stipulated. These advances, together with amounts repaid, are set out below: |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
K Penrose |
|
Total loans to director |
4,828 |
|
51,019 |
|
(69,000) |
|
(13,153) |
|
|
The above amounts include no individually material advances. Individually material repayments of £20,000 and £33,000 were made. The maximum balance during the year was £8,828. |
|
|
C Harris |
|
Total loans to director |
4,335 |
|
52,635 |
|
(69,000) |
|
(12,030) |
|
|
The above amounts include no individually material advances. Individually material repayments of £22,000 and £31,000 were made. The maximum balance during the year was £8,707. |
|
|
| 8 |
Other information |
|
|
CK Financial Markets Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Ralls House, Parklands Business Park, Forest Road, Denmead, Waterlooville, Hants, PO7 6XP. |
