Aksons Technologies Ltd 31/12/2017 iXBRL

AKSONS TECHNOLOGIES LTD - Company Information

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Company registration number: 07889046

Aksons Technologies Ltd

Unaudited filleted financial statements

31 December 2017

Aksons Technologies Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Aksons Technologies Ltd

Directors and other information


	Directors	Mr Asad Akhlaq
		Mrs Raisa Asad


	Company number	07889046


	Registered office	283 Wokingham Road
		Earley
		Reading
		RG6 7DU


	Accountants	Charlton Baker Ltd
		7-7C Snuff Street
		Devizes
		Wiltshire
		SN10 1DU

Aksons Technologies Ltd

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Aksons Technologies Ltd

Year ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aksons Technologies Ltd for the year ended 31 December 2017 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.

Our work has been undertaken in accordance with the ICAEW Technical Release 07/16 AAF.

Charlton Baker Ltd

7-7C Snuff Street

Devizes

Wiltshire

SN10 1DU

Aksons Technologies Ltd

Statement of financial position

31 December 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	5	3,261		4,024
Investments	6	19,996		19,996
		_______		_______
			23,257		24,020

Current assets
Debtors	7	4,869		18,067
Cash at bank and in hand		99,999		70,063
		_______		_______
		104,868		88,130
Creditors: amounts falling due
within one year	8	( 75,531)		( 61,361)
		_______		_______
Net current assets			29,337		26,769
			_______		_______
Total assets less current liabilities			52,594		50,789


Provisions for liabilities			( 587)		( 724)

			_______		_______
Net assets			52,007		50,065
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			51,907		49,965
			_______		_______
Shareholders funds			52,007		50,065
			_______		_______

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , and are signed on behalf of the board by:

Mr Asad Akhlaq

Director

Company registration number: 07889046

Aksons Technologies Ltd

Notes to the financial statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 283 Wokingham Road, Earley, Reading, RG6 7DU.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 January 2017	6,349	6,349
Additions	300	300
	_______	_______
At 31 December 2017	6,649	6,649
	_______	_______
Depreciation
At 1 January 2017	2,325	2,325
Charge for the year	1,063	1,063
	_______	_______
At 31 December 2017	3,388	3,388
	_______	_______
Carrying amount
At 31 December 2017	3,261	3,261
	_______	_______
At 31 December 2016	4,024	4,024
	_______	_______

6. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 January 2017 and 31 December 2017	19,996	19,996
	_______	_______
Impairment
At 1 January 2017 and 31 December 2017	-	-
	_______	_______
Carrying amount
At 31 December 2017	19,996	19,996
	_______	_______
At 31 December 2016	19,996	19,996
	_______	_______

7. Debtors

	2017	2016
	£	£
Trade debtors	4,830	16,745
Other debtors	39	1,322
	_______	_______
	4,869	18,067
	_______	_______

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	608	215
Trade creditors	12,383	4,699
Social security and other taxes	14,125	13,039
Other creditors	48,415	43,408
	_______	_______
	75,531	61,361
	_______	_______

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2017
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr Asad Akhlaq	( 43,408)	( 5,007)	( 48,415)
		_______	_______	_______

2016
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr Asad Akhlaq	( 37,259)	( 6,149)	( 43,408)
		_______	_______	_______