REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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AK CAPITAL MARKETS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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AK CAPITAL MARKETS LIMITED |
AK CAPITAL MARKETS LIMITED (REGISTERED NUMBER: 10834652) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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AK CAPITAL MARKETS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants & Business Advisers |
20 Havelock Road |
Hastings |
East Sussex |
TN34 1BP |
AK CAPITAL MARKETS LIMITED (REGISTERED NUMBER: 10834652) |
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BALANCE SHEET |
30 JUNE 2020 |
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30.6.20 | 30.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
AK CAPITAL MARKETS LIMITED (REGISTERED NUMBER: 10834652) |
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BALANCE SHEET - continued |
30 JUNE 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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AK CAPITAL MARKETS LIMITED (REGISTERED NUMBER: 10834652) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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AK Capital Markets Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The director has made an assessment about the company's ability to continue as a going concern and he does not consider there to be any material uncertainties. As a result the going concern basis of accounting has been adopted. |
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Preparation of consolidated financial statements |
The financial statements contain information about AK Capital Markets Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover represents business administration services and rents charged to customers. These are recognised when falling due for payment. Amounts received in excess of these costs are treated as Deferred income. |
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Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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AK CAPITAL MARKETS LIMITED (REGISTERED NUMBER: 10834652) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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4. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 July 2019 |
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- | 496,983 |
Additions |
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71,859 |
Disposals | ( |
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(294,314 | ) |
Reclassification/transfer | ( |
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At 30 June 2020 |
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274,528 |
NET BOOK VALUE |
At 30 June 2020 |
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274,528 |
At 30 June 2019 |
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496,983 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Subsidiaries |
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Registered office: Honk Kong |
Nature of business:
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Class of shares: | holding |
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30.6.20 | 30.6.19 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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During the year 60% of this subsidiary was sold at valuation which equated to cost. It is now accounted for as an Associated entity. |
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Registered office: South Africa |
Nature of business:
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Class of shares: | holding |
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£ |
Aggregate capital and reserves | ( |
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Loss for the period/year | ( |
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AK CAPITAL MARKETS LIMITED (REGISTERED NUMBER: 10834652) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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4. | FIXED ASSET INVESTMENTS - continued |
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Associated company |
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Registered office: Hong Kong |
Nature of business:
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Class of shares: | holding |
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30.6.20 |
£ |
Aggregate capital and reserves |
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Loss for the year | ( |
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Although this associated company has a different year end (31st December) the above figures have been prepared with a co-terminus year end of 30th June 2020. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Deferred income |
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Accrued expenses |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Other loans - 2-5 years |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.20 | 30.6.19 |
£ | £ |
Within one year |
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AK CAPITAL MARKETS LIMITED (REGISTERED NUMBER: 10834652) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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9. | RELATED PARTY DISCLOSURES |
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During the year the company has received interest free loans totalling US$185,000 from another company informally associated with this one. The loan agreements state that these loans are interest free. However in line with the requirements of the accounting standards a provision for interest at a deemed market rate has been included at £603. At the year end a balance of £150,137 is due to the lender. |