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AJK Research Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 07159964

 

AJK Research Limited

Contents

Company Information

1

Statement of Income and Retained Earnings

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 9

 

AJK Research Limited

Company Information

Directors

Mr A J Kyle

Mrs H Kyle

Registered office

Sigma House
Edginswell Park
Torquay
Devon
TQ2 7FF

Accountants

Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

 

AJK Research Limited

Statement of Income and Retained Earnings

Year Ended 31 March 2017

Note

2017
£

2016
£

Turnover

 

200,419

234,568

Cost of sales

 

(59,635)

(74,810)

Gross profit

 

140,784

159,758

Administrative expenses

 

(83,549)

(85,658)

Operating profit

 

57,235

74,100

Profit before tax

57,235

74,100

Taxation

 

(11,622)

(15,095)

Profit for the financial year

 

45,613

59,005

Retained earnings brought forward

 

115,057

158,052

Dividends paid

 

(72,000)

(102,000)

Retained earnings carried forward

 

88,670

115,057

 

AJK Research Limited

Balance Sheet

31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

26,250

41,250

Tangible assets

5

1,908

2,402

 

28,158

43,652

Current assets

 

Debtors

6

53,939

53,803

Cash at bank and in hand

 

50,956

72,888

 

104,895

126,691

Creditors: Amounts falling due within one year

7

(44,283)

(55,186)

Net current assets

 

60,612

71,505

Net assets

 

88,770

115,157

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

88,670

115,057

Total equity

 

88,770

115,157

 

AJK Research Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 August 2017 and signed on its behalf by:
 

.........................................

Mr A J Kyle

Director

Company Registration Number: 07159964

 

AJK Research Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Sigma House
Edginswell Park
Torquay
Devon
TQ2 7FF
England

The principal place of business is:
142B Above Town
Dartmouth
Devon
TQ6 9RH

These financial statements were authorised for issue by the Board on 23 August 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A and the Companies Act 2006.

There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been presented in sterling and rounded to the nearest £.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first fill financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

 

AJK Research Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Equipment

25% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

AJK Research Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.



 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

 

AJK Research Limited

Notes to the Financial Statements

Year Ended 31 March 2017

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2016

75,000

75,000

At 31 March 2017

75,000

75,000

Amortisation

At 1 April 2016

33,750

33,750

Amortisation charge

15,000

15,000

At 31 March 2017

48,750

48,750

Carrying amount

At 31 March 2017

26,250

26,250

At 31 March 2016

41,250

41,250

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

24,604

24,604

Additions

1,822

1,822

At 31 March 2017

26,426

26,426

Depreciation

At 1 April 2016

22,202

22,202

Charge for the year

2,316

2,316

At 31 March 2017

24,518

24,518

Carrying amount

At 31 March 2017

1,908

1,908

At 31 March 2016

2,402

2,402

 

AJK Research Limited

Notes to the Financial Statements

Year Ended 31 March 2017

6

Debtors

2017
 £

2016
 £

Trade debtors

53,939

53,803

53,939

53,803

7

Creditors

Note

2017
 £

2016
 £

Due within one year

 

Social security and other taxes

 

16,639

21,865

Other creditors

 

12,527

15,221

Accrued expenses

 

3,495

3,000

Corporation tax

11,622

15,100

 

44,283

55,186

8

Transition to FRS 102

The company transferred to FRS 102 from previously extant UK GAAP as at 1 April 2015.

There are no changes to the previously stated equity as at 1 April 2015 and 31 March 2016 or in the profit for the year ended 31 March 2016 as a result of the transition to FRS 102.