ACCOUNTS - Final Accounts

KORPAN LIMITED - Company Information

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Registered number: 09162681

KORPAN LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2018

KORPAN LIMITED

REGISTERED NUMBER: 09162681

BALANCE SHEET

AS AT 31 AUGUST 2018

		2018		2017
Note		£		£


Current assets
Stocks		49,174		44,908
Debtors: amounts falling due within one year	4	7,021		3,320
Cash at bank and in hand	5	65,305		73,726
		121,500		121,954
Creditors: amounts falling due within one year	6	(1,200)		(1,200)
Net current assets			120,300		120,754
Total assets less current liabilities			120,300		120,754

Net assets			120,300		120,754

Capital and reserves
Called up share capital	100	100
Profit and loss account	120,200	120,654
	120,300	120,754

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

M Green

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KORPAN LIMITED

REGISTERED NUMBER: 09162681

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2018

Director

Date: 30 May 2019

The notes on pages 3 to 5 form part of these financial statements.

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KORPAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

1.	General information

Korpan Limited is a private company limited by shares. The company is registered in England and Wales and its registered office is Aston House, Cornwall Avenue, London, N3 1LF. The registered number is 09162681.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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KORPAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

Debtors

					2018	2017
					£	£


Other debtors	7,021	3,320
	7,021	3,320

5.	Cash and cash equivalents
		2018	2017
		£	£

Cash at bank and in hand	65,305	73,726
	65,305	73,726

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Accruals and deferred income	1,200	1,200
	1,200	1,200

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KORPAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

7.	Financial instruments
		2018	2017
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	65,305	73,726

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

8.	Related party transactions
	Included in other debtors is the amount £7,021 (2017: £2,539) owed by Tatlers LLP, a partnership in which the directors have a shared interest.

9.	Controlling party

The company is controlled by the directors jointly.

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