Kaizo Limited 31/03/2019 iXBRL

Kaizo Limited 31/03/2019 iXBRL

KAIZO LIMITED - Company Information

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Company registration number: 07631425
Kaizo Limited
Unaudited filleted financial statements
31 March 2019
Kaizo Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Kaizo Limited
Directors and other information
Directors Rhodri Harries
Stephanie Macleod
Rachael Rees
Company number 07631425
Registered office 1 Quality Court
Chancery Lane
London
WC2A 1HR
Accountants Ruskells Limited
The Tall House
29a West Street
Marlow
Bucks
SL7 2LS
Kaizo Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Kaizo Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kaizo Limited for the year ended 31 March 2019 which comprise the statement of financial position, statement of changes in equity 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/.
This report is made solely to the board of directors of Kaizo Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Kaizo Limited and state those matters that we have agreed to state to the board of directors of Kaizo Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kaizo Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Kaizo Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kaizo Limited. You consider that Kaizo Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kaizo Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ruskells Limited
Chartered Accountants
The Tall House
29a West Street
Marlow
Bucks
SL7 2LS
5 September 2019
Kaizo Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 19,013 20,595
_______ _______
19,013 20,595
Current assets
Debtors 7 590,993 620,867
Cash at bank and in hand 1,582,541 1,241,783
_______ _______
2,173,534 1,862,650
Creditors: amounts falling due
within one year 8 ( 896,724) ( 926,054)
_______ _______
Net current assets 1,276,810 936,596
_______ _______
Total assets less current liabilities 1,295,823 957,191
_______ _______
Net assets 1,295,823 957,191
_______ _______
Capital and reserves
Called up share capital 266 260
Share premium account 15,031 9,213
Profit and loss account 1,280,526 947,718
_______ _______
Shareholders funds 1,295,823 957,191
_______ _______
For the year ending 31 March 2019 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 September 2019 , and are signed on behalf of the board by:
Rhodri Harries
Director
Company registration number: 07631425
Kaizo Limited
Statement of changes in equity
Year ended 31 March 2019
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 April 2017 250 - 668,114 668,364
Profit for the year 573,306 573,306
_______ _______ _______ _______
Total comprehensive income for the year - - 573,306 573,306
Issue of shares 10 9,213 9,223
Dividends paid and payable ( 293,702) ( 293,702)
_______ _______ _______ _______
Total investments by and distributions to owners 10 9,213 ( 293,702) ( 284,479)
_______ _______ _______ _______
At 31 March 2018 and 1 April 2018 260 9,213 947,718 957,191
Profit for the year 666,390 666,390
_______ _______ _______ _______
Total comprehensive income for the year - - 666,390 666,390
Issue of shares 6 5,818 5,824
Dividends paid and payable ( 333,582) ( 333,582)
_______ _______ _______ _______
Total investments by and distributions to owners 6 5,818 ( 333,582) ( 327,758)
_______ _______ _______ _______
At 31 March 2019 266 15,031 1,280,526 1,295,823
_______ _______ _______ _______
Kaizo Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1 Quality Court, Chancery Lane, London, WC2A 1HR.
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 tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 20 % straight line
Computer equipment - 33.33 % straight line
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.
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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2018: 23 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2018 and 31 March 2019 167,611 167,611
_______ _______
Amortisation
At 1 April 2018 and 31 March 2019 167,611 167,611
_______ _______
Carrying amount
At 31 March 2019 - -
_______ _______
At 31 March 2018 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 April 2018 6,783 71,647 78,430
Additions 2,231 7,429 9,660
_______ _______ _______
At 31 March 2019 9,014 79,076 88,090
_______ _______ _______
Depreciation
At 1 April 2018 1,905 55,930 57,835
Charge for the year 1,848 9,394 11,242
_______ _______ _______
At 31 March 2019 3,753 65,324 69,077
_______ _______ _______
Carrying amount
At 31 March 2019 5,261 13,752 19,013
_______ _______ _______
At 31 March 2018 4,878 15,717 20,595
_______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 512,136 540,336
Other debtors 78,857 80,531
_______ _______
590,993 620,867
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 127,984 125,234
Corporation tax 162,197 137,816
Social security and other taxes 128,101 107,449
Other creditors 478,442 555,555
_______ _______
896,724 926,054
_______ _______
9. Controlling party
The company is controlled by Rhodri Harries by virtue of his 54.5% shareholding.