Kagemusha Taiko - Period Ending 2020-03-31

Kagemusha Taiko

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Kagemusha Taiko

Company Information

Directors

Mr Matthew More Macan Mrs Janet Susan Howe Mr Paul William Alway Mrs Joyce Walters

Company secretary

Mr Jonathan Peter Kirby

Registered office

35 Powderham Crescent Exeter Devon EX4 6BZ

Accountants

Wortham Jaques Chartered Accountants & Business Advisers 130a High Street, Crediton, Devon EX17 3LQ

Kagemusha Taiko

(Registration number: 03823438)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	242	270
Current assets
Debtors	5	3,210	8,724
Cash at bank and in hand		5,812	227
		9,022	8,951
Creditors: Amounts falling due within one year	6	(4,979)	(6,349)
Net current assets		4,043	2,602
Net assets		4,285	2,872
Capital and reserves
Profit and loss account		4,285	2,872
Total equity		4,285	2,872

For the financial year ending 31 March 2020 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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.

Approved and authorised by the Board on 25 November 2020 and signed on its behalf by:
 

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

Mr Matthew More Macan
Director

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

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:
35 Powderham Crescent
Exeter
Devon
EX4 6BZ
United Kingdom

The principal place of business is:
The Taiko Centre
Hannah's at Seale Hayne
Newton Abbot
Devon
TQ12 6NQ
United Kingdom

These financial statements were authorised for issue by the Board on 25 November 2020.

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Performance equipment	33% straight line
Office equipment	20% straight line
Motor vehicles	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2019 - 5).

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2019	50,324	6,751	57,075
At 31 March 2020	50,324	6,751	57,075
Depreciation
At 1 April 2019	50,055	6,750	56,805
Charge for the year	28	-	28
At 31 March 2020	50,083	6,750	56,833
Carrying amount
At 31 March 2020	241	1	242
At 31 March 2019	269	1	270

5

Debtors

	2020 £	2019 £
Trade debtors	-	7,270
Prepayments	855	997
Other debtors	2,355	457
	3,210	8,724

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Accruals and deferred income	4,977	840
Other creditors	2	5,509
	4,979	6,349

7	Parent and ultimate parent undertaking

The ultimate controlling party is the board of directors.