Kuro Dragon Limited 31/03/2020 iXBRL

Kuro Dragon Limited 31/03/2020 iXBRL

KURO DRAGON LIMITED - Company Information

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Company registration number: 07443899
Kuro Dragon Limited
Unaudited filleted abridged financial statements
31 March 2020
Kuro Dragon Limited
Contents
Abridged balance sheet
Notes to the financial statements
Kuro Dragon Limited
Abridged Balance sheet
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 14,996 24,512
_______ _______
14,996 24,512
Current assets
Debtors 18,633 17,956
Cash at bank and in hand 5 20
_______ _______
18,638 17,976
Creditors: amounts falling due
within one year ( 33,814) ( 39,642)
_______ _______
Net current liabilities ( 15,176) ( 21,666)
_______ _______
Total assets less current liabilities ( 180) 2,846
Creditors: amounts falling due
after more than one year ( 11,000) ( 27,159)
_______ _______
Net liabilities ( 11,180) ( 24,313)
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account ( 11,190) ( 24,323)
_______ _______
Shareholder deficit ( 11,180) ( 24,313)
_______ _______
For the 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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 Section 1A of 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 Profit and loss account has not been delivered.
All of the members have consented to the preparation of the abridged Balance sheet for the current year ending 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 March 2021 , and are signed on behalf of the board by:
Mr S M Howard
Director
Company registration number: 07443899
Kuro Dragon Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Kuro Dragon Limited, Northern Design Centre, Baltic Business Quarter, Gateshead, NE8 3DF.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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 and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 % reducing balance
Motor vehicles - 25 % 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).
5. Intangible assets
£
Cost
At 1 April 2019 and 31 March 2020 30,000
_______
Amortisation
At 1 April 2019 and 31 March 2020 30,000
_______
Carrying amount
At 31 March 2020 -
_______
At 31 March 2019 -
_______
6. Tangible assets
£
Cost
At 1 April 2019 85,630
Additions 2,703
Disposals ( 27,865)
_______
At 31 March 2020 60,468
_______
Depreciation
At 1 April 2019 61,118
Charge for the year 12,219
Disposals ( 27,865)
_______
At 31 March 2020 45,472
_______
Carrying amount
At 31 March 2020 14,996
_______
At 31 March 2019 24,512
_______
7. Directors advances, credits and guarantees
There were no director's advances, credits or guarantees in the year.