Kagemusha Taiko - Period Ending 2022-03-31

Kagemusha Taiko

Contents

Company Information	1
Directors' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 7

Kagemusha Taiko

Company Information

Directors

Mr Matthew More Macan 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

Directors' Report for the Year Ended 31 March 2022

The directors present their report and the financial statements for the year ended 31 March 2022.

Directors of the company

The directors who held office during the year were as follows:

Mr Matthew More Macan

Mrs Janet Susan Howe (resigned 31 August 2021)

Mr Paul William Alway

Mrs Joyce Walters

Principal activity

The principal activity of the company is provision of drumming workshops and performances

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 8 November 2022 and signed on its behalf by:
 

......................................... Mr Matthew More Macan Director

Kagemusha Taiko

(Registration number: 03823438)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	498	663
Current assets
Debtors	5	1,354	814
Cash at bank and in hand		4,056	23,927
		5,410	24,741
Creditors: Amounts falling due within one year	6	(839)	(1,140)
Net current assets		4,571	23,601
Net assets		5,069	24,264
Reserves
Retained earnings		5,069	24,264
Surplus		5,069	24,264

For the financial year ending 31 March 2022 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 8 November 2022 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 2022

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
35 Powderham Crescent
Exeter
Devon
EX4 6BZ
United Kingdom

These financial statements were authorised for issue by the Board on 8 November 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated in the balance sheet 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 6).

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2021	50,966	6,751	57,717
At 31 March 2022	50,966	6,751	57,717
Depreciation
At 1 April 2021	50,304	6,750	57,054
Charge for the year	165	-	165
At 31 March 2022	50,469	6,750	57,219
Carrying amount
At 31 March 2022	497	1	498
At 31 March 2021	662	1	663

5

Debtors

Current	2022 £	2021 £
Trade debtors	380	-
Prepayments	974	814
	1,354	814

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	59	-
Taxation and social security	-	360
Accruals and deferred income	780	780
	839	1,140

7	Related party transactions

Other transactions with directors

Jonathan Kirby was paid teaching fees during the year totalling £3,100 ( 2021 - £1,600)

Summary of transactions with other related parties

Taiko South West CIC. Directors in common.
 A total of £6,581 was gifted to Taiko South West CIC during the year to assist with start up capital.
 There are no terms or conditions attached to this gift and it is not repayable.
 

8	Parent and ultimate parent undertaking

The ultimate controlling party is the board of directors.