KORPAS ENTERPRISES LIMITED

KORPAS ENTERPRISES LIMITED - Company Information

2021-03-172022-03-312022-03-31false13273894KORPAS ENTERPRISES 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Registered Number
13273894
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2022

KORPAS ENTERPRISES LIMITED

Company Information
for the period from 17 March 2021 to 31 March 2022


Directors	ADAMS, Colin


Registered Address	5c Oldknows Factory C/O Passive Tax
	St. Anns Hill Road
	Nottingham
	NG3 4GN


Registered Number	13273894 (England and Wales)

KORPAS ENTERPRISES LIMITED

Balance Sheet as at
31 March 2022

	Notes	2022
		£	£
Current assets
Stocks		47,049
Debtors	6	3,685
Cash at bank and on hand		10,899
		61,633
Creditors amounts falling due within one year	7	(13,115)
Net current assets (liabilities)			48,518
Total assets less current liabilities			48,518
Creditors amounts falling due after one year	8		(33,637)
Net assets			14,881
Capital and reserves
Profit and loss account			14,881
Shareholders' funds			14,881

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Director on 6 December 2022, and are signed on its behalf by:

ADAMS, Colin
Director
Registered Company No. 13273894

KORPAS ENTERPRISES LIMITED

Notes to the Financial Statements
for the period ended 31 March 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Basis of measurement used in financial statements
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

4.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Stocks policy
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

5.	Employee information


		2022
	Average number of employees during the year	0

6.	Debtors

		2022
		£
	Trade debtors / trade receivables	3,457
	Other debtors	72
	Prepayments and accrued income	156
	Total	3,685


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

7.	Creditors within one year

		2022
		£
	Trade creditors / trade payables	2,966
	Bank borrowings and overdrafts	6,000
	Taxation and social security	4,149
	Total	13,115


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8.	Creditors after one year

		2022
		£
	Bank borrowings and overdrafts	33,637
	Total	33,637