ACCOUNTS - Final Accounts preparation

KUONA PRODUCTIONS LTD - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-01-312022-01-312021-02-01trueNo description of principal activity1false1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11176158 2021-02-01 2022-01-31 11176158 2020-02-01 2021-01-31 11176158 2022-01-31 11176158 2021-01-31 11176158 c:Director1 2021-02-01 2022-01-31 11176158 d:OfficeEquipment 2021-02-01 2022-01-31 11176158 d:OfficeEquipment 2022-01-31 11176158 d:OfficeEquipment 2021-01-31 11176158 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-02-01 2022-01-31 11176158 d:CurrentFinancialInstruments 2022-01-31 11176158 d:CurrentFinancialInstruments 2021-01-31 11176158 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 11176158 d:CurrentFinancialInstruments d:WithinOneYear 2021-01-31 11176158 d:ShareCapital 2022-01-31 11176158 d:ShareCapital 2021-01-31 11176158 d:RetainedEarningsAccumulatedLosses 2022-01-31 11176158 d:RetainedEarningsAccumulatedLosses 2021-01-31 11176158 c:FRS102 2021-02-01 2022-01-31 11176158 c:AuditExempt-NoAccountantsReport 2021-02-01 2022-01-31 11176158 c:FullAccounts 2021-02-01 2022-01-31 11176158 c:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31 11176158 2 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure

Registered number: 11176158

KUONA PRODUCTIONS LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2022

KUONA PRODUCTIONS LTD

REGISTERED NUMBER: 11176158

STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		1,075		2,013
Current assets
Debtors: amounts falling due within one year	5	49,694		44,893
Cash at bank and in hand		-		2,021
		49,694		46,914
Creditors: amounts falling due within one year	6	(50,920)		(48,848)
Net current liabilities			(1,226)		(1,934)

Net (liabilities)/assets			(151)		79

Capital and reserves
Called up share capital	1	1
Profit and loss account	(152)	78
	(151)	79

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 January 2023.

A Fontaine

Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

KUONA PRODUCTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

1.	General information

The principal activity of the company is that of television program production.
The company is a private company limited by shares and is incorporated in England.
The address of its Registered Office is 83 St Mary's Grove, London, W4 3LW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

KUONA PRODUCTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

20%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for

Page 3

KUONA PRODUCTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

2.Accounting policies (continued)

2.9

Financial instruments (continued)

objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 4

KUONA PRODUCTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 February 2021	4,687
	At 31 January 2022	4,687
	Depreciation
	At 1 February 2021	2,675
	Charge for the year on owned assets	937
	At 31 January 2022	3,612
	Net book value
	At 31 January 2022	1,075
	At 31 January 2021	2,012

Debtors

					2022	2021
					£	£


Other debtors	49,694	44,893

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Corporation tax	31,126	33,773
Other taxation and social security	17,394	13,575
Accruals and deferred income	2,400	1,500
	50,920	48,848

Page 5

KUONA PRODUCTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

7.	Related party transactions
	Included in other debtors is £37,505 (2021: £35,355) owed by the director. This loan is unsecured and repayable on demand. Interest has been charged at the official rate.

Page 6