Kuro Dragon Limited 31/03/2021 iXBRL

Kuro Dragon Limited 31/03/2021 iXBRL

KURO DRAGON LIMITED - Company Information

Print Friendly Version

2 31/03/2021 2021-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2020-04-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 07443899 2020-04-01 2021-03-31 07443899 2021-03-31 07443899 2020-03-31 07443899 2019-04-01 2020-03-31 07443899 2020-03-31 07443899 core:NetGoodwill 2020-04-01 2021-03-31 07443899 core:FurnitureFittingsToolsEquipment 2020-04-01 2021-03-31 07443899 core:MotorVehicles 2020-04-01 2021-03-31 07443899 bus:Director1 2020-04-01 2021-03-31 07443899 core:WithinOneYear 2021-03-31 07443899 core:WithinOneYear 2020-03-31 07443899 core:AfterOneYear 2021-03-31 07443899 core:AfterOneYear 2020-03-31 07443899 core:ShareCapital 2021-03-31 07443899 core:ShareCapital 2020-03-31 07443899 core:RetainedEarningsAccumulatedLosses 2021-03-31 07443899 core:RetainedEarningsAccumulatedLosses 2020-03-31 07443899 bus:Director1 2020-03-31 07443899 bus:Director1 2021-03-31 07443899 bus:Director1 2019-03-31 07443899 bus:Director1 2020-03-31 07443899 bus:Director1 2019-04-01 2020-03-31 07443899 bus:SmallEntities 2020-04-01 2021-03-31 07443899 bus:AuditExempt-NoAccountantsReport 2020-04-01 2021-03-31 07443899 bus:AbridgedAccounts 2020-04-01 2021-03-31 07443899 bus:SmallCompaniesRegimeForAccounts 2020-04-01 2021-03-31 07443899 bus:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31
Company registration number: 07443899
Kuro Dragon Limited
Unaudited filleted abridged financial statements
31 March 2021
Kuro Dragon Limited
Contents
Abridged balance sheet
Notes to the financial statements
Kuro Dragon Limited
Abridged Balance sheet
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 14,582 14,996
_______ _______
14,582 14,996
Current assets
Debtors 25,854 18,633
Cash at bank and in hand 12,135 5
_______ _______
37,989 18,638
Creditors: amounts falling due
within one year ( 22,405) ( 33,814)
_______ _______
Net current assets/(liabilities) 15,584 ( 15,176)
_______ _______
Total assets less current liabilities 30,166 ( 180)
Creditors: amounts falling due
after more than one year ( 36,000) ( 11,000)
_______ _______
Net liabilities ( 5,834) ( 11,180)
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account ( 5,844) ( 11,190)
_______ _______
Shareholder deficit ( 5,834) ( 11,180)
_______ _______
For the year ending 31 March 2021 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 2021 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 25 November 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 2021
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 3 ).
5. Intangible assets
£
Cost
At 1 April 2020 and 31 March 2021 30,000
_______
Amortisation
At 1 April 2020 and 31 March 2021 30,000
_______
Carrying amount
At 31 March 2021 -
_______
At 31 March 2020 -
_______
6. Tangible assets
£
Cost
At 1 April 2020 60,468
Additions 2,662
Disposals ( 28,884)
_______
At 31 March 2021 34,246
_______
Depreciation
At 1 April 2020 45,472
Charge for the year 3,075
Disposals ( 28,883)
_______
At 31 March 2021 19,664
_______
Carrying amount
At 31 March 2021 14,582
_______
At 31 March 2020 14,996
_______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr S M Howard 9,847 9,016 18,863
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr S M Howard ( 365) 10,212 9,847
_______ _______ _______