Feel Karma Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06018634 (England and Wales)

Financial Statements

for the Year Ended 31 December 2022

for

Feel Karma Limited

Trading as

Savile Row Travel

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J G Callaway

G Hoff

R A Lewis

Ms G J Du Plooy

SECRETARY:

G Hoff

REGISTERED OFFICE:

1 Market Place Mews

HENLEY-ON-THAMES

Oxfordshire

RG9 2AH

REGISTERED NUMBER:

06018634 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

FIXED ASSETS

Intangible assets

4

20,000

-

Tangible assets

5

7,801

11,017

27,801

11,017

CURRENT ASSETS

Debtors

6

1,032,844

503,350

Cash at bank

406,488

280,620

1,439,332

783,970

CREDITORS

Amounts falling due within one year

7

1,405,594

758,266

NET CURRENT ASSETS

33,738

25,704

TOTAL ASSETS LESS CURRENT LIABILITIES

61,539

36,721

CREDITORS

Amounts falling due after more than one year

8

161,150

263,438

NET LIABILITIES

(99,611

)

(226,717

)

CAPITAL AND RESERVES

Called up share capital

30,001

30,000

Retained earnings

(129,612

)

(256,717

)

(99,611

)

(226,717

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 May 2023 and were signed on its behalf by:

G Hoff - Director

1.	STATUTORY INFORMATION

Feel Karma Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

New system build is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Government grants

Government grants which have been accounted for under the performance model are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met.

Government grants which have been accounted for under the accruals model, in respect of capital expenditure are recognised within income on a systematic basis over the expected useful life of the asset.

Government grants which have been accounted for under the accruals model in respect of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

25,000

At 31 December 2022

25,000

AMORTISATION

Charge for year

5,000

At 31 December 2022

5,000

NET BOOK VALUE

At 31 December 2022

20,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2022

18,451

13,297

31,748

Additions

604

2,371

2,975

At 31 December 2022

19,055

15,668

34,723

DEPRECIATION

At 1 January 2022

17,120

3,611

20,731

Charge for year

1,475

4,716

6,191

At 31 December 2022

18,595

8,327

26,922

NET BOOK VALUE

At 31 December 2022

460

7,341

7,801

At 31 December 2021

1,331

9,686

11,017

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

as

restated

£

£

Trade debtors

1,027,808

474,157

VAT

5,036

4,193

Prepayments

-

25,000

1,032,844

503,350

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

as

restated

£

£

Bank loans and overdrafts

143,543

99,327

Trade creditors

1,131,697

559,794

Tax

-

7,196

Social security and other taxes

61,575

32,778

Other creditors

38,826

29,218

Directors' current accounts

23,776

23,776

Accrued expenses

6,177

6,177

1,405,594

758,266

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/22

31/12/21

as

restated

£

£

Bank loans - 1-2 years

116,150

218,438

Other loans more 5yrs non-inst

45,000

45,000

161,150

263,438

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

45,000

45,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/22

31/12/21

as

restated

£

£

Within one year

9,324

9,324

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/22

31/12/21

as

restated

£

£

Bank overdrafts

67,311

74,077

11.	PROVISIONS FOR LIABILITIES

31/12/22

31/12/21

as

restated

£

£

Deferred tax

Deferred tax

1,482

-

Deferred tax losses

(1,482

)

-

-

-

Deferred

tax

£

Provided during year

(1,482

)

Covered by losses

1,482

Balance at 31 December 2022

-