Keebunga Company Limited - Period Ending 2015-01-31

Registration number: 06791643

Keebunga Company Limited
 
  Unaudited Abbreviated Accounts
 
  Year Ended 31 January 2015
 

Keebunga Company Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Keebunga Company Limited
(Registration number: 06791643 )
  Abbreviated Balance Sheet at 31 January 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					6,451			6,174
Tangible fixed assets					11,249			2,911
					17,700			9,085
Current assets
Stocks					1,666			7,208
Debtors					7,470			693
Cash at bank and in hand					7,747			8,220
					16,883			16,121
Creditors: Amounts falling due within one year					(33,238)			(9,653)
Net current (liabilities)/assets					(16,355)			6,468
Total assets less current liabilities					1,345			15,553
Creditors: Amounts falling due after more than one year					(89,526)			(84,620)
Net liabilities					(88,181)			(69,067)
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					(89,181)			(70,067)
Shareholders' deficit					(88,181)			(69,067)

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Keebunga Company Limited
(Registration number: 06791643 )
  Abbreviated Balance Sheet at 31 January 2015
......... continued

For the year ending 31 January 2015 the company was entitled to exemption 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 his 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 .

These abbreviated accounts were approved by the director and authorised for issue on 29 October 2015

.........................................
Mr J M Williams
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Keebunga Company Limited
Notes to the Abbreviated Accounts Year Ended 31 January 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.
At the balance sheet date the company's liabilities exceeded its assets by £88,181. The company may not be able to continue to trade without the continued financial support of the director and The James Morgan Williams Life Interest Trust 2005.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Other grants

Revenue based grants are written off to the profit and loss account in the period in which the income is received. Capital based grants are treated as deferred income which is credited to the profit and loss account by instalments over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

Amortisation

Intellectual Property is capitalised, classified as an asset on the balance sheet and amortised as income receivable on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Asset class	Amortisation method and rate
Intellectual property	5% straight line basis as from when income receivable

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	20% reducing balance method
Fixtures, fittings and equipment	20% reducing balance method
Website	20% straight line basis
Plant and machinery	Depreciation not yet provided as assets not ready for use

Page 3

Keebunga Company Limited
Notes to the Abbreviated Accounts Year Ended 31 January 2015
......... continued

Research and development

Expenditure on pure and applied research (unless it is expenditure on fixed assets, which should be capitalised and amortised over their useful lives) is written off in the year of expenditure through the profit and loss account.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Keebunga Company Limited
Notes to the Abbreviated Accounts Year Ended 31 January 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 February 2014		6,174			6,514			12,688
Additions		277			9,859			10,136
Disposals		-			(1,065)			(1,065)
At 31 January 2015		6,451			15,308			21,759
Depreciation
At 1 February 2014		-			3,603			3,603
Charge for the year		-			1,171			1,171
Eliminated on disposals		-			(715)			(715)
At 31 January 2015		-			4,059			4,059
Net book value
At 31 January 2015		6,451			11,249			17,700
At 31 January 2014		6,174			2,911			9,085

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 5