Kore Matter Limited - Period Ending 2017-11-30

Registration number: 05988162

Kore Matter Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Lucraft Hodgson & Dawes LLP
Lucraft Hodgson & Dawes
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

Kore Matter Limited

Company Information

Directors	Mr Mark Jearum Mr David Andrew Simmons

Registered office

2-4 Ash Lane Rustington West Sussex BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP Lucraft Hodgson & Dawes 2/4 Ash Lane Rustington West Sussex BN16 3BZ

Page 1

Kore Matter Limited

Directors' Report for the Year Ended 30 November 2017

The directors present their report and the financial statements for the year ended 30 November 2017.

Directors of the company

The directors who held office during the year were as follows:

Mr Mark Jearum

Mr David Andrew Simmons

Principal activity

The principal activity of the company is development and selling of real estate.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 21 August 2018 and signed on its behalf by:

.........................................
Mr David Andrew Simmons
Director

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Kore Matter Limited

(Registration number: 05988162)
Balance Sheet as at 30 November 2017

	Note	2017  £	2016  £
Current assets
Stocks	4	480,543	388,366
Debtors	5	5,552	-
Cash at bank and in hand		71,710	647
		557,805	389,013
Creditors: Amounts falling due within one year	6	(513,956)	(351,767)
Total assets less current liabilities		43,849	37,246
Creditors: Amounts falling due after more than one year	6	(166,000)	(146,808)
Net liabilities		(122,151)	(109,562)
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		(123,151)	(110,562)
Total equity		(122,151)	(109,562)

For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 August 2018 and signed on its behalf by:
 

.........................................

Mr David Andrew Simmons

Director

The notes on pages 4 to 10 form an integral part of these financial statements.

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Kore Matter Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2-4 Ash Lane
Rustington
West Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the Board on 21 August 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Kore Matter Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

2	Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

4

Stocks

	2017  £	2016  £
Other inventories	480,543	388,366

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Kore Matter Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

5

Debtors

	2017 £	2016 £
Other debtors	5,552	-
	5,552	-

Page 6

Kore Matter Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

6

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	513,956	351,767
		513,956	351,767
Due after one year
Loans and borrowings	8	165,000	145,500
Other non-current financial liabilities		1,000	1,308
		166,000	146,808

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	8	165,000	145,500
Other non-current financial liabilities		1,000	1,308
		166,000	146,808

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	1,000	1,000	1,000	1,000

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Kore Matter Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

8	Loans and borrowings

	2017  £	2016  £
Non-current loans and borrowings
Bank borrowings	165,000	144,500
Other borrowings	-	1,000
	165,000	145,500

	2017  £	2016  £
Current loans and borrowings
Other borrowings	513,956	351,767
	513,956	351,767

9	Transition to FRS 102

This is the first year that the company has presented its results under FRS102. The last financial statements prepared under previous UK GAAP were for the year ended 30 November 2016. The date of transition to FRS102 was 1 December 2015.

Set out below are the changes in accounting policies which reconcile profit for the year ended30 November 2016 and the total equity as at1 December 2015 and 30 November 2016 between UK GAAP as previously reported and FRS102.

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Kore Matter Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

9	Transition to FRS 102 (continued)

Balance Sheet at 1 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Current assets
Stocks		386,481	-	-	386,481
Cash at bank and in hand		622	-	-	622
		387,103	-	-	387,103
Creditors: Amounts falling due within one year		(356,418)	-	-	(356,418)
Total assets less current liabilities		30,685	-	-	30,685
Creditors: Amounts falling due after more than one year		(146,736)	-	-	(146,736)
Net liabilities		(116,051)	-	-	(116,051)
Capital and reserves
Called up share capital		1,000	-	-	1,000
Profit and loss account		(117,051)	-	-	(117,051)
Total equity		(116,051)	-	-	(116,051)

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Kore Matter Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

9	Transition to FRS 102 (continued)

Balance Sheet at 30 November 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Current assets
Stocks		388,366	-	-	388,366
Cash at bank and in hand		647	-	-	647
		389,013	-	-	389,013
Creditors: Amounts falling due within one year		(351,767)	-	-	(351,767)
Total assets less current liabilities		37,246	-	-	37,246
Creditors: Amounts falling due after more than one year		(146,808)	-	-	(146,808)
Net liabilities		(109,562)	-	-	(109,562)
Capital and reserves
Called up share capital		1,000	-	-	1,000
Profit and loss account		(110,562)	-	-	(110,562)
Total equity		(109,562)	-	-	(109,562)

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