Koan (UK) Ltd - Period Ending 2018-08-31
Koan (UK) Ltd - Period Ending 2018-08-31
Registration number:
for the Year Ended
Pages for filing with Registrar
Koan (UK) Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Koan (UK) Ltd
Company Information
Directors |
L Tracey A L Spratley D D Telford M N De Nervaux |
Registered office |
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Registered number |
05201693 |
Accountants |
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Koan (UK) Ltd
(Registration number: 05201693)
Balance Sheet as at 31 August 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Koan (UK) Ltd
(Registration number: 05201693)
Balance Sheet as at 31 August 2018
For the financial year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 for issue by the
D D Telford
Director
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Koan (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Statutory information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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 compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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Koan (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Bikes |
50% on cost |
Fixtures and fittings |
20% on cost |
Computer equipment |
50% on cost |
Warehouse equipment |
20% on cost |
Leasehold property improvements |
10% on cost |
Goodwill
Goodwill arising on the acquisition of a business in 2012 represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible fixed assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
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Koan (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5 years straight line |
Trademarks |
10 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
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.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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Koan (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Koan (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Intangible fixed assets |
Goodwill |
Trademarks, patents and licenses |
Total |
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Cost |
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At 1 September 2017 |
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Additions acquired separately |
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- |
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At 31 August 2018 |
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Amortisation |
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At 1 September 2017 |
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Amortisation charge |
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At 31 August 2018 |
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Carrying amount |
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At 31 August 2018 |
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- |
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At 31 August 2017 |
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Koan (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Tangible fixed assets |
Leasehold property improvements |
Fixtures and fittings |
Warehouse equipment |
Bikes |
Total |
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Cost |
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At 1 September 2017 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
( |
At 31 August 2018 |
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- |
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Depreciation |
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At 1 September 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
( |
At 31 August 2018 |
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- |
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Carrying amount |
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At 31 August 2018 |
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- |
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At 31 August 2017 |
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Stocks |
2018 |
2017 |
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Other inventories |
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Page 9 |
Koan (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Debtors: amounts falling due within one year |
2018 |
2017 |
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Trade debtors |
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- |
Other debtors |
202,708 |
204,521 |
Prepayments |
32,814 |
11,700 |
VAT |
16,816 |
1,478 |
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Creditors: amounts falling due within one year |
Note |
2018 |
2017 |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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- |
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Other creditors |
- |
1,500 |
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Credit card account |
36,407 |
66,999 |
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Accruals |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Page 10 |
Koan (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 August 2018
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The loan is secured on the assets of the company. |
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