Registered number
08782604
Kozangian Limited
Unaudited Filleted Accounts
30 November 2021
Kozangian Limited
Registered number: 08782604
Balance Sheet
as at 30 November 2021
Notes 2021 2020
£ £
Current assets
Stocks 26,955 31,230
Debtors 3 3,321 7,139
Cash at bank and in hand 200,061 162,948
230,337 201,317
Creditors: amounts falling due within one year 4 (159,334) (107,868)
Net current assets 71,003 93,449
Total assets less current liabilities 71,003 93,449
Creditors: amounts falling due after more than one year 5 (39,168) (50,000)
Net assets 31,835 43,449
Capital and reserves
Called up share capital 1 1
Profit and loss account 31,834 43,448
Shareholder's funds 31,835 43,449
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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K Kozangian
Director
Approved by the board on 8 August 2022
Kozangian Limited
Notes to the Accounts
for the year ended 30 November 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grants
Grants received are based on the performance model where the grant received in the year does not impose specified future performance-related conditions. Therefore the grant is recognised as other operating income when the grant proceeds are received or receivable.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 3
3 Debtors 2021 2020
£ £
Other debtors 3,321 7,139
4 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 10,000 -
Trade creditors 67,434 32,840
Taxation and social security costs 838 745
Other creditors 81,062 74,283
159,334 107,868
5 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 39,168 50,000
6 Loans 2021 2020
£ £
Creditors include:
Secured bank loans 49,168 50,000
The company applied and received funding in the form of a Bounce Back Loan, a government backed scheme introduced in order to combat the adverse impact of the coronavirus (COVID-19) on businesses. The scheme is 100% guaranteed by the government who also cover the first 12 months of interest payments.
7 Other operating income 2021 2020
£ £
Grant income 28,427 -
Other income 1,600 -
30,027 -
In response to the COVID-19 pandemic the government issued a small business retail, hospitality and leisure grant fund in which eligible businesses were offered up to £25,000.
In addition to the small business retail and leisure grant fund the government introduced the coronavirus job retention scheme which helped eligible businesses cover a proportion of employee wages.
8 Other information
Kozangian Limited is a private company limited by shares and incorporated in England. Its registered office is:
71 Goldhawk Road
Shepherds Bush
London
W12 8EG
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