Company Registration No. 12100207 (England and Wales)
KOLAMBA CARNABY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
KOLAMBA CARNABY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
KOLAMBA CARNABY LIMITED
BALANCE SHEET
AS AT 31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
94,162
98,969
Tangible assets
4
377,134
438,111
471,296
537,080
Current assets
Stocks
3,271
Debtors
5
160,501
108,017
Cash at bank and in hand
44,906
113,945
208,678
221,962
Creditors: amounts falling due within one year
6
(1,014,260)
(949,043)
Net current liabilities
(805,582)
(727,081)
Total assets less current liabilities
(334,286)
(190,001)
Creditors: amounts falling due after more than one year
7
(89,310)
(153,135)
Net liabilities
(423,596)
(343,136)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(423,696)
(343,236)
Total equity
(423,596)
(343,136)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KOLAMBA CARNABY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2021
31 July 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 August 2022
E N Meewella
Director
Company Registration No. 12100207
KOLAMBA CARNABY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 3 -
1
Accounting policies
Company information
Kolamba Carnaby Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Whitebox London Ltd, 2.17, United House 9 Pembrigde Road, Notting Hill, London, England, W11 3JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At 31 July 20true21 the company has net current liabilities of £805,582 (2020 - £727,081) and net liabilities of £423,596 (2020 - £343,136). After reviewing the company's forecasts and projections and taking into account the economic conditions and possible changes in trading performance, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and confirms that the shareholders will support the company for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
1.3
Turnover
Turnover represents net sales of food and drink, excluding value added tax and is recognised on a point of sales basis.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 15 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
Straight line over 3 years
KOLAMBA CARNABY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over 15 years
Plant and equipment
Straight line over 5 years
Fixtures and fittings
Straight line over 5 years
Computer equipment
Straight line over 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are valued at the lower of cost and net selling price, after making due provision for wastage and slow moving items.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
KOLAMBA CARNABY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
KOLAMBA CARNABY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
22
25
KOLAMBA CARNABY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 7 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 August 2020
100,000
5,944
105,944
Additions
-
4,853
4,853
At 31 July 2021
100,000
10,797
110,797
Amortisation and impairment
At 1 August 2020
5,641
1,334
6,975
Amortisation charged for the year
6,666
2,994
9,660
At 31 July 2021
12,307
4,328
16,635
Carrying amount
At 31 July 2021
87,693
6,469
94,162
At 31 July 2020
94,359
4,610
98,969
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 August 2020
224,427
114,418
145,014
10,351
494,210
Additions
3,835
4,053
7,888
At 31 July 2021
228,262
114,418
149,067
10,351
502,098
Depreciation and impairment
At 1 August 2020
12,195
19,472
22,752
1,680
56,099
Depreciation charged in the year
14,962
22,883
28,950
2,070
68,865
At 31 July 2021
27,157
42,355
51,702
3,750
124,964
Carrying amount
At 31 July 2021
201,105
72,063
97,365
6,601
377,134
At 31 July 2020
212,232
94,946
122,262
8,671
438,111
KOLAMBA CARNABY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 8 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
Other debtors
99,721
47,137
99,721
47,237
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
60,780
60,780
Total debtors
160,501
108,017
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
19,118
1,568
Trade creditors
114,677
23,402
Amounts owed to group undertakings
59,800
Taxation and social security
61,965
66,084
Other creditors
758,700
857,989
1,014,260
949,043
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
79,826
98,432
Other creditors
9,484
54,703
89,310
153,135
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
19,279
KOLAMBA CARNABY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 9 -
8
Secured debts
Included in other creditors is a £59,980 (2020 - £96,783) loan balance which is secured by a debenture in the name of Aurora Leasing Limited dated 24 September 2019. This loan is further personally guaranteed by the director, Kolamba Limited and Whitebox Properties Ltd, a company under common control.
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
1,490,723
1,638,091
11
Related party transactions
At the year-end a balance of £34,809 (£2020 - £nil) was due from a company under common control and is included within other debtors. This balance is interest free and repayable on demand.
12
Parent company
The company's immediate and ultimate parent company is Kolamba Limited, a company registered in England and Wales. The registered address is C/O Whitebox London Ltd, 2.17, United House 9 Pembridge Road, Notting Hill, London, England, W11 3JY.