Company registration number 11306919 (England and Wales)
KIMITI CONSULTING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
KIMITI CONSULTING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
KIMITI CONSULTING LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,110
1,866
Investments
5
25,699
22,160
26,809
24,026
Current assets
Debtors
6
47,077
61,688
Investments
7
10,263
10,263
Cash at bank and in hand
4,120
3,033
61,460
74,984
Creditors: amounts falling due within one year
8
(11,458)
(7,356)
Net current assets
50,002
67,628
Total assets less current liabilities
76,811
91,654
Creditors: amounts falling due after more than one year
9
(11,103)
(16,084)
Provisions for liabilities
(278)
(355)
Net assets
65,430
75,215
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
65,426
75,211
Total equity
65,430
75,215

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 30 April 2023 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.

T he members have 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.

KIMITI CONSULTING LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 September 2023
R Singh
Director
Company Registration No. 11306919
KIMITI CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Kimiti Consulting Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite F6, Bedford iLab, Priory Business Park, Bedford, MK44 3RZ.

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 a mounts 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

These financial statements for the year ended 30 April 2023 are the first financial statements of Kimiti Consulting Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

KIMITI CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.4
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:

Fixtures and fittings
25 % straight line

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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).

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.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

KIMITI CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
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 paymen ts 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. A m ounts 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

KIMITI CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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
Government grants

Government grants are recognised at the fair value of the asset receive d 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
111
1,331
KIMITI CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
3
Taxation
2023
2022
£
£
(Continued)
- 7 -
Deferred tax
Origination and reversal of timing differences
(77)
(154)
Total tax charge
34
1,177
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 and 30 April 2023
4,155
Depreciation and impairment
At 1 May 2022
2,289
Depreciation charged in the year
756
At 30 April 2023
3,045
Carrying amount
At 30 April 2023
1,110
At 30 April 2022
1,866
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
7,116
-
0
Other investments other than loans
18,583
22,160
25,699
22,160
KIMITI CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2022
-
22,160
22,160
Additions
7,116
-
7,116
At 30 April 2023
7,116
22,160
29,276
Impairment
At 1 May 2022
-
-
-
Impairment losses
-
3,577
3,577
At 30 April 2023
-
3,577
3,577
Carrying amount
At 30 April 2023
7,116
18,583
25,699
At 30 April 2022
-
22,160
22,160
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
47,077
61,688
7
Current asset investments
2023
2022
£
£
Other investments
10,263
10,263
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,981
4,755
Corporation tax
111
1,331
Other taxation and social security
-
0
20
Other creditors
6,366
1,250
11,458
7,356
KIMITI CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,103
16,084
10
Related party transactions

At the reporting date, the company was owed £47,077 (202 2: £61,688) by Mr R Singh, director.

The loan was fully repaid within 9 months of the year-end and interest was charged in the year at HMRC's official rate of interest.

At the reporting date, the company owed £7,116 to SaBe Interactive Limited, a company in which Mr Singh is a director and under which Kimiti Consulting Limited has a non-controlling interest.

The loan was interest-free and there were no terms for repayment.

2023-04-30 2022-05-01 false 29 September 2023 CCH Software CCH Accounts Production 2023.200 No description of principal activity R Singh 11306919 2022-05-01 2023-04-30 11306919 2023-04-30 11306919 2022-04-30 11306919 core:OtherPropertyPlantEquipment 2023-04-30 11306919 core:OtherPropertyPlantEquipment 2022-04-30 11306919 core:Non-currentFinancialInstruments 2022-04-30 11306919 core:CurrentFinancialInstruments 2023-04-30 11306919 core:CurrentFinancialInstruments 2022-04-30 11306919 core:Non-currentFinancialInstruments 2023-04-30 11306919 core:ShareCapital 2023-04-30 11306919 core:ShareCapital 2022-04-30 11306919 core:RetainedEarningsAccumulatedLosses 2023-04-30 11306919 core:RetainedEarningsAccumulatedLosses 2022-04-30 11306919 bus:Director1 2022-05-01 2023-04-30 11306919 core:FurnitureFittings 2022-05-01 2023-04-30 11306919 2021-05-01 2022-04-30 11306919 core:UKTax 2022-05-01 2023-04-30 11306919 core:UKTax 2021-05-01 2022-04-30 11306919 core:OtherPropertyPlantEquipment 2022-04-30 11306919 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 11306919 core:WithinOneYear 2023-04-30 11306919 core:WithinOneYear 2022-04-30 11306919 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 11306919 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 11306919 bus:FRS102 2022-05-01 2023-04-30 11306919 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 11306919 bus:FullAccounts 2022-05-01 2023-04-30 xbrli:pure xbrli:shares iso4217:GBP