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Registration number: 03823438

Kagemusha Taiko

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Kagemusha Taiko

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Kagemusha Taiko

Company Information

Directors

Mr Matthew More Macan

Mr Paul William Alway

Mrs Joyce Walters

Company secretary

Mr Jonathan Peter Kirby

Registered office

35 Powderham Crescent
Exeter
Devon
EX4 6BZ

Accountants

Wortham Jaques
Chartered Accountants & Business Advisers
130a High Street,
Crediton,
Devon
EX17 3LQ

 

Kagemusha Taiko

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

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

Mr Matthew More Macan

Mr Paul William Alway

Mrs Joyce Walters

Principal activity

The principal activity of the company is provision of drumming workshops and performances

Going concern

The financial statements have been prepared on a going concern basis. The company restructured to a CIC on 1 September 2023 and all of it's operations and assets were transferred on that date.

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 and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................
Mr Matthew More Macan
Director

 

Kagemusha Taiko

(Registration number: 03823438)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,972

498

Current assets

 

Debtors

5

999

1,354

Cash at bank and in hand

 

254

4,056

 

1,253

5,410

Creditors: Amounts falling due within one year

6

(780)

(839)

Net current assets

 

473

4,571

Net assets

 

3,445

5,069

Reserves

 

Retained earnings

3,445

5,069

Surplus

 

3,445

5,069

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................
Mr Matthew More Macan
Director

 

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
35 Powderham Crescent
Exeter
Devon
EX4 6BZ
United Kingdom

These financial statements were authorised for issue by the Board on 9 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis. The company restructured to a CIC on 1 September 2023 and all of it's operations and assets were transferred on that date.

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.

 

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible 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

Performance equipment

33% straight line

Office equipment

20% straight line

Motor vehicles

25% straight line

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.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

50,966

6,751

57,717

Additions

3,465

-

3,465

At 31 March 2023

54,431

6,751

61,182

Depreciation

At 1 April 2022

50,469

6,750

57,219

Charge for the year

991

-

991

At 31 March 2023

51,460

6,750

58,210

Carrying amount

At 31 March 2023

2,971

1

2,972

At 31 March 2022

497

1

498

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

380

Prepayments

999

974

 

999

1,354

 

Kagemusha Taiko

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

59

Accruals and deferred income

780

780

780

839

7

Related party transactions

Other transactions with directors

Director J Kirby was paid for drum purchase of £3,465 and teaching fees of £300 - (2022 - teaching fees paid of £3,100).

Summary of transactions with other related parties

Taiko South West CIC. Directors in common.
 Kagemusha Taiko received income from Taiko South West CIC of £23,770 for services provided.
 

8

Parent and ultimate parent undertaking

The ultimate controlling party is the board of directors.