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Registration number: 11175413

Kajaine Accountants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Kajaine Accountants Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Kajaine Accountants Limited

Company Information

Directors

Mr Pankaj Meghji Shah

Mr Kartik Rohitkumar Shah

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Kajaine Accountants Limited

(Registration number: 11175413)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

383,702

410,792

Tangible assets

5

37,272

13,640

Other financial assets

6

19,175

-

 

440,149

424,432

Current assets

 

Debtors

7

245,155

255,245

Cash at bank and in hand

 

372,649

316,599

 

617,804

571,844

Creditors: Amounts falling due within one year

8

(575,251)

(663,034)

Net current assets/(liabilities)

 

42,553

(91,190)

Net assets

 

482,702

333,242

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

482,602

333,142

Shareholders' funds

 

482,702

333,242

For the financial year ending 30 April 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 and delivered 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 by the Board on 1 September 2023 and signed on its behalf by:
 

.........................................
Mr Pankaj Meghji Shah
Director

.........................................
Mr Kartik Rohitkumar Shah
Director

 

Kajaine Accountants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the Board on 1 September 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.

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.

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 income 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.

 

Kajaine Accountants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

Office equipment

20% on reducing balance basis

Fixtures and fittings

25% on reducing balance basis

Plant and machinery

25% on reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity 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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible 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

6.5% on straight line basis

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.

 

Kajaine Accountants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 11).

 

Kajaine Accountants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

510,300

510,300

Additions acquired separately

6,080

6,080

At 30 April 2023

516,380

516,380

Amortisation

At 1 May 2022

99,508

99,508

Amortisation charge

33,170

33,170

At 30 April 2023

132,678

132,678

Carrying amount

At 30 April 2023

383,702

383,702

At 30 April 2022

410,792

410,792

 

Kajaine Accountants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

40,448

-

40,448

Additions

-

32,500

32,500

At 30 April 2023

40,448

32,500

72,948

Depreciation

At 1 May 2022

26,808

-

26,808

Charge for the year

7,785

1,083

8,868

At 30 April 2023

34,593

1,083

35,676

Carrying amount

At 30 April 2023

5,855

31,417

37,272

At 30 April 2022

13,640

-

13,640

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Revaluations

(825)

(825)

Additions

20,000

20,000

At 30 April 2023

19,175

19,175

Impairment

Carrying amount

At 30 April 2023

19,175

19,175

 

Kajaine Accountants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

245,215

255,245

Other debtors

(60)

-

 

245,155

255,245

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

21,141

5,255

Taxation and social security

48,927

53,328

Other creditors

3,141

4,868

Accrued expenses

-

16,235

Corporation tax payable

7,289

60,947

Directors current account

494,753

522,401

575,251

663,034

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,200.00 (2022 - £1,180.00) per ordinary share

 

120,000

 

118,000

         

11

Related party transactions

 

Kajaine Accountants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

57,000

58,715

Contributions paid to money purchase schemes

36,745

-

93,745

58,715

Summary of transactions with entities with joint control or significant interest


Harris Kafton Limited is an entity owned by common shareholders of this Company.

 Kajaine Accountants Limited charges a management fee to Harris Kafton Limited to re-charge common costs borne by Kajaine Accountants Limited.

 

 

Kajaine Accountants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Loans to related parties

2022

Entities with joint control or significant influence
£

Total
£

At start of period

80,050

80,050

Repaid

(80,050)

(80,050)

At end of period

-

-

Terms of loans to related parties

There is no interest to be charged on outstanding balances as the ownership of both companies is equal and it would not be material to the financial statements being prepared.