Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-312The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-11-01falseNo description of principal activity2truetrue 08240981 2021-11-01 2022-10-31 08240981 2020-11-01 2021-10-31 08240981 2022-10-31 08240981 2021-10-31 08240981 c:Director1 2021-11-01 2022-10-31 08240981 d:MotorVehicles 2021-11-01 2022-10-31 08240981 d:MotorVehicles 2022-10-31 08240981 d:MotorVehicles 2021-10-31 08240981 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 08240981 d:OfficeEquipment 2021-11-01 2022-10-31 08240981 d:OfficeEquipment 2022-10-31 08240981 d:OfficeEquipment 2021-10-31 08240981 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 08240981 d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 08240981 d:Goodwill 2021-11-01 2022-10-31 08240981 d:Goodwill 2022-10-31 08240981 d:Goodwill 2021-10-31 08240981 d:FreeholdInvestmentProperty 2022-10-31 08240981 d:FreeholdInvestmentProperty 2021-10-31 08240981 d:CurrentFinancialInstruments 2022-10-31 08240981 d:CurrentFinancialInstruments 2021-10-31 08240981 d:Non-currentFinancialInstruments 2022-10-31 08240981 d:Non-currentFinancialInstruments 2021-10-31 08240981 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 08240981 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 08240981 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 08240981 d:Non-currentFinancialInstruments d:AfterOneYear 2021-10-31 08240981 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 08240981 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-10-31 08240981 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 08240981 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-10-31 08240981 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-10-31 08240981 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-10-31 08240981 d:ShareCapital 2022-10-31 08240981 d:ShareCapital 2021-10-31 08240981 d:RetainedEarningsAccumulatedLosses 2022-10-31 08240981 d:RetainedEarningsAccumulatedLosses 2021-10-31 08240981 c:OrdinaryShareClass1 2021-11-01 2022-10-31 08240981 c:OrdinaryShareClass1 2022-10-31 08240981 c:OrdinaryShareClass1 2021-10-31 08240981 c:FRS102 2021-11-01 2022-10-31 08240981 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 08240981 c:FullAccounts 2021-11-01 2022-10-31 08240981 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 08240981 d:Goodwill d:OwnedIntangibleAssets 2021-11-01 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08240981









KUDSI LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2022

 
KUDSI LIMITED
REGISTERED NUMBER: 08240981

BALANCE SHEET
AS AT 31 OCTOBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,600
7,200

Tangible assets
 5 
31,742
6,356

Investment property
 6 
169,940
169,940

  
205,282
183,496

Current assets
  

Debtors: amounts falling due within one year
 7 
204,644
865

Cash at bank and in hand
  
731
12,481

  
205,375
13,346

Creditors: amounts falling due within one year
 8 
(82,957)
(77,995)

Net current assets/(liabilities)
  
 
 
122,418
 
 
(64,649)

Total assets less current liabilities
  
327,700
118,847

Creditors: amounts falling due after more than one year
 9 
(164,547)
(47,500)

  

Net assets
  
163,153
71,347


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
163,053
71,247

  
163,153
71,347


Page 1

 
KUDSI LIMITED
REGISTERED NUMBER: 08240981
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2023.




Zaki Kudsi
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 08240981.  The Company's registered office is 52 Little Sutton Road, Sutton Coldfield, West Midlands, B75 6QL.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has prepared the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
straight line
Office equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Page 5

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 7

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

4.


Intangible assets




Goodwill

£



Cost


At 1 November 2021
36,000



At 31 October 2022

36,000



Amortisation


At 1 November 2021
28,800


Charge for the year on owned assets
3,600



At 31 October 2022

32,400



Net book value



At 31 October 2022
3,600



At 31 October 2021
7,200



Page 8

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

5.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 November 2021
-
11,268
11,268


Additions
32,868
-
32,868



At 31 October 2022

32,868
11,268
44,136



Depreciation


At 1 November 2021
-
4,912
4,912


Charge for the year on owned assets
6,574
908
7,482



At 31 October 2022

6,574
5,820
12,394



Net book value



At 31 October 2022
26,294
5,448
31,742



At 31 October 2021
-
6,356
6,356


6.


Investment property


Freehold investment property

£



Valuation


At 1 November 2021
169,940



At 31 October 2022
169,940

The 2022 valuations were made by the directors, on an open market value for existing use basis.




Page 9

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

7.


Debtors

2022
2021
£
£


Other debtors
204,644
865

204,644
865



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
5,502
2,500

Trade creditors
-
20

Corporation tax
33,914
29,064

Other creditors
41,825
44,815

Accruals and deferred income
1,716
1,596

82,957
77,995



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
164,547
47,500

164,547
47,500


The following liabilities were secured:

2022
2021
£
£



Bank loans
125,000
-

125,000
-

Details of security provided:

Bank loans are secured against the assets of the company and include fixed charges and a negative pledge.

Page 10

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

10.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
5,502
2,500


5,502
2,500

Amounts falling due 1-2 years

Bank loans
5,502
10,000


5,502
10,000

Amounts falling due 2-5 years

Bank loans
16,507
27,500


16,507
27,500

Amounts falling due after more than 5 years

Bank loans
142,537
10,000

142,537
10,000

170,048
50,000


Page 11

 
KUDSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

11.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100



12.


Transactions with directors

As at the balance sheet date £41,826 (2021: £44,813) was due to the directors. The loan is interest free and repayable on demand.

 
Page 12