REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2022 |
for |
KOLA CAPITAL SERVICES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2022 |
for |
KOLA CAPITAL SERVICES LIMITED |
KOLA CAPITAL SERVICES LIMITED (REGISTERED NUMBER: 08474096) |
Contents of the Financial Statements |
for the year ended 30 November 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
KOLA CAPITAL SERVICES LIMITED |
Company Information |
for the year ended 30 November 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
KOLA CAPITAL SERVICES LIMITED (REGISTERED NUMBER: 08474096) |
Statement of Financial Position |
30 November 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
KOLA CAPITAL SERVICES LIMITED (REGISTERED NUMBER: 08474096) |
Notes to the Financial Statements |
for the year ended 30 November 2022 |
1. | STATUTORY INFORMATION |
Kola Capital Services Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
Turnover represents the value of services provided during the financial period in the ordinary course of business, excluding value added tax. |
Revenue is recognised when the company has a contractual right to payment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Investments |
Investments held as fixed assets are shown at cost less provision for permanent diminution of value. |
KOLA CAPITAL SERVICES LIMITED (REGISTERED NUMBER: 08474096) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets |
Other debtors, amounts owed by related undertakings, cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities |
Trade creditors and accruals are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 December 2021 |
and 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
Prepayments and accrued income |
KOLA CAPITAL SERVICES LIMITED (REGISTERED NUMBER: 08474096) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts due to related parties | 89,655 | 138,016 |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 1,294,196 | 1,294,196 |
9. | RELATED PARTY DISCLOSURES |
Kola Capital LLP |
Under common control |
During the year the company provided management services to the subsidiary amounting to £37,980. The services were provided on conventional commercial terms. |
During the prior year the company agreed to facilitate the repayment of a loan of £180,330 on behalf of the LLP. |
The balance owed at the period end in relation to the above was £89,655 (2021 £138,016) and this amount is unsecured, interest free and repayable on demand. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
11. | ULTIMATE PARENT COMPANY |
Kola Capital Services (Cayman) Inc (incorporated in Cayman Islands) is regarded by the director as being the company's ultimate parent company. |