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COMPANY REGISTRATION NUMBER: 09867441
Kindlink Ltd
Filleted Unaudited Financial Statements
31 August 2023
Kindlink Ltd
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Kindlink Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
161,328
241,759
Tangible assets
6
551
583
---------
---------
161,879
242,342
Current assets
Debtors
7
18,108
24,354
Cash at bank and in hand
28,070
45,819
--------
--------
46,178
70,173
Creditors: amounts falling due within one year
8
233,324
264,716
---------
---------
Net current liabilities
187,146
194,543
---------
---------
Total assets less current liabilities
( 25,267)
47,799
Creditors: amounts falling due after more than one year
9
5,497
9,285
--------
--------
Net (liabilities)/assets
( 30,764)
38,514
--------
--------
Capital and reserves
Called up share capital
25,900
25,900
Share premium account
305,770
305,770
Profit and loss account
( 362,434)
( 293,156)
---------
---------
Shareholders (deficit)/funds
( 30,764)
38,514
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kindlink Ltd
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr I Kulev
Director
Company registration number: 09867441
Kindlink Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. For the rendering of services, revenue is recognised when the services are transferred. When the outcome of a transaction can be estimated reliably, revenue is recognised based on the stage of completion of the transaction at the end of the reporting period. If the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Development costs
£
Cost
At 1 September 2022
677,428
Additions
Additions from internal developments
68,818
---------
At 31 August 2023
746,246
---------
Amortisation
At 1 September 2022
435,669
Charge for the year
149,249
---------
At 31 August 2023
584,918
---------
Carrying amount
At 31 August 2023
161,328
---------
At 31 August 2022
241,759
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 September 2022
666
666
Additions
180
180
----
----
At 31 August 2023
846
846
----
----
Depreciation
At 1 September 2022
83
83
Charge for the year
212
212
----
----
At 31 August 2023
295
295
----
----
Carrying amount
At 31 August 2023
551
551
----
----
At 31 August 2022
583
583
----
----
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
101
Other debtors
18,007
24,354
--------
--------
18,108
24,354
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,955
Trade creditors
105,407
108,046
Social security and other taxes
1,738
8,268
Other creditors
123,224
148,402
---------
---------
233,324
264,716
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,497
9,285
-------
-------
10. Related party transactions
At the balance sheet date, the company owed the directors £47,619 (2022: £39,850). At the balance sheet date the company owed £9,285 (2022: £9,285) to a director's father. This amount remained outstanding in full at the balance sheet date, no interest is being charged on this loan.