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Registration number: 8993443

Kata Tipis Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Kata Tipis Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Kata Tipis Limited

Company Information

Directors

Mr Tom Burnell

Mr Matthew Chell

Ms Lynsey Hardman

Mr Duncan Waring

Mr Simon Burnell

Registered office

3/4 Wellington Lane
Stamford
PE9 1QB

Accountants

AIMS Accountants
Fernwood Business Centre
Newark
Notts
NG24 3JP

 

Kata Tipis Limited

(Registration number: 8993443)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

195,627

263,625

Current assets

 

Stocks

5

267,554

94,165

Debtors

6

124,643

11,818

Cash at bank and in hand

 

5,121

116,503

 

397,318

222,486

Creditors: Amounts falling due within one year

7

(273,442)

(58,813)

Net current assets

 

123,876

163,673

Total assets less current liabilities

 

319,503

427,298

Creditors: Amounts falling due after more than one year

7

(110,545)

(153,557)

Provisions for liabilities

(8,783)

(15,473)

Net assets

 

200,175

258,268

Capital and reserves

 

Called up share capital

8

1,250

1,250

Share premium reserve

9,875

9,875

Retained earnings

189,050

247,143

Shareholders' funds

 

200,175

258,268

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 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 1 November 2023 and signed on its behalf by:
 

 

Kata Tipis Limited

(Registration number: 8993443)
Balance Sheet as at 30 April 2023

.........................................
Mr Tom Burnell
Director

 

Kata Tipis Limited

Statement of Changes in Equity for the Year Ended 30 April 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2022

1,250

9,875

247,143

258,268

Profit for the year

-

-

111,907

111,907

Dividends

-

-

(170,000)

(170,000)

At 30 April 2023

1,250

9,875

189,050

200,175

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2021

91,250

9,875

156

101,281

Profit for the year

-

-

387,212

387,212

Dividends

-

-

(140,225)

(140,225)

Other share capital movements

(90,000)

-

-

(90,000)

At 30 April 2022

1,250

9,875

247,143

258,268

 

Kata Tipis 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.

The address of its registered office is:
3/4 Wellington Lane
Stamford
PE9 1QB

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

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 and deferred 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.

 

Kata Tipis Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant & Machinery

33%/20%/15% Straight Line

Motor Vehicles

15% 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Kata Tipis 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

 

Kata Tipis Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

1,104

71,847

359,701

432,652

At 30 April 2023

1,104

71,847

359,701

432,652

Depreciation

At 1 May 2022

331

48,038

120,658

169,027

Charge for the year

166

10,777

57,055

67,998

At 30 April 2023

497

58,815

177,713

237,025

Carrying amount

At 30 April 2023

607

13,032

181,988

195,627

At 30 April 2022

773

23,809

239,043

263,625

5

Stocks

2023
£

2022
£

Work in progress

102,594

68,268

Other inventories

164,960

25,897

267,554

94,165

6

Debtors

Current

2023
£

2022
£

Trade debtors

124,643

(15,936)

Other debtors

-

27,754

 

124,643

11,818

7

Creditors

Creditors: amounts falling due within one year

 

Kata Tipis Limited

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

42,582

48,694

Trade creditors

 

48,289

37,093

Taxation and social security

 

197,882

110,452

Accruals and deferred income

 

8,970

9,634

Other creditors

 

(24,281)

(147,060)

 

273,442

58,813

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

110,545

153,557

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £1 each

1,125

1,125

1,125

1,125

B Ordinary of £1 each

125

125

125

125

C Cumulative Preference of £1 each

-

-

-

-

 

1,250

1,250

1,250

1,250

The 90,000 class 'C' preference shares were redeemed in the year to 30th April 2022.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

110,545

153,557

 

Kata Tipis Limited

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

42,582

42,582

Other borrowings

-

6,112

42,582

48,694

10

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £151.00 (2022 - £125.00) per ordinary share

 

170,000

 

140,225