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Registration number: 08407992

Kita World Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Kita World 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

 

Kita World Limited

Company Information

Director

Nicholas Richard Hogan

Registered office

5th Floor, North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

 

Kita World Limited

(Registration number: 08407992)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

5

20,430

23,836

Current assets

 

Debtors

7

3,410

4,484

Cash at bank and in hand

 

2,318

1,797

 

5,728

6,281

Creditors: Amounts falling due within one year

8

(40,187)

(43,550)

Net current liabilities

 

(34,459)

(37,269)

Total assets less current liabilities

 

(14,029)

(13,433)

Creditors: Amounts falling due after more than one year

8

(1,831,401)

(1,597,462)

Net liabilities

 

(1,845,430)

(1,610,895)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(1,846,430)

(1,611,895)

Shareholders' deficit

 

(1,845,430)

(1,610,895)

 

Kita World Limited

(Registration number: 08407992)
Balance Sheet as at 31 December 2022

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 22 November 2023
 

.........................................
Nicholas Richard Hogan
Director

 

Kita World Limited

Statement of Changes in Equity for the Year Ended 31 December 2022

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1,000

(1,611,895)

(1,610,895)

Loss for the year

-

(234,535)

(234,535)

At 31 December 2022

1,000

(1,846,430)

(1,845,430)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2021

1,000

(1,552,431)

(1,551,431)

Loss for the year

-

(59,464)

(59,464)

At 31 December 2021

1,000

(1,611,895)

(1,610,895)

 

Kita World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
5th Floor, North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

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 accounts have been prepared on a going concer note on the assumption that shareholders will continue to financially support the company for a period of at least 12 months from the date of these financial statements.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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:

 

Kita World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Asset class

Depreciation method and rate

Office equipment

20% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Trademark

Over estimated economic life 15 years

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.

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

 

Kita World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors,loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Kita World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Loss before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Amortisation expense

3,406

3,406

 

Kita World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2022

57,467

57,467

At 31 December 2022

57,467

57,467

Amortisation

At 1 January 2022

33,631

33,631

Amortisation charge

3,406

3,406

At 31 December 2022

37,037

37,037

Carrying amount

At 31 December 2022

20,430

20,430

At 31 December 2021

23,836

23,836

6

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

1,270

1,270

Additions

(1,270)

(1,270)

At 31 December 2022

-

-

Depreciation

Carrying amount

At 31 December 2022

-

-

7

Debtors

Current

2022
£

2021
£

Other debtors

3,410

4,484

 

Kita World Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Loans and borrowings

26,911

26,874

trade creditors

13,276

13,276

Other creditors

-

3,400

40,187

43,550

Due after one year

Loans and borrowings

1,831,401

1,597,462

Included in loans and borrowings within one year there is a shareholder' loan of £26,833 (2021: £26,833). The loan is interest free and repayable on demand.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

1,831,401

1,597,462

Included in long terms creditors there are two loans, one for £10,909 (2021 - £10,349) repayable by 2028 bearing an interest of 2%, the other £1,443,504 (2021 - £1,289,175) bearing an annual interest of 3% repayable by 2024.