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Registered Number: 10018943
England and Wales

 

 

 

KONSOLUTE LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2022

End date: 28 February 2023
Directors Ashkan Jabbari
Amar Bhogal
Registered Number 10018943
Registered Office 167 Great Portland Street
London
W1W 5PF
Accountants Business Accounting Services (Essex) Ltd
6 Barncroft Close
Highwoods
Colchester
Essex
CO4 9SF
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 28 February 2023.
Principal activities
Principal activity of the company during the financial year was providing information technology consultancy services.
Directors
The directors who served the company throughout the year were as follows:
Ashkan Jabbari
Amar Bhogal
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Ashkan Jabbari
Director

Date approved: 29 November 2023
2
Report to the directors on the preparation of the unaudited statutory accounts of Konsolute Ltd for the year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Konsolute Ltd for the year ended 28 February 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Konsolute Ltd, as a body, in accordance with the terms of our engagement letter dated 29 November 2023 Our work has been undertaken solely to prepare for your approval the accounts of Konsolute Ltd and state those matters that we have agreed to state to the Board of Directors of Konsolute Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Konsolute Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Konsolute Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Konsolute Ltd. You consider that Konsolute Ltd is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of Konsolute Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
28 February 2023



....................................................
Business Accounting Services (Essex) Ltd
6 Barncroft Close
Highwoods
Colchester
Essex
CO4 9SF
29 November 2023
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 629,429    629,429 
Tangible fixed assets 4 3,260    5,082 
632,689    634,511 
Current assets      
Cash at bank and in hand 3,578,743    1,863,822 
Creditors: amount falling due within one year 5 (1,131,329)   (237,244)
Net current assets 2,447,414    1,626,578 
 
Total assets less current liabilities 3,080,103    2,261,089 
Net assets 3,080,103    2,261,089 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 3,080,101    2,261,087 
Shareholder's funds 3,080,103    2,261,089 
 


For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 29 November 2023 and were signed on its behalf by:


-------------------------------
Ashkan Jabbari
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 March 2021 2  1,039,887  1,039,889 
Profit for the year 1,281,200  1,281,200 
Total comprehensive income for the year 1,281,200  1,281,200 
Dividends (60,000) (60,000)
Total investments by and distributions to owners (60,000) (60,000)
At 28 February 2022 2  2,261,087  2,261,089 
At 01 March 2022 2  2,261,087  2,261,089 
Profit for the year 899,014  899,014 
Total comprehensive income for the year 899,014  899,014 
Dividends (80,000) (80,000)
Total investments by and distributions to owners (80,000) (80,000)
At 28 February 2023 2  3,080,101  3,080,103 
5
General Information
Konsolute Ltd is a private company, limited by shares, registered in England and Wales, registration number 10018943, registration address 167 Great Portland Street, London, W1W 5PF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over 5 years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 5 Years Straight Line
2.

Average number of employees

Average number of employees during the year was 16 (2022 : 8).
3.

Intangible fixed assets

Cost Research and Development   Total
  £   £
At 01 March 2022 629,429    629,429 
Additions  
Disposals  
At 28 February 2023 629,429    629,429 
Amortisation
At 01 March 2022  
Charge for year  
On disposals  
At 28 February 2023  
Net book values
At 28 February 2023 629,429    629,429 
At 28 February 2022 629,429    629,429 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 March 2022 5,295    3,815    9,110 
Additions    
Disposals    
At 28 February 2023 5,295    3,815    9,110 
Depreciation
At 01 March 2022 4,028      4,028 
Charge for year 1,059    763    1,822 
On disposals    
At 28 February 2023 5,087    763    5,850 
Net book values
Closing balance as at 28 February 2023 208    3,052    3,260 
Opening balance as at 01 March 2022 1,267    3,815    5,082 


5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 806,516   
Bank Loans & Overdrafts (Secured) 34,235    43,788 
Corporation Tax 48,459    35,309 
PAYE & Social Security   30,842 
Accrued Expenses 2,749    2,500 
Directors' Current Accounts 1,703    11,384 
VAT 237,667    113,421 
1,131,329    237,244 

6