Registered number
SC523024
Kaizen Spirit Limited
Unaudited Filleted Accounts
31 December 2023
Kaizen Spirit Limited
Registered number: SC523024
Balance Sheet
as at 31 December 2023 Restated
(see Note 6)
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,838 4,494
Current assets
Debtors 4 106,221 76,158
Cash at bank and in hand 289,579 270,591
395,800 346,749
Creditors: amounts falling due within one year 5 (33,418) (29,027)
Net current assets 362,382 317,722
Net assets 365,220 322,216
Capital and reserves
Called up share capital 99 99
Profit and loss account 365,121 322,117
Shareholders' funds 365,220 322,216
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Roy
Director
Approved by the board on 13 February 2024
Kaizen Spirit Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are prepared in Pound Sterling (£) which is the presentation currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The accounts have been prepared on the going concern basis. The director has considered a period of twelve months from the date of signature of the accounts and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. It is therefore considered appropriate to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks.
Financial instruments
Financial instruments comprise financial assets and financial liabilities which are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS102 and are accounted for at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial. Financial assets comprise cash, trade debtors, other debtors and accrued income. Financial liabilities comprise bank overdraft, trade creditors, other creditors and accruals.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023 4,967
At 31 December 2023 4,967
Depreciation
At 1 January 2023 473
Charge for the year 1,656
At 31 December 2023 2,129
Net book value
At 31 December 2023 2,838
At 31 December 2022 4,494
Restated
(see Note 6)
4 Debtors 2023 2022
£ £
Trade debtors 7,037 37,173
Other debtors 99,184 38,985
106,221 76,158
Restated
(see Note 6)
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 103 -
Taxation and social security costs 31,791 27,444
Other creditors 1,524 1,583
33,418 29,027
6 Prior year adjustment
The accounts include restatement of the prior year figures to include additional income of £38,018 (being invoices dated in the year ended 31 December 2022 which were unpaid at the year end and are now included in trade debtors) along with £845 foreign currency loss on year end retranslation. Due to these additional invoices, an additional prior year corporation tax charge of £7,063 has been included which is a creditor at 31 December 2022.
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A Roy
Loans (interest free) 38,985 132,406 (72,207) 99,184
38,985 132,406 (72,207) 99,184
8 Other information
Kaizen Spirit Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
5 South Charlotte Street
Edinburgh
EH2 4AN
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