Registration number:
Koolwaters Agency Ltd
for the Year Ended 22 May 2023
Koolwaters Agency Ltd
(Registration number: 11690986)
Balance Sheet as at 22 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
- |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
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For the financial year ending 22 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Koolwaters Agency Ltd
Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts within the financial statements are rounded to the nearest £.
Going concern
The company's balance sheet as at 22 May 2023 shows that liabilities exceed assets by £7,449 (2022 - net assets of £1,560). At the time of approving the financial statements, the directors have a reasonable expectation that the company will have adequate resources to continue as a going concern. The directors are committed to ensure that the company is able to meet its liabilities on a day to day basis. Therefore, 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 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;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- 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.
Koolwaters Agency Ltd
Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023
Contract revenue recognition
Income from booking fees is recognised on an accruals basis in line with the overall revenue recognition policy.
Government grants
Government grants have been recognised on an accruals basis and have been recognised in the same period in which the related expense has been incurred.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
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 |
Furniture, fittings and equipment |
Straight line over 3 years |
Koolwaters Agency Ltd
Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023
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.
Debtors
Trade debtors are amounts due from customers for 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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Koolwaters Agency Ltd
Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023
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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Koolwaters Agency Ltd
Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 23 May 2022 |
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Additions |
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At 22 May 2023 |
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Depreciation |
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At 23 May 2022 |
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Charge for the year |
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At 22 May 2023 |
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Carrying amount |
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At 22 May 2023 |
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At 22 May 2022 |
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Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Deferred tax assets |
- |
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Income tax asset |
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Koolwaters Agency Ltd
Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023
Creditors |
Due within one year |
Note |
2023 |
2022 |
Trade creditors |
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Taxation and social security |
- |
1,204 |
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Amounts due to related parties |
- |
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Other creditors |
- |
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Accruals and deferred income |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are outstanding pensions of £Nil (2022 - £77).
The company operates a defined pension contribution pension scheme. The pension cost charges for the year represents contibutions payable by the Company to the scheme and amounted to £507 (2022 - £1,789).
Related party transactions |
Summary of transactions with other related parties
Loans to related parties
2023 |
Key management |
Other related parties |
Total |
At start of period |
- |
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Advanced |
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- |
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Repaid |
( |
( |
( |
At end of period |
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- |
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2022 |
Key management |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
( |
At end of period |
- |
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Koolwaters Agency Ltd
Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023
Terms of loans to related parties
Loans from related parties
2023 |
Key management |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
- |
- |
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2022 |
Key management |
Total |
Advanced |
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At end of period |
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Terms of loans from related parties