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COMPANY REGISTRATION NUMBER: 01376425
KANARI LIMITED
Filleted Unaudited Financial Statements
30 September 2023
KANARI LIMITED
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
400,680
426,892
Current assets
Stocks
170,777
143,376
Debtors
5
233,143
136,333
Cash at bank and in hand
260,010
337,048
---------
---------
663,930
616,757
Creditors: amounts falling due within one year
6
208,248
225,735
---------
---------
Net current assets
455,682
391,022
---------
---------
Total assets less current liabilities
856,362
817,914
Provisions
14,600
17,762
---------
---------
Net assets
841,762
800,152
---------
---------
Capital and reserves
Called up share capital
66
66
Profit and loss account
841,696
800,086
---------
---------
Shareholders funds
841,762
800,152
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KANARI LIMITED
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 5 February 2024 , and are signed on behalf of the board by:
Mr J V Malde
Mrs S J Malde
Director
Director
Company registration number: 01376425
KANARI LIMITED
Accounting Policies
Year ended 30th September 2023
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Long leasehold
-
over the period of lease
Furniture and Equipment
-
15% reducing balance
Motor Vehicle
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are professionally valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
KANARI LIMITED
Notes to the Financial Statements
Year ended 30th September 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 99a Kenton road, Kenton, Harrow, Middlesex, HA3 0AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 15 ).
4. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st October 2022
478,360
11,545
113,198
41,334
644,437
Additions
562
562
---------
--------
---------
--------
---------
At 30th September 2023
478,360
11,545
113,760
41,334
644,999
---------
--------
---------
--------
---------
Depreciation
At 1st October 2022
144,955
11,544
50,713
10,333
217,545
Charge for the year
9,567
9,457
7,750
26,774
---------
--------
---------
--------
---------
At 30th September 2023
154,522
11,544
60,170
18,083
244,319
---------
--------
---------
--------
---------
Carrying amount
At 30th September 2023
323,838
1
53,590
23,251
400,680
---------
--------
---------
--------
---------
At 30th September 2022
333,405
1
62,485
31,001
426,892
---------
--------
---------
--------
---------
5. Debtors
2023
2022
£
£
Trade debtors
98,206
94,182
Other debtors
134,937
42,151
---------
---------
233,143
136,333
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
168,161
152,742
Corporation tax
16,659
44,630
Social security and other taxes
5,112
5,184
Other creditors
18,316
23,179
---------
---------
208,248
225,735
---------
---------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
46,000
44,500
Later than 1 year and not later than 5 years
187,500
186,500
Later than 5 years
137,781
184,780
---------
---------
371,281
415,780
---------
---------