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Registration number: 12688725

Konik Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Konik Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Konik Ltd

(Registration number: 12688725)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

150,657

305,809

Cash at bank and in hand

 

32,565

19,579

 

183,222

325,388

Creditors: Amounts falling due within one year

5

(894,012)

(1,043,154)

Net liabilities

 

(710,790)

(717,766)

Capital and reserves

 

Called up share capital

6

10

10

Profit and loss account

(710,800)

(717,776)

Shareholders' deficit

 

(710,790)

(717,766)

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 


Dr Marc Jason Thomas
Director

 

Konik Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
4th Floor
The Quadrangle
Imperial Square
Cheltenham
Gloucestershire
GL50 1PZ

Principal activity

The principal activity of the company is the trade of the provision of management and technical services relating to the production and sale of electricity.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Konik Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
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.

Tax

The tax expense for the period comprises current 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Konik Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Debtors

Note

2023
£

2022
£

Trade debtors

 

21,764

305,809

Income tax asset

128,893

-

 

150,657

305,809

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

3,330

24,636

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

882,456

985,623

Taxation and social security

 

1,613

29,269

Accruals and deferred income

 

2,250

2,250

Other creditors

 

4,363

1,376

 

894,012

1,043,154

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.0001 each

100,000

10

100,000

10

         

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Konik Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

8

Related party transactions

Transactions with group companies

The company has taken advantage of the exemption provided by FRS 102 s33.1A whereby disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Transactions with ultimate parent undertaking

At the balance sheet date the company owed its ultimate parent undertaking, Rainiko Limited, £485,135 (2022: £480,957). There is no fixed date for repayment but interest is charged on the outstanding balance.