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Registration number: 11690986

Koolwaters Agency Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 22 May 2023

 

Koolwaters Agency Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Koolwaters Agency Ltd

(Registration number: 11690986)
Balance Sheet as at 22 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

17,836

500

Current assets

 

Debtors

5

482,520

418,761

Cash at bank and in hand

 

321,499

203,284

 

804,019

622,045

Creditors: Amounts falling due within one year

6

(827,138)

(620,985)

Net current (liabilities)/assets

 

(23,119)

1,060

Total assets less current liabilities

 

(5,283)

1,560

Provisions for liabilities

(2,166)

-

Net (liabilities)/assets

 

(7,449)

1,560

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(7,549)

1,460

Total equity

 

(7,449)

1,560

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:

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 Profit and Loss Account.

Approved and authorised by the Board on 19 February 2024 and signed on its behalf by:
 

M C Azevedo
Director

   
     
 

Koolwaters Agency Ltd

Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023

1

General information

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

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
England
BS1 6NL
 

These financial statements were authorised for issue by the Board on 19 February 2024.

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. 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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 4).

 

Koolwaters Agency Ltd

Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023

4

Tangible assets

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 23 May 2022

11,839

11,839

Additions

18,983

18,983

At 22 May 2023

30,822

30,822

Depreciation

At 23 May 2022

11,339

11,339

Charge for the year

1,647

1,647

At 22 May 2023

12,986

12,986

Carrying amount

At 22 May 2023

17,836

17,836

At 22 May 2022

500

500

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

450,525

337,602

Amounts owed by related parties

8

5,871

18,742

Other debtors

 

1,033

41,645

Deferred tax assets

-

17,134

Income tax asset

25,091

3,638

 

482,520

418,761

 

Koolwaters Agency Ltd

Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023

6

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

822,722

615,435

Taxation and social security

-

1,204

Amounts due to related parties

8

-

37

Other creditors

 

-

1,436

Accruals and deferred income

 

4,416

2,873

 

827,138

620,985

7

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).

8

Related party transactions

Summary of transactions with other related parties

Other related parties are defined as companies owned by common control.
 Koolwaters Agency Limited is owned under common control.
 

Loans to related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

-

18,742

18,742

Advanced

7,527

-

7,527

Repaid

(1,656)

(18,742)

(20,398)

At end of period

5,871

-

5,871

2022

Key management
£

Other related parties
£

Total
£

At start of period

77,203

18,235

95,438

Advanced

858

1,665

2,523

Repaid

(78,061)

(1,158)

(79,219)

At end of period

-

18,742

18,742

 

Koolwaters Agency Ltd

Notes to the Unaudited Financial Statements for the Year Ended 22 May 2023

Terms of loans to related parties

Loans to key management are repayable on demand and interest was charged at HMRC's prevailing rate.

 Loans to other related parties are interest free and repayable on demand.

Loans from related parties

2023

Key management
£

Total
£

At start of period

37

37

Repaid

(37)

(37)

At end of period

-

-

2022

Key management
£

Total
£

Advanced

37

37

At end of period

37

37

Terms of loans from related parties

Loans from key management are repayable on demand and no interest is charged.