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Registered number: 03035819










KCA INTERNATIONAL DESIGNERS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
COMPANY INFORMATION


Director
G Chew 




Company secretary
J Sanotra



Registered number
03035819



Registered office
89 Spa Road

London

SE16 3SG




Accountants
Greenback Alan LLP
Chartered Accountants

89 Spa Road

London

SE16 3SG





 
KCA INTERNATIONAL DESIGNERS LIMITED
REGISTERED NUMBER: 03035819

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,355
13,807

  
10,355
13,807

Current assets
  

Debtors: amounts falling due within one year
 5 
725,529
624,008

Cash at bank and in hand
 6 
914
73,970

  
726,443
697,978

Creditors: amounts falling due within one year
 7 
(1,365,231)
(916,525)

Net current liabilities
  
 
 
(638,788)
 
 
(218,547)

Total assets less current liabilities
  
(628,433)
(204,740)

Creditors: amounts falling due after more than one year
 8 
-
(47,826)

Provisions for liabilities
  

Deferred tax
 10 
(1,218)
(925)

  
 
 
(1,218)
 
 
(925)

Net liabilities
  
(629,651)
(253,491)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(629,653)
(253,493)

  
(629,651)
(253,491)


Page 1

 
KCA INTERNATIONAL DESIGNERS LIMITED
REGISTERED NUMBER: 03035819
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 March 2024.




G Chew
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

KCA International Designers Limited is a private compay limited by shares, incorporated in the United Kingdom and registered in England and Wales. Its principal place of business is at 1-3 Brixton Road, London, SW9 6DE and the registered office is 89 Spa Road, London, SE16 3SG.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Although the company has net liabilities of £629,651 at the balance sheet date the director considers the company a going concern due to the continuing support of associated companies.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 4

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the period was 20 (2021 - 25).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
76,637
455,601
532,238



At 31 December 2022

76,637
455,601
532,238



Depreciation


At 1 January 2022
75,548
442,884
518,432


Charge for the period on owned assets
272
3,179
3,451



At 31 December 2022

75,820
446,063
521,883



Net book value



At 31 December 2022
817
9,538
10,355



At 31 December 2021
1,090
12,717
13,807

Page 8

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
667,747
545,260

Other debtors
57,782
32,604

Tax recoverable
-
46,144

725,529
624,008



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
914
73,970

Less: bank overdrafts
(105,275)
(30,129)

(104,361)
43,841



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
105,275
30,129

Bank loans
55,797
95,652

Trade creditors
542,634
415,453

Other taxation and social security
58,477
4,748

Other creditors
599,048
343,100

Accruals and deferred income
4,000
27,443

1,365,231
916,525


Page 9

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
-
47,826

-
47,826


The following liabilities were secured:

2022
2021
£
£



Falling due within one year
55,797
95,652

Falling due after more than one year
-
47,826

55,797
143,478

Details of security provided:

The bank loan is secured by way of existing fixed and floating charges over all the property or undertaking of the company.


9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
55,797
95,652


55,797
95,652

Amounts falling due 1-2 years

Bank loans
-
47,826


-
47,826



55,797
143,478



10.


Deferred taxation

Page 10

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
 
10.Deferred taxation (continued)




2022


£






At beginning of year
(925)


Charged to profit or loss
(293)



At end of year
(1,218)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(1,218)
(925)

(1,218)
(925)


11.


Pension commitments

The company operates a defined contributions pension scheme, The assets of the scheme are held separately from those of the company in an independently administered fund, The pension cost charge represents contributions payable by the company to the fund and amounted to £16,989 (9 months to 31 December 2021: £18,099). Contributions totalling £4,601 (31 December 2021: £3,720) were payable to the fund at the reporting date.


12.


Related party transactions

Included within other creditors is an amount of £418,251 (31 December 2021: £259,038) due to Khuan Chew & Associates International Limited (Dubai), and £10,400 (31 December 2021: £47,274) due to Khuan Chew & Associates (Hong Kong), companies in which the director has a controlling interest.
Included within trade creditors is £431,249 (31 December 2021: £343,749) due to Khuan Chew & Associates International Limited (Dubai).
Included within other creditors is £119,495 owed to (31 December 2021: £5,479 due from) the director Ms G K Chew.
Included within other creditors is £43,000 (31 December 2021: £nil) due to Mr R Sanotra, the company secretary.
Included within trade debtors is £157,439 (31 December 2021: £8,819) due from Khuan Chew & Associates International Limited (Dubai).

Page 11

 
KCA INTERNATIONAL DESIGNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

13.


Controlling party

Director Ms G K Chew is the company's controlling party by virtue of her shareholding.

 
Page 12