Company Registration No. 11333689 (England and Wales)
KOH EUROPE LTD
Unaudited accounts
for the year ended 30 June 2023
KOH EUROPE LTD
Unaudited accounts
Contents
KOH EUROPE LTD
Company Information
for the year ended 30 June 2023
Directors
Adam Quarran Lindsay
Caroline Anne Keyte
Company Number
11333689 (England and Wales)
Registered Office
C/O Womble Bond Dickinson (Uk) Llp
The Spark, Drayman's Way,
Newcastle Helix
Newcastle Upon Tyne
NE4 5DE
United Kingdom
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
KOH EUROPE LTD
Accountants' report
Accountants' report to the board of directors of KOH EUROPE LTD on the preparation of the unaudited statutory accounts for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
KOH EUROPE LTD for the year ended
30 June 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of KOH EUROPE LTD, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of KOH EUROPE LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KOH EUROPE LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that KOH EUROPE LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KOH EUROPE LTD. You consider that KOH EUROPE LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of KOH EUROPE LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
13 March 2024
KOH EUROPE LTD
Statement of financial position
as at 30 June 2023
Inventories
236,475
378,639
Cash at bank and in hand
403,797
175,270
Creditors: amounts falling due within one year
(69,669)
(98,783)
Net current assets
604,310
487,470
Total assets less current liabilities
604,310
487,470
Creditors: amounts falling due after more than one year
(219,717)
(185,030)
Provisions for liabilities
Other provisions
-
(14,830)
Net assets
384,593
287,610
Called up share capital
3,614,415
3,614,415
Profit and loss account
(3,229,822)
(3,326,805)
Shareholders' funds
384,593
287,610
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by
Adam Quarran Lindsay
Director
Company Registration No. 11333689
KOH EUROPE LTD
Notes to the Accounts
for the year ended 30 June 2023
KOH EUROPE LTD is a private company, limited by shares, registered in England and Wales, registration number 11333689. The registered office is C/O Womble Bond Dickinson (Uk) Llp, The Spark, Drayman's Way,, Newcastle Helix, Newcastle Upon Tyne, NE4 5DE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements of the Company are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the financial statements, the results and financial position of the Company are expressed in Pounds Sterling (£).
In preparing the financial statements, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are re translated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are re translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re translated.
The entity recognises from the following major sources:
1. Sale of cleaning products
2. Delivery fees
Revenue is measured based on the consideration to which the entity expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The entity recognises revenue when it transfers control of a product or service to a customer.
For sales of goods to online retail customers, revenue is recognised when control of the goods has transferred, being at the point the customer received the goods on delivery. Payment of the transaction price is due immediately at the point the customer purchases the goods online.
Under the entity's standard contract terms, customers have a right of return within 30 days. At the point of sale, a refund liability and a corresponding adjustment to revenue is recognised for those products expected to be returned. At the same time, the entity has a right to recover the product when customers exercise their right of return so consequently recognises a right to returned goods asset and a corresponding adjustment to cost of sales. The entity uses its accumulated historical experience to estimate the number of returns on a portfolio level using the expected value method. It is considered highly probable that a significant reversal in the cumulative revenue recognised will not occur given the consistent level of returns over previous years.
KOH EUROPE LTD
Notes to the Accounts
for the year ended 30 June 2023
Inventories are stated at the lower of cost and net realisable value. Cost is determined on a weighted average basis. Net realisable value represents the estimated selling price less all estimated costs of completion and the estimated costs necessary to make the sale.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Critical accounting estimates and judgement
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years. The following are the critical judgements that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
Impairment of Inventories
Management has assessed the value of inventory that is likely to be sold below cost using past experience and judgement on the likely sell through rates of various items of inventory and booked a provision for this amount. To the extent that these judgements and assumptions prove incorrect, the Company may be exposed to potential additional inventory write-downs in future periods.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Management draw attention to the existence of the loss for the year of £287,028 (2021: loss for the year of £1,539,550). The company is in a net asset position of £287,610 (2021: net liability position of £3,039,776). The directors have assessed the ability for the company to continue as a going concern and concluded there is sufficiency of forward cash flows to meet liabilities as and when they fall due.
Finished goods
206,020
378,639
KOH EUROPE LTD
Notes to the Accounts
for the year ended 30 June 2023
Amounts falling due within one year
Deferred tax asset
3,019
3,019
Accrued income and prepayments
24,241
5,304
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
39,011
28,910
7
Creditors: amounts falling due after more than one year
2023
2022
Amounts owed to group undertakings and other participating interests
219,717
185,030
8
Transactions with related parties
At the year end date KOH Europe Ltd owed KOH Australia Pty Ltd £185,030
KOH Europe Ltd is a 100% owned subsidiary of Koh Australia Pty Ltd. of Level 5, 60 Martin Place, Sydney NSW 2000.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).