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COMPANY REGISTRATION NUMBER: 07701149
Kanari Ventures Limited
Filleted Unaudited Financial Statements
30 April 2024
Kanari Ventures Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
53,630
63,174
Investments
7
200
100
--------
--------
53,830
63,274
Current assets
Stocks
134,090
121,380
Debtors
8
994,914
959,657
Cash at bank and in hand
520,641
424,254
------------
------------
1,649,645
1,505,291
Creditors: amounts falling due within one year
9
308,665
284,356
------------
------------
Net current assets
1,340,980
1,220,935
------------
------------
Total assets less current liabilities
1,394,810
1,284,209
Provisions
Taxation including deferred tax
13,408
15,794
------------
------------
Net assets
1,381,402
1,268,415
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,381,302
1,268,315
------------
------------
Shareholders funds
1,381,402
1,268,415
------------
------------
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 income statement has not been delivered.
For the year ending 30 April 2024 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 Ventures Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 9 August 2024 , and are signed on behalf of the board by:
Mr S Shah
Director
Company registration number: 07701149
Kanari Ventures Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 99 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. Accounting policies
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Leasehold property
-
over the term of the lease
Fixtures & fittings
-
15% reducing balance
Motor Vehicle
-
10% straight line
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
153,942
---------
Amortisation
At 1 May 2023 and 30 April 2024
153,942
---------
Carrying amount
At 30 April 2024
---------
At 30 April 2023
---------
6. Tangible assets
Leasehold improvement
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
22,776
78,197
34,995
29,481
165,449
Additions
805
805
--------
--------
--------
--------
---------
At 30 April 2024
22,776
78,197
34,995
30,286
166,254
--------
--------
--------
--------
---------
Depreciation
At 1 May 2023
22,776
50,250
9,332
19,917
102,275
Charge for the year
4,178
3,500
2,671
10,349
--------
--------
--------
--------
---------
At 30 April 2024
22,776
54,428
12,832
22,588
112,624
--------
--------
--------
--------
---------
Carrying amount
At 30 April 2024
23,769
22,163
7,698
53,630
--------
--------
--------
--------
---------
At 30 April 2023
27,947
25,663
9,564
63,174
--------
--------
--------
--------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 May 2023
100
Additions
100
----
At 30 April 2024
200
----
Impairment
At 1 May 2023 and 30 April 2024
----
Carrying amount
At 30 April 2024
200
----
At 30 April 2023
100
----
8. Debtors
2024
2023
£
£
Trade debtors
107,403
92,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
19,352
80
Other debtors
868,159
867,577
---------
---------
994,914
959,657
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
101,000
80,604
Corporation tax
90,494
68,631
Other creditors
117,171
135,121
---------
---------
308,665
284,356
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
53,000
53,000
Later than 1 year and not later than 5 years
212,000
212,000
Later than 5 years
418,627
471,627
---------
---------
683,627
736,627
---------
---------
11. Related party transactions
During the year loans amounting to £113 were made to another company with the same directors and shareholders as Kanari Ventures Limited and included in other debtors are loans totalling £856,184 (2022: £856,071). The loan is unsecured, interest free and repayable on demand . At the year end £ 856,184 was due to the company. The company has taken advantage of the exemption conferred by FRS 102 from disclosing details of transactions with other wholly owned group companies.