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Registered number: 06460769
Koreesa Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Jon Davies Accountants Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06460769
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,196 2,252
Tangible Assets 5 77,015 92,629
81,211 94,881
CURRENT ASSETS
Stocks 6 70,710 76,663
Debtors 7 13,455 9,088
Cash at bank and in hand 92,458 128,247
176,623 213,998
Creditors: Amounts Falling Due Within One Year 8 (130,292 ) (100,135 )
NET CURRENT ASSETS (LIABILITIES) 46,331 113,863
TOTAL ASSETS LESS CURRENT LIABILITIES 127,542 208,744
Creditors: Amounts Falling Due After More Than One Year 9 (56,124 ) (78,026 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,464 ) (4,370 )
NET ASSETS 69,954 126,348
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 69,952 126,346
SHAREHOLDERS' FUNDS 69,954 126,348
Page 1
Page 2
For the year ending 31 December 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Lisa Armitage-Adams
Director
Ms Sonia Armitage-Adams
Director
27 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Koreesa Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06460769 . The registered office is Unit 5a Toledo Road, Spitfire Court, Triumph Business Park, Liverpool, L24 9AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the website. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% Straight Line
Plant & Machinery 20% Straight Line
Fixtures & Fittings 20% Straight Line
Computer Equipment 20% Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 2,650
Additions 2,650
As at 31 December 2023 5,300
Amortisation
As at 1 January 2023 398
Provided during the period 706
As at 31 December 2023 1,104
Net Book Value
As at 31 December 2023 4,196
As at 1 January 2023 2,252
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 87,151 12,018 33,691 - 132,860
Additions - 2,178 7,510 428 10,116
As at 31 December 2023 87,151 14,196 41,201 428 142,976
...CONTINUED
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Page 5
Depreciation
As at 1 January 2023 9,401 12,018 18,812 - 40,231
Provided during the period 17,431 139 8,082 78 25,730
As at 31 December 2023 26,832 12,157 26,894 78 65,961
Net Book Value
As at 31 December 2023 60,319 2,039 14,307 350 77,015
As at 1 January 2023 77,750 - 14,879 - 92,629
6. Stocks
2023 2022
£ £
Stock 70,710 76,663
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,088 1,267
Prepayments and accrued income 2,546 -
Other debtors 7,821 7,821
13,455 9,088
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 26,418 13,443
Bank loans and overdrafts 21,900 20,990
Corporation tax 6,530 7,566
VAT 13,763 7,122
Other creditors 13,254 8,121
Accruals and deferred income 3,288 3,138
Directors' loan accounts 45,139 39,755
130,292 100,135
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 56,124 78,026
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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