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Registration number: 11724385

Kobo Products Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Kobo Products Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Kobo Products Ltd

(Registration number: 11724385)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,632

30,996

Current assets

 

Debtors

5

14,447

15,280

Cash at bank and in hand

 

36,985

35,827

 

51,432

51,107

Creditors: Amounts falling due within one year

6

(138,063)

(124,345)

Net current liabilities

 

(86,631)

(73,238)

Net liabilities

 

(58,999)

(42,242)

Capital and reserves

 

Called up share capital

7

40,000

40,000

Retained earnings

(98,999)

(82,242)

Shareholders' deficit

 

(58,999)

(42,242)

For the financial year ending 30 June 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 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 18 September 2024 and signed on its behalf by:
 

.........................................
M Lloyd Payne
Director

 

Kobo Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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:
7 The Chambers
Vineyard
Abingdon
Oxfordshire
OX14 3PX

These financial statements were authorised for issue by the Board on 18 September 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.

Going concern

The financial statements have been prepared on a going concern basis. The majority of the outstanding creditors are owed to group companies who will continue to support Kobo Products Ltd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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;
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.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities are translated at year end exchange rates, or where appropriate, at rates of exchange fixed under terms of the relevant transaction. The resulting exchange rate differences are charged to the profit and loss account.

 

Kobo Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

Plant and machinery

20% Straight Line

Office equipment

25% Straight Line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 at the transaction price.

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.

 

Kobo Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 5 (2023 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

11,067

57,335

68,402

Additions

-

8,221

8,221

At 30 June 2024

11,067

65,556

76,623

Depreciation

At 1 July 2023

1,107

36,299

37,406

Charge for the year

1,107

10,478

11,585

At 30 June 2024

2,214

46,777

48,991

Carrying amount

At 30 June 2024

8,853

18,779

27,632

At 30 June 2023

9,960

21,036

30,996

Included within the net book value of land and buildings above is £8,853 (2023 - £9,960) in respect of long leasehold land and buildings.
 

 

Kobo Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Debtors

2024
£

2023
£

Prepayments

13,455

12,928

Other debtors

992

2,352

14,447

15,280

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

17,103

17,190

Amounts owed to group undertakings and undertakings in which the company has a participating interest

101,715

88,054

Taxation and social security

 

15,610

16,351

Accruals and deferred income

 

3,635

2,750

 

138,063

124,345

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £16 each

2,500

40,000

2,500

40,000