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Registered number: 10718647
Momo Kombucha Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Portt & Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10718647
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 910 1,157
Tangible Assets 5 225,393 135,377
226,303 136,534
CURRENT ASSETS
Stocks 6 113,127 72,597
Debtors 7 283,188 138,348
Cash at bank and in hand 432,618 475,792
828,933 686,737
Creditors: Amounts Falling Due Within One Year 8 (374,022 ) (197,065 )
NET CURRENT ASSETS (LIABILITIES) 454,911 489,672
TOTAL ASSETS LESS CURRENT LIABILITIES 681,214 626,206
Creditors: Amounts Falling Due After More Than One Year 9 (63,245 ) (124,836 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (25,721 ) (25,721 )
NET ASSETS 592,248 475,649
CAPITAL AND RESERVES
Called up share capital 10 1 1
Share premium account 1,569,790 1,069,803
Profit and Loss Account (977,543 ) (594,155 )
SHAREHOLDERS' FUNDS 592,248 475,649
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
J Puddle
Director
20/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Momo Kombucha Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10718647 . The registered office is Unit 1, Interim Distribution Unit, New Covent Garden Market, London, SW8 5EL.
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
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumultated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probate that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intagible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets over their useful lives on the following bases:
Intangible Assets                                                 20% Straight Line
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:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
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.
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2.6. 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: 11 (2022: 7)
11 7
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 1,726
As at 31 December 2023 1,726
Amortisation
As at 1 January 2023 569
Provided during the period 247
As at 31 December 2023 816
Net Book Value
As at 31 December 2023 910
As at 1 January 2023 1,157
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 161,523 7,251 15,007 183,781
Additions 139,928 - 3,039 142,967
Disposals (8,922 ) - - (8,922 )
As at 31 December 2023 292,529 7,251 18,046 317,826
Depreciation
As at 1 January 2023 37,909 4,661 5,834 48,404
...CONTINUED
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Provided during the period 43,570 518 2,096 46,184
Disposals (2,155 ) - - (2,155 )
As at 31 December 2023 79,324 5,179 7,930 92,433
Net Book Value
As at 31 December 2023 213,205 2,072 10,116 225,393
As at 1 January 2023 123,614 2,590 9,173 135,377
6. Stocks
31 December 2023 31 December 2022
£ £
Stock 113,127 72,597
7. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 162,439 78,911
Other debtors 120,749 59,437
283,188 138,348
8. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 105,053 49,708
Bank loans and overdrafts - 5,000
Other creditors 241,161 139,402
Taxation and social security 27,808 2,955
374,022 197,065
9. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Bank loans 30,573 35,128
Other creditors 32,672 89,708
63,245 124,836
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10. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 1 1
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023                2022
£                      £
46,588            102,987
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