Registered number
13695069
Kabbage Limited
Unaudited Filleted Accounts
31 December 2023
Kabbage Limited
Registered number: 13695069
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,967 1,783
Current assets
Debtors 4 8,146 3,848
Cash at bank and in hand 9,373 15,018
17,519 18,866
Creditors: amounts falling due within one year 5 (20,199) (19,266)
Net current liabilities (2,680) (400)
Net assets 287 1,383
Capital and reserves
Called up share capital 100 100
Profit and loss account 187 1,283
Shareholder's funds 287 1,383
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
As permitted by Section 444(5A) of the Companies Act 2006 the Director(s) have not delivered to the Registrar a copy of the company's Profit & Loss account
Kabir Malik
Director
Approved by the board on 30 September 2024
Kabbage Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33.33 % on cost
Office equipments 25% on cost
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 0
3 Tangible fixed assets
Plant and machinery etc Office equipments Total
£ £ £
Cost
At 1 January 2023 1,935 657 2,592
Additions 2,712 446 3,158
At 31 December 2023 4,647 1,103 5,750
Depreciation
At 1 January 2023 645 164 809
Charge for the year 1,534 440 1,974
At 31 December 2023 2,179 604 2,783
Net book value
At 31 December 2023 2,468 499 2,967
At 31 December 2022 1,290 493 1,783
4 Debtors 2023 2022
£ £
Trade debtors 563 3,848
Other debtors 7,583 -
8,146 3,848
5 Creditors: amounts falling due within one year 2023 2022
£ £
VAT Control account - 5,408
Accruals 1,400 1,300
Trade creditors 321 -
Director's loan account - 871
Taxation and social security costs 18,478 11,687
20,199 19,266
6 Related parties disclosures
Other debtors represent Director's account as at 31 December 2023. The amount was repaid on 30th September 2024.
7 Other information
Kabbage Limited is a private company limited by shares and incorporated in England. Its registered office is:
277-279 Chiswick High Road
London
W4 4PU
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