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Kukua Education Ltd
























Financial statements



for the year ended 30 June 2024



Registered number: 11172568

 
Kukua Education Ltd - Registered number: 11172568

Statement of financial position
As at 30 June 2024

2024
2023
Note
$
$

Fixed assets
  

Intangible assets
 4 
29,108
61,551

Tangible assets
 5 
3,010
4,225

  
32,118
65,776

Current assets
  

Debtors: amounts falling due within one year
 6 
39,590
17,057

Cash at bank and in hand
  
3,499,965
4,834,474

  
3,539,555
4,851,531

Creditors: amounts falling due within one year
 7 
(99,913)
(111,813)

Net current assets
  
 
 
3,439,642
 
 
4,739,718

Total assets less current liabilities
  
3,471,760
4,805,494

  

Net assets
  
3,471,760
4,805,494


Capital and reserves
  

Called up share capital 
  
214
214

Share premium account
  
8,851,511
8,851,511

Profit and loss account
  
(5,379,965)
(4,046,231)

  
3,471,760
4,805,494


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board on 30 September 2024 and were signed on its behalf by:




L Bisignani
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 
Kukua Education Ltd - Registered number: 11172568

Statement of financial position (continued)
As at 30 June 2024


Page 2

 
Kukua Education Ltd

 
Notes to the financial statements
for the period ended 30 June 2024

1.


General information

Kukua Education Ltd is a private company limited by shares and incorporated in England and Wales. The company's registered office and principal place of business is 80 Cheapside, London, EC2V 6EE and its registered number is 11172568. Its principal activity is the provision of educational media. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Based on review of current financial data, operational results, budgeting projections and the company's current strategic plan, management believe that the company has sufficient resources to continue its operations for a period of at least twelve months from the date of the approval of these financial statements. Accordingly, the directors have a valid expectation that the going concern assumption is appropriate in drawing up the company's financial statements.

  
2.3

Revenue

Revenue represents sponsorship, broadcasting and licensing fees receivable. Sponsorship revenue
is recognised on a straight line basis over the term of the sponsorship agreement, no individual act
being more critical to performance than any other. Minimum guarantees in relation to broadcasting
revenues are recognised when the window for broadcasting has commenced, the company has
delivered all the material necessary to facilitate broadcast and the company has no further
substantive performance obligations in respect of the broadcasting fees. Minimum guarantees under
licensing agreements are recognised in a similar way, with licensing royalties relating to underlying
sales recognised in line with those underlying sales.  

  
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense
recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 3

 
Kukua Education Ltd

Notes to the financial statements
for the period ended 30 June 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Page 4

 
Kukua Education Ltd

Notes to the financial statements
for the period ended 30 June 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is USD

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 5

 
Kukua Education Ltd

Notes to the financial statements
for the period ended 30 June 2024

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 5).


4.


Intangible assets




Trademarks

$



Cost


At 1 July 2023
61,551



At 30 June 2024

61,551



Amortisation


Charge for the year
32,443



At 30 June 2024

32,443



Net book value



At 30 June 2024
29,108



At 30 June 2023
61,551



Page 6

 
Kukua Education Ltd

 
Notes to the financial statements
for the period ended 30 June 2024

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

$
$
$



Cost or valuation


At 1 July 2023
1,334
15,023
16,357



At 30 June 2024

1,334
15,023
16,357



Depreciation


At 1 July 2023
944
11,188
12,132


Charge for the year
(172)
1,387
1,215



At 30 June 2024

772
12,575
13,347



Net book value



At 30 June 2024
562
2,448
3,010



At 30 June 2023
390
3,835
4,225


6.


Debtors

2024
2023
$
$


Trade debtors
10,625
-

Other debtors
18,618
15,905

Called up share capital not paid
124
124

Prepayments and accrued income
10,223
1,028

39,590
17,057


Page 7

 
Kukua Education Ltd

 
Notes to the financial statements
for the period ended 30 June 2024

7.


Creditors: amounts falling due within one year

2024
2023
$
$

Trade creditors
67,271
73,930

Other creditors
10,928
6,733

Accruals and deferred income
21,714
31,150

99,913
111,813



8.


Contingent liabilities

There were no contingent liabilities as at 30 June 2024 or 30 June 2023.


9.


Capital commitments

The company had no capital commitments as at 30 June 2024 or 30 June 2023.


10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to $6,150 (2023 - $4,780). Contributions totalling $234 (2023 - $469) were payable to the fund at the reporting date and are included in creditors.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 30 September 2024 by Simon Wax (Senior statutory auditor) on behalf of Buzzacott LLP, 130 Wood Street, London, EC2V 6DL. 

Page 8