1 01/02/2023 31/01/2024 2024-01-31 false false false false false false false true false false true false false false true true true false No description of principal activities is disclosed 2023-02-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08346578 2023-02-01 2024-01-31 08346578 2024-01-31 08346578 2023-01-31 08346578 2022-02-01 2023-01-31 08346578 2023-01-31 08346578 2022-01-31 08346578 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 08346578 core:OnerousContractsExcludingVacantProperties 2023-02-01 2024-01-31 08346578 core:NetGoodwill 2023-02-01 2024-01-31 08346578 bus:RegisteredOffice 2023-02-01 2024-01-31 08346578 bus:LeadAgentIfApplicable 2023-02-01 2024-01-31 08346578 bus:Director1 2023-02-01 2024-01-31 08346578 core:NetGoodwill 2023-01-31 08346578 core:NetGoodwill 2024-01-31 08346578 core:FurnitureFittingsToolsEquipment 2023-01-31 08346578 core:WithinOneYear 2024-01-31 08346578 core:WithinOneYear 2023-01-31 08346578 core:ShareCapital 2024-01-31 08346578 core:ShareCapital 2023-01-31 08346578 core:RetainedEarningsAccumulatedLosses 2024-01-31 08346578 core:RetainedEarningsAccumulatedLosses 2023-01-31 08346578 core:NetGoodwill 2023-01-31 08346578 bus:Director1 2023-01-31 08346578 bus:Director1 2024-01-31 08346578 bus:Director1 2022-01-31 08346578 bus:Director1 2023-01-31 08346578 bus:Director1 2022-02-01 2023-01-31 08346578 bus:SmallEntities 2023-02-01 2024-01-31 08346578 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08346578 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08346578 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08346578 bus:FullAccounts 2023-02-01 2024-01-31 08346578 core:ComputerEquipment 2023-02-01 2024-01-31 08346578 core:ComputerEquipment 2023-01-31 08346578 core:ComputerEquipment 2024-01-31 08346578 core:WithinOneYear 2023-02-01 2024-01-31 08346578 core:AllAssociates 2023-02-01 2024-01-31 08346578 1 2023-02-01 2024-01-31
Company registration number: 08346578
My Kayhan Limited
Unaudited filleted financial statements
31 January 2024
My Kayhan Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
My Kayhan Limited
Directors and other information
Director Mrs Nazenin Moshiri
Company number 08346578
Registered office 10 New Square
Lincolns Inn
London
WC2A 3QG
Accountant Reza Samii
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
Bankers HSBC
The Peak
333 Vauxhall Bridge Road
Victoria
London SW1V 1EJ
Solicitors Payne Hicks Beach
10 New Square
Lincolns Inn
London
WC2A 3QG
My Kayhan Limited
Chartered accountant's report to the director on the preparation of the
unaudited statutory financial statements of My Kayhan Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of My Kayhan Limited for the year ended 31 January 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
My work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Reza Samii
Chartered Accountant
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
25 October 2024
My Kayhan Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 101,084 111,193
Tangible assets 6 3,729 1,985
_______ _______
104,813 113,178
Current assets
Debtors 7 4,526 4,466
Cash at bank and in hand 5,961 13,324
_______ _______
10,487 17,790
Creditors: amounts falling due
within one year 8 ( 3,937,231) ( 3,497,768)
_______ _______
Net current liabilities ( 3,926,744) ( 3,479,978)
_______ _______
Total assets less current liabilities ( 3,821,931) ( 3,366,800)
_______ _______
Net liabilities ( 3,821,931) ( 3,366,800)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 3,821,932) ( 3,366,801)
_______ _______
Shareholders deficit ( 3,821,931) ( 3,366,800)
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Mrs Nazenin Moshiri
Director
Company registration number: 08346578
My Kayhan Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is My Kayhan Ltd, 10 New Square, Lincolns Inn, London, WC2A 3QG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - is written off in equal annual instalments over estimated useful economic life of 20 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Computer Equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2023 and 31 January 2024 202,174 202,174
_______ _______
Amortisation
At 1 February 2023 90,981 90,981
Charge for the year 10,109 10,109
_______ _______
At 31 January 2024 101,090 101,090
_______ _______
Carrying amount
At 31 January 2024 101,084 101,084
_______ _______
At 31 January 2023 111,193 111,193
_______ _______
Goodwill represents purchases of publishing rights, third party licenses, consents and permissions to use or exploit the Title.
6. Tangible assets
Fixtures, fittings and equipment Computer Equipment Total
£ £ £
Cost
At 1 February 2023 2,940 10,625 13,565
Additions - 3,980 3,980
Disposals ( 2,940) - ( 2,940)
_______ _______ _______
At 31 January 2024 - 14,605 14,605
_______ _______ _______
Depreciation
At 1 February 2023 2,940 8,640 11,580
Charge for the year - 2,236 2,236
Disposals ( 2,940) - ( 2,940)
_______ _______ _______
At 31 January 2024 - 10,876 10,876
_______ _______ _______
Carrying amount
At 31 January 2024 - 3,729 3,729
_______ _______ _______
At 31 January 2023 - 1,985 1,985
_______ _______ _______
7. Debtors
2024 2023
£ £
Other debtors 4,526 4,466
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 3,937,231 3,497,768
_______ _______
Director's loan is unsecured, interest free and repayable on demand.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mrs Nazenin Moshiri ( 3,492,761) ( 440,470) ( 3,933,231)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mrs Nazenin Moshiri ( 3,033,189) ( 459,572) ( 3,492,761)
_______ _______ _______
10. Related party transactions
During the year Mrs N Moshiri, the sole director, lent the company a sum of £440,470 making her total advance to the company as at year end amount to £3,933,231.
11. Controlling party
The company was controlled throughout the current and previous period by its sole director / shareholder.
12. Going concern
Financial Statements have been prepared on going concern basis as the creditors falling due within one year, have expressed their willingness, until sufficient income is generated by the company, to continue with their existing level of financial support to enable the company to operate as a going concern.