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COMPANY REGISTRATION NUMBER: 10943313
Koo Chesterfield Limited
Filleted Unaudited Abridged Financial Statements
31 December 2023
Koo Chesterfield Limited
Abridged Financial Statements
Year Ended 31 December 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Koo Chesterfield Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed Assets
Intangible assets
5
15,671
19,671
Tangible assets
6
57,495
66,524
--------
--------
73,166
86,195
Current Assets
Stocks
3,764
3,190
Debtors
925
7,228
Cash at bank and in hand
9,081
9,755
--------
--------
13,770
20,173
Creditors: amounts falling due within one year
15,053
19,476
--------
--------
Net Current (Liabilities)/Assets
( 1,283)
697
--------
--------
Total Assets Less Current Liabilities
71,883
86,892
Creditors: amounts falling due after more than one year
33,532
39,152
Provisions
12,639
12,639
--------
--------
Net Assets
25,712
35,101
--------
--------
Capital and Reserves
Called up share capital
7
100
100
Profit and loss account
25,612
35,001
--------
--------
Shareholders Funds
25,712
35,101
--------
--------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Koo Chesterfield Limited
Abridged Statement of Financial Position (continued)
31 December 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged 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:
Mr D Thomson
Director
Company registration number: 10943313
Koo Chesterfield Limited
Notes to the Abridged Financial Statements
Year Ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 475a Chatsworth Road, Chesterfield, Derbyshire, S40 3AD.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover in the accounts represents amounts receivable in the period, net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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
-
10% straight line
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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
10% reducing balance
Property improvements
-
10% straight line
Equipment
-
10% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Intangible assets
£
Cost
At 1 January 2023 and 31 December 2023
40,000
--------
Amortisation
At 1 January 2023
20,329
Charge for the year
4,000
--------
At 31 December 2023
24,329
--------
Carrying amount
At 31 December 2023
15,671
--------
At 31 December 2022
19,671
--------
6. Tangible assets
£
Cost
At 1 January 2023
121,878
Additions
2,673
---------
At 31 December 2023
124,551
---------
Depreciation
At 1 January 2023
55,354
Charge for the year
11,702
---------
At 31 December 2023
67,056
---------
Carrying amount
At 31 December 2023
57,495
---------
At 31 December 2022
66,524
---------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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