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Registration number: 09405437

Project Kotwf Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Project Kotwf Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Project Kotwf Limited

Company Information

Director

Mr Sam Village

Registered office

3 Club Row
Eyam
Hope Valley
S32 5QJ

Accountants

BJP Finance Ltd
Chartered Accountants
34 Market Street
Bradford-On-Avon
Wiltshire
BA15 1LL

 

Project Kotwf Limited

(Registration number: 09405437)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

21,376

11,500

Current assets

 

Debtors

5

18,975

15,438

Cash at bank and in hand

 

4,757

3,652

 

23,732

19,090

Creditors: Amounts falling due within one year

6

(23,241)

(17,901)

Net current assets

 

491

1,189

Total assets less current liabilities

 

21,867

12,689

Creditors: Amounts falling due after more than one year

6

(5,401)

(9,770)

Provisions for liabilities

(4,061)

-

Net assets

 

12,405

2,919

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

12,305

2,819

Shareholders' funds

 

12,405

2,919

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2024
 

 

Project Kotwf Limited

(Registration number: 09405437)
Balance Sheet as at 31 January 2024

.........................................
Mr Sam Village
Director

 

Project Kotwf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
3 Club Row
Eyam
Hope Valley
S32 5QJ
England

These financial statements were authorised for issue by the director on 31 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Project Kotwf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

50% straight line

Plant & Machinery

10% straight line

Leasehold Improvements

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Project Kotwf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Project Kotwf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

-

1,288

13,308

14,596

Additions

1,385

-

10,746

12,131

At 31 January 2024

1,385

1,288

24,054

26,727

Depreciation

At 1 February 2023

-

428

2,668

3,096

Charge for the year

68

326

1,861

2,255

At 31 January 2024

68

754

4,529

5,351

Carrying amount

At 31 January 2024

1,317

534

19,525

21,376

At 31 January 2023

-

860

10,640

11,500

Included within the net book value of land and buildings above is £1,317 (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Debtors

 

Project Kotwf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Current

Note

2024
£

2023
£

Trade debtors

 

-

5,300

Amounts owed by related parties

10

14,553

10,138

Other debtors

 

4,422

-

   

18,975

15,438

 

Project Kotwf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,360

5,922

Taxation and social security

 

12,585

4,764

Accruals and deferred income

 

3,373

4,447

Other creditors

 

1,923

2,768

 

23,241

17,901

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

5,401

9,770

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,401

9,420

Hire purchase contracts

-

350

5,401

9,770

 

Project Kotwf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,299

4,037

Hire purchase contracts

350

840

Other borrowings

711

1,045

5,360

5,922

9

Dividends

2024

2023

£

£

Interim dividend of £255.00 (2023 - £155.00) per ordinary share

25,500

15,500

 

 

10

Related party transactions

At the Balance Sheet date, the Company had made loans to KOTWF Ltd, a Company under the control of the Director totalling £13,310 (2023: £8,895). The loan in non-interest bearing and repayable on demand to the Company and as such is disclosed within debtors in the balance sheet.

At the Balance Sheet date, the Company had brought-forward loans made to KOTWF Apparel Ltd of which the Director is a shareholder, totalling £1,243 (2023: £1,243). The loan is non-interest bearing and repayable on demand to the Company and as such is disclosed within debtors in the balance sheet.

 

Project Kotwf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr Sam Village

Director's Loan Account

1,045

(47,523)

47,189

711

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Sam Village

Director's Loan Account

3,873

(19,931)

(17,102)

1,045

 

Project Kotwf Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

16,715

12,274

Contributions paid to money purchase schemes

900

900

17,615

13,174