Kobudo Limited 12462751 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Martial arts training Digita Accounts Production Advanced 6.30.9574.0 true 12462751 2023-04-01 2024-03-31 12462751 2024-03-31 12462751 core:CurrentFinancialInstruments 2024-03-31 12462751 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 12462751 core:Goodwill 2024-03-31 12462751 core:FurnitureFittingsToolsEquipment 2024-03-31 12462751 bus:SmallEntities 2023-04-01 2024-03-31 12462751 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12462751 bus:FilletedAccounts 2023-04-01 2024-03-31 12462751 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12462751 bus:RegisteredOffice 2023-04-01 2024-03-31 12462751 bus:Director1 2023-04-01 2024-03-31 12462751 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12462751 core:Goodwill 2023-04-01 2024-03-31 12462751 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 12462751 core:OfficeEquipment 2023-04-01 2024-03-31 12462751 countries:EnglandWales 2023-04-01 2024-03-31 12462751 2023-03-31 12462751 core:Goodwill 2023-03-31 12462751 core:FurnitureFittingsToolsEquipment 2023-03-31 12462751 2022-04-01 2023-03-31 12462751 2023-03-31 12462751 core:CurrentFinancialInstruments 2023-03-31 12462751 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12462751 core:Goodwill 2023-03-31 12462751 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 12462751

Kobudo Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

Kobudo Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kobudo Limited

Company Information

Director

Mr Stuart Allison

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Kobudo Limited

(Registration number: 12462751)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

8,000

9,000

Tangible Assets

5

22,599

32,569

 

30,599

41,569

Current assets

 

Stocks

6

4,308

3,626

Debtors

7

1,898

394

Cash at bank and in hand

 

59,152

67,134

 

65,358

71,154

Creditors: Amounts falling due within one year

8

(54,379)

(83,986)

Net current assets/(liabilities)

 

10,979

(12,832)

Total assets less current liabilities

 

41,578

28,737

Provisions for liabilities

(5,814)

(10,392)

Net assets

 

35,764

18,345

Capital and Reserves

 

Called up share capital

200

200

Retained Earnings

35,564

18,145

Shareholders' funds

 

35,764

18,345

For the financial year ending 31 March 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 14 November 2024
 

 

Kobudo Limited

(Registration number: 12462751)
Balance Sheet as at 31 March 2024

.........................................
Mr Stuart Allison
Director

   
     
 

Kobudo Limited

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

1

General information

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

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

These financial statements were authorised for issue by the director on 14 November 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.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

 

Kobudo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Office equipment

25% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

 

Kobudo Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Kobudo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

11

3

11

3

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

10,000

10,000

At 31 March 2024

10,000

10,000

Amortisation

At 1 April 2023

1,000

1,000

Amortisation charge

1,000

1,000

At 31 March 2024

2,000

2,000

Carrying amount

At 31 March 2024

8,000

8,000

At 31 March 2023

9,000

9,000

 

Kobudo Limited

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

5

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

43,425

43,425

Additions

1,182

1,182

At 31 March 2024

44,607

44,607

Depreciation

At 1 April 2023

10,856

10,856

Charge for the year

11,152

11,152

At 31 March 2024

22,008

22,008

Carrying amount

At 31 March 2024

22,599

22,599

At 31 March 2023

32,569

32,569

6

Stocks

2024
£

2023
£

Other inventories

4,308

3,626

 

Kobudo Limited

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

7

Debtors

Current

2024
£

2023
£

Prepayments

1,898

-

Other debtors

-

394

 

1,898

394

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

31,003

49,586

Trade Creditors

 

584

773

Taxation and social security

 

21,420

27,410

Accruals and deferred income

 

1,210

1,150

Other creditors

 

162

5,067

 

54,379

83,986

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

31,003

49,586

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £52,500 (2023 - £15,000). These are annual commitments under non-cancellable operating leases.Financial commitments relate to operating lease payments committed to be paid over periods following the balance sheet date. The total commitment payable within one year is £35,000 (2023- £15,000), witth the balance of commitments falling due for payment more than one year after the balance sheet date.