Company registration number 05565842 (England and Wales)
KOBUS SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KOBUS SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
KOBUS SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,718
5,954
Investments
5
79
5,718
6,033
Current assets
Stocks
578,152
734,660
Debtors
6
48,463
122,369
Cash at bank and in hand
173,776
118,712
800,391
975,741
Creditors: amounts falling due within one year
7
(525,605)
(308,364)
Net current assets
274,786
667,377
Total assets less current liabilities
280,504
673,410
Creditors: amounts falling due after more than one year
8
(60,000)
Net assets
280,504
613,410
Capital and reserves
Called up share capital
10
18,255
14,759
Share premium account
1,674,705
Other reserves
131,526
131,526
Profit and loss reserves
130,723
(1,207,580)
Total equity
280,504
613,410
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KOBUS SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
Mr B E Baucum
Director
Company Registration No. 05565842
KOBUS SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
14,759
1,674,705
131,526
(1,494,564)
326,426
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
286,984
286,984
Balance at 30 June 2023
14,759
1,674,705
131,526
(1,207,580)
613,410
Period ended 31 December 2023:
Loss and total comprehensive income for the period
-
-
-
(336,402)
(336,402)
Issue of share capital
10
3,496
-
-
3,496
Redemption of shares
10
(1,674,705)
-
1,674,705
-
Balance at 31 December 2023
18,255
131,526
130,723
280,504
KOBUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Kobus Services Limited (05565842) is a private company limited by shares incorporated in England and Wales. The registered office is Azets, Ventura Park Road, Tamworth, Staffordshire, England, B78 3HL.
1.1
Reporting period
The financial statements are presented for a period shorter than one year, with the accounting period being for the 6 months to 31 December 2023. The period was shortened to align with other Group companies.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5 years straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
15% reducing balance
KOBUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
KOBUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
KOBUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.15
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
December
June
2023
2023
Number
Number
Total
4
4
KOBUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
3,731
55,726
59,457
Additions
212
212
At 31 December 2023
3,731
55,938
59,669
Depreciation and impairment
At 1 July 2023
3,730
49,773
53,503
Depreciation charged in the period
448
448
At 31 December 2023
3,730
50,221
53,951
Carrying amount
At 31 December 2023
1
5,717
5,718
At 30 June 2023
1
5,953
5,954
The net book value of tangible fixed assets includes £1,380 (30 June 2023 - £1,492) in respect of assets held under finance lease or hire purchase contracts. The depreciation charge in respect of such assets amounted to £112 (30 June 2023 - £1,193).
5
Fixed asset investments
December
June
2023
2023
£
£
Shares in group undertakings and participating interests
79
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
79
Disposals
(79)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 30 June 2023
79
KOBUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
6
Debtors
December
June
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
20,315
66,476
Other debtors
28,148
55,893
48,463
122,369
7
Creditors: amounts falling due within one year
December
June
2023
2023
£
£
Obligations under finance leases
377
Other borrowings
30,000
Trade creditors
36,233
35,658
Amounts owed to group undertakings
386,037
224,475
Taxation and social security
89,812
3,104
Other creditors
1,120
1,291
Accruals and deferred income
12,403
13,459
525,605
308,364
Included in other creditors are net obligations under a hire purchase contract amounting to £nil (30 June 2023 - £377) that are secured on the assets to which they relate.
Also included within other creditors falling due within one year is a balance of £nil (30 June 2023 - £30,000) which is secured by a fixed and floating charge over the company's assets.
8
Creditors: amounts falling due after more than one year
December
June
2023
2023
Notes
£
£
Other borrowings
60,000
Included within other creditors falling due after more than one year is a balance of £nil (30 June 2023 - £60,000) which is secured on the assets to which they relate.
KOBUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
9
Share-based payment transactions
The company has taken advantage of transitional exemptions not to apply FRS102 1A to any share-based payment transactions entered into before the transactions date of 1 July 2015.
The total number of options granted prior to transition to FRS102 1A is 8,496. These options have an exercise price of £3.13 per share and become exercisable on sale, disposal or listing.
The following information therefore only discloses information about share-based payment transactions granted on or after 1 July 2015:
Number of share options
Weighted average exercise price
December
June
December
June
2023
2023
2023
2023
Number
Number
£
£
Outstanding at 1 July 2023
44,000
44,000
0.24
Exercised
(34,962)
Expired
(9,038)
Outstanding at 31 December 2023
44,000
Exercisable at 31 December 2023
27,578
0.38
During the period, all share options were either excersied or expired.
EMI options - 17,535 share options were exercised at an average exercise price of £0.10 per share.
A further 17,427 share options were exercised at an average exercise price of £1.93 per share.
Inputs were as follows:
December
June
2023
2023
Weighted average share price
-
5.05
Weighted average exercise price
-
0.24
Expected volatility
-
50.00
Expected life
-
5.62
Risk free rate
-
0.98
10
Called up share capital
December
June
December
June
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of 10p each
146,084
111,122
14,608
11,112
B Ordinary Shares of 10p each
36,472
36,472
3,647
3,647
182,556
147,594
18,255
14,759
KOBUS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
December
June
2023
2023
£
£
7,982
17,637
12
Related party transactions
Included within other creditors falling due within one year are amounts due to group undertakings totalling £389,533 (30 June 2023 - £224,475).
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