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COMPANY REGISTRATION NUMBER: 11316030
KAI Legal Consultancy Ltd
Filleted Unaudited Financial Statements
31 March 2024
KAI Legal Consultancy Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
KAI Legal Consultancy Ltd
Officers and Professional Advisers
Director
Mr O Awan
Registered office
92a Bury Old Road
Whitefield
Manchester
M45 6TQ
Accountants
Rose, Chartered Accountants
92a Bury Old Road
Whitefield
Manchester
M45 6TQ
Company number 11316030
KAI Legal Consultancy Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
19,450
24,143
Current assets
Debtors
6
233,649
243,149
Cash at bank and in hand
150,233
220,251
---------
---------
383,882
463,400
Creditors: amounts falling due within one year
7
52,351
104,139
---------
---------
Net current assets
331,531
359,261
---------
---------
Total assets less current liabilities
350,981
383,404
Creditors: amounts falling due after more than one year
8
8,428
15,250
---------
---------
Net assets
342,553
368,154
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
342,552
368,153
---------
---------
Shareholder funds
342,553
368,154
---------
---------
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 income and retained earnings has not been delivered.
For the 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 member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KAI Legal Consultancy Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mr O Awan
Director
Company registration number: 11316030
KAI Legal Consultancy Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 92a Bury Old Road, Whitefield, Manchester, M45 6TQ.
2. Statement of compliance
These 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, 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.
Revenue recognition
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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% 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. For the purposes of impairment testing, 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 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 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
22,051
5,995
9,297
37,343
Additions
1,791
1,791
--------
-------
--------
--------
At 31 March 2024
22,051
5,995
11,088
39,134
--------
-------
--------
--------
Depreciation
At 1 April 2023
8,188
375
4,637
13,200
Charge for the year
3,466
1,405
1,613
6,484
--------
-------
--------
--------
At 31 March 2024
11,654
1,780
6,250
19,684
--------
-------
--------
--------
Carrying amount
At 31 March 2024
10,397
4,215
4,838
19,450
--------
-------
--------
--------
At 31 March 2023
13,863
5,620
4,660
24,143
--------
-------
--------
--------
6. Debtors
2024
2023
£
£
Other debtors
233,649
243,149
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,380
7,500
Social security and other taxes
13,938
88,508
Other creditors
31,033
8,131
--------
---------
52,351
104,139
--------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,428
15,250
-------
--------
9. Director's advances, credits and guarantees
At 31 March 2024 the company owed £2,969 (31 March 2023: £5,949) to the director of the company. The amounts are interest free and repayable on demand.
10. Related party transactions
During the year the company made an interest free loan to Milgauss Properties Ltd a company which Mr O Awan is a director and shareholder. The amounts outstanding with related parties at the year end were as follows.
2024 2023
£ £
Milgauss Properties Ltd 210,149 210,149