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Registration number: 05201693

Koan (UK) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Koan (UK) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Koan (UK) Ltd

Company Information

Directors

D D Telford

M N De Nervaux

Registered office

Ingenia Building
Quercus Court Armstrong Way
Yate
Bristol
BS37 5NG

Registered number

05201693

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Koan (UK) Ltd

(Registration number: 05201693)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

52,333

Tangible assets

6

7,797

4,977

 

7,797

57,310

Current assets

 

Stocks

277,681

153,017

Debtors

7

6,346

6,122

Cash at bank and in hand

 

440,209

270,431

 

724,236

429,570

Creditors: Amounts falling due within one year

8

(478,559)

(319,822)

Net current assets

 

245,677

109,748

Total assets less current liabilities

 

253,474

167,058

Creditors: Amounts falling due after more than one year

8

(2,500)

(12,500)

Provisions for liabilities

(2,000)

(5,700)

Net assets

 

248,974

148,858

Capital and reserves

 

Called up share capital

9

111

100

Profit and loss account

248,863

148,758

Total equity

 

248,974

148,858

 

Koan (UK) Ltd

(Registration number: 05201693)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 25 November 2024 and signed on its behalf by:
 

D D Telford

Director

 

Koan (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

Statutory information

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

The address of its registered office is:
Ingenia Building
Quercus Court Armstrong Way
Yate
Bristol
BS37 5NG
England

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and are satisfied that the company is able to meet liabilities as they fall due.

Revenue recognition

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

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Koan (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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.

The current corporation 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
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

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

Depreciation is charged so as to write off the cost of assets as follows:

Fixtures, fittings and equipment

over 5 years

Computer equipment

over 3 years

Warehouse equipment

over 4 years

Intangible fixed assets

Intangible assets comprising software development and website have a finite useful life and are carried at cost less accumulated amortisation.

The company has reviewed intangible assets and has reassessed the asset's useful life. Amortisation has been accelerated to reflect the carrying value of internally generated software development.

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their useful life of 4 years.

 

Koan (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Research and development costs

Research costs are charged to the profit and loss account as incurred.
Expenditure on development activities is capitalised as intangible assets if the project is considered to be technically and commercially feasible for use or for sale. Development projects relate to development of the company's website.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and at bank.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment.

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.

Trade creditors

Trade creditors are recognised initially at the transaction price.

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.

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.

 

Koan (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any significant unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 11).

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

2,000

2023

Liability
£

Accelerated tax depreciation

5,700

 

Koan (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Intangible fixed assets

Internally generated software development costs
 £

Cost

At 1 March 2023

135,000

At 29 February 2024

135,000

Amortisation

At 1 March 2023

82,667

Amortisation charge

52,333

At 29 February 2024

135,000

Carrying amount

At 29 February 2024

-

At 28 February 2023

52,333

 

Koan (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Tangible fixed assets

Fixtures, fittings and equipment
£

Warehouse equipment
£

Total
£

Cost

At 1 March 2023

34,157

19,851

54,008

Additions

5,918

87

6,005

At 29 February 2024

40,075

19,938

60,013

Depreciation

At 1 March 2023

29,259

19,772

49,031

Charge for the year

3,143

42

3,185

At 29 February 2024

32,402

19,814

52,216

Carrying amount

At 29 February 2024

7,673

124

7,797

At 28 February 2023

4,898

79

4,977

7

Debtors: amounts falling due within one year

2024
£

2023
£

Prepayments

6,335

6,122

Directors' loan accounts

11

-

6,346

6,122

 

Koan (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

2024
£

2023
£

Bank loans and overdrafts

10,000

10,000

Trade creditors

346,796

258,202

Corporation tax

34,470

10,700

Taxation and social security

14,737

23,500

Other creditors

69,806

15,095

Accruals

2,750

2,325

478,559

319,822

Due after one year

Loans and borrowings

2,500

12,500

The bank loan is the government backed Business Bounce Back Loan, an unsecured loan with a flexible repayment term of 6 years, 2.5% interest thereon.

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 (2023 - £1) each

10,000

100

100

100

Ordinary B shares of £0.01 (2023 - £0) each

1,111

11

-

-

 

11,111

111

100

100

On 13 June 2023 the Ordinary shares were subdivided from 111 £1 shares to 11,111 £0.01 shares. On the same date 1,111 £0.01 Ordinary B shares were issued for an aggregate consideration of £11.11.

 

Koan (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Obligations under leases and hire purchase contracts

Operating leases

2024
£

2023
£

The total of future minimum lease payments is as follows:

22,186

40,388

The amount of non-cancellable operating lease payments recognised as an expense during the year was £40,388 (2023 - £53,364).

11

Related party transactions

Other transactions with directors

During the year the company issued shares to one of the directors with a value of £11 which remained unpaid at the year end.