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(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 37 Harrow Way, Chelmsford, CM2 7AT. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Borrowing costs
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All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Investments in subsidiaries, jointly controlled entities or associates
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Investments in subsidiaries, jointly controlled entities or associates are accounted for at cost less provision for impairment. |
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(4) Critical accounting judgements and key sources of estimation uncertainty
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No judgement
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No significant judgements or estimates have been made in preparation of these financial statements. |
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(5) Employees
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During the year, the average number of employees including director was 0 (2023 : 0). |
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(6) Related party transactions
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Compagnie Ouest Africaine de Credit Bail "Locafrique"
Sister Company – related by virtue of a common director. Company is registered in Senegal. Kason Finance Limited received a loan from the company on an arms’ length basis. Interest on the loan is charged at 2% totalling £9,031 in the year to 29 February 2024 (2023: £8,331). The total balance repayable at the balance sheet date was £460,614 (2023: £451,583).
Societe de Construction Nationale
Sister Company – related by virtue of a common director. Company is registered in Senegal. Kason Finance Limited received a loan from the company on an arms’ length basis. Interest on the loan is charged at 2% totalling £35,388 in the year to 28 February 2024 (2023: £33,568). The total balance repayable at the balance sheet date was £1,804,817 (2023: £1,769,429).
Carrefour Automobile
Sister company – related by virtue of a common director. Company is registered in Senegal. Kason Finance Limited received a loan from the company on an arms’ length basis. Interest on the loan is charged at 2% totalling £353,658 in the year to 28 February 2024 (2023: £325,545). The total balance repayable at the balance sheet date was £18,036,568 (2023: £17,682,910). |
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(7) Fixed assets
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| Investments £ | Cost | | As at 01 March 2023 | 23,889,353 | As at 29 February 2024 | 23,889,353 | Depreciation/Amortisation | | As at 29 February 2024 | - | Net book value | | As at 29 February 2024 | 23,889,353 | As at 28 February 2023 | 23,889,353 |
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