Kwokyau Ltd
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 08967628 (England and Wales)
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Kwokyau Ltd
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,283
9,283
Tangible assets
4
4,902
6,477
14,185
15,760
Current assets
Debtors
5
23,918
11,510
Cash at bank and in hand
1,762,221
1,480,769
1,786,139
1,492,279
Creditors: amounts falling due within one year
6
(145,225)
(136,946)
Net current assets
1,640,914
1,355,333
Net assets
1,655,099
1,371,093
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,655,098
1,371,092
Total equity
1,655,099
1,371,093
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Kwokyau Ltd
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 3 January 2025
Kwok Yau
Director
Company Registration No. 08967628
Kwokyau Ltd
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information
KwokYau Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 403 Stewarts Lodge, 217 Stewarts Road, London, United Kingdom, SW8 4UU.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.true
1.3
Turnover
Revenue is recognised in respect of productions from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which the shoot commences. No profit element is recognised until the company is able to estimate the profit on the production reliably.
Kwokyau Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.4
Cryptocurrency or digital assets
The company recognises crypto assets or tokens as an intangible asset under FRS102, as they are identifiable non-monetary assets without physical substance. The company recognises these assets when all the recognition criteria of Intangible assets are met, including:
They are separately identifiable;
The crypto assets or tokens are in the control of the company and this control has arisen as a result of contractual or legal rights; and
It is expected that future economic benefits will flow to the business from them
The cryptocurrency or digital assets have been treated as indefinite life intangible assets as based on the current cryptocurrency market there is no foreseeable limit to the period over which the assets are expected to generate net cash inflows for the entity. Since crypto assets are indefinite life intangible assets they are not amortised. The useful life of the crypto assets and tokens are reviewed each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for these assets.
The company has chosen to apply the cost model for cryptocurrency or digital assets, under which they are held at cost less any accumulated impairment. Where cryptocurrency or digital assets are not directly free for sale at the year end, the year end market price has been discounted up to the date of availability when considered by the directors when assessing the need cryptocurrency held for possible impairment.
1.5
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:
Fixtures and fittings
33.33% straight line method
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.
1.6
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.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial
instruments measured at fair value.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Kwokyau Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Kwokyau Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Intangible fixed assets
Crypto Currencies
£
Cost
At 1 April 2023 and 31 March 2024
9,283
Amortisation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
9,283
At 31 March 2023
9,283
Kwokyau Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
10,435
Additions
1,568
At 31 March 2024
12,003
Depreciation and impairment
At 1 April 2023
3,958
Depreciation charged in the year
3,143
At 31 March 2024
7,101
Carrying amount
At 31 March 2024
4,902
At 31 March 2023
6,477
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,200
Other debtors
-
4,464
Prepayments and accrued income
23,918
5,846
23,918
11,510
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,246
34,479
Corporation tax
123,839
74,997
Other taxation and social security
7,510
Other creditors
2,780
18,652
Accruals and deferred income
3,850
8,818
145,225
136,946
Kwokyau Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1
1
1
1
1
8
Related party transactions
Included in other creditors at the balance sheet date is an amount of £950 (2023: £14,650) due to the director.